diff --git a/src/components/Editor.test.tsx b/src/components/Editor.test.tsx
index e0af4ed7..06a333e1 100644
--- a/src/components/Editor.test.tsx
+++ b/src/components/Editor.test.tsx
@@ -724,6 +724,57 @@ describe('Editor', () => {
 
     resetVaultConfigStore()
   })
+
+  it('opens raw mode from unchanged rich content without rewriting pasted markdown source', async () => {
+    resetVaultConfigStore()
+    bindVaultConfigStore(
+      {
+        zoom: null,
+        view_mode: null,
+        editor_mode: null,
+        tag_colors: null,
+        status_colors: null,
+        property_display_modes: null,
+        inbox: null,
+      },
+      vi.fn(),
+    )
+
+    const rawToggleRef = { current: (() => {}) as () => void }
+    const sourceContent = '---\ntitle: Pasted\n---\nFirst pasted line\nSecond pasted line\n'
+    const pastedTab = { entry: mockEntry, content: sourceContent }
+    const originalMarkdownSerializer = mockEditor.blocksToMarkdownLossy.getMockImplementation()
+    mockEditor.blocksToMarkdownLossy.mockReturnValue('First pasted line\\\\\n\\\\\nSecond pasted line\n')
+
+    try {
+      render(
+        <Editor
+          {...defaultProps}
+          tabs={[pastedTab]}
+          activeTabPath={mockEntry.path}
+          entries={[mockEntry]}
+          rawToggleRef={rawToggleRef}
+        />,
+      )
+
+      await vi.waitFor(() => {
+        expect(typeof rawToggleRef.current).toBe('function')
+      })
+
+      await act(async () => {
+        await rawToggleRef.current()
+      })
+
+      await vi.waitFor(() => {
+        expect(screen.getByTestId('raw-editor-codemirror').textContent).toContain('First pasted line')
+      })
+      expect(screen.getByTestId('raw-editor-codemirror').textContent).toContain('Second pasted line')
+      expect(screen.getByTestId('raw-editor-codemirror').textContent).not.toContain('\\\\')
+    } finally {
+      mockEditor.blocksToMarkdownLossy.mockImplementation(originalMarkdownSerializer)
+      resetVaultConfigStore()
+    }
+  })
 })
 
 describe('applyPendingRawExitContent', () => {
diff --git a/src/components/Editor.tsx b/src/components/Editor.tsx
index 25267cc0..134fb6ae 100644
--- a/src/components/Editor.tsx
+++ b/src/components/Editor.tsx
@@ -189,6 +189,7 @@ function useEditorSetup({
   rawToggleRef, diffToggleRef,
 }: EditorSetupParams) {
   const vaultPathRef = useRef(vaultPath)
+  const flushPendingEditorChangeRef = useRef<(() => boolean) | null>(null)
   useEffect(() => { vaultPathRef.current = vaultPath }, [vaultPath])
 
   const editor = useCreateBlockNote({
@@ -212,6 +213,7 @@ function useEditorSetup({
     activeTab?.content ?? null,
     onContentChange,
     vaultPath,
+    flushPendingEditorChangeRef,
   )
   const tabsForEditorSwap = applyPendingRawExitContent(tabs, pendingRawExitContent)
   const rawModeContent = resolveRawModeContent({ activeTab, rawModeContentOverride })
@@ -227,6 +229,14 @@ function useEditorSetup({
   const { handleEditorChange, flushPendingEditorChange, editorMountedRef } = useEditorTabSwap({
     tabs: tabsForEditorSwap, activeTabPath, editor, onContentChange, rawMode, vaultPath,
   })
+  useEffect(() => {
+    flushPendingEditorChangeRef.current = flushPendingEditorChange
+    return () => {
+      if (flushPendingEditorChangeRef.current === flushPendingEditorChange) {
+        flushPendingEditorChangeRef.current = null
+      }
+    }
+  }, [flushPendingEditorChange])
   useEditorFocus(editor, editorMountedRef)
 
   const { diffMode, diffContent, diffLoading, handleToggleDiff, handleViewCommitDiff } = useDiffMode({
diff --git a/src/components/editorRawModeSync.arrowLigatures.test.ts b/src/components/editorRawModeSync.arrowLigatures.test.ts
index 66c7e6d1..1e1a613d 100644
--- a/src/components/editorRawModeSync.arrowLigatures.test.ts
+++ b/src/components/editorRawModeSync.arrowLigatures.test.ts
@@ -11,6 +11,23 @@ const mockEditor = {
 }
 
 describe('editorRawModeSync arrow ligatures', () => {
+  it('preserves source markdown when raw mode opens without pending rich-editor edits', () => {
+    const rawLatestContentRef = { current: null as string | null }
+    const sourceContent = '---\ntitle: Pasted\n---\nFirst pasted line\nSecond pasted line\n'
+
+    const result = syncActiveTabIntoRawBuffer({
+      editor: mockEditor as never,
+      activeTabPath: '/vault/pasted.md',
+      activeTabContent: sourceContent,
+      rawLatestContentRef,
+      serializeRichEditorContent: false,
+    })
+
+    expect(result).toBe(sourceContent)
+    expect(rawLatestContentRef.current).toBe(sourceContent)
+    expect(mockEditor.blocksToMarkdownLossy).not.toHaveBeenCalled()
+  })
+
   it('keeps unicode arrows intact when rich-editor content enters raw mode', () => {
     mockEditor.blocksToMarkdownLossy.mockReturnValueOnce('Flow → left ← both ↔\n')
     const rawLatestContentRef = { current: null as string | null }
@@ -20,6 +37,7 @@ describe('editorRawModeSync arrow ligatures', () => {
       activeTabPath: '/vault/flows.md',
       activeTabContent: '---\ntitle: Flows\n---\n\nFlow -> left <- both <->\n',
       rawLatestContentRef,
+      serializeRichEditorContent: true,
     })
 
     expect(result).toBe('---\ntitle: Flows\n---\nFlow → left ← both ↔\n')
diff --git a/src/components/editorRawModeSync.ts b/src/components/editorRawModeSync.ts
index eee80ce9..b0ef69eb 100644
--- a/src/components/editorRawModeSync.ts
+++ b/src/components/editorRawModeSync.ts
@@ -78,12 +78,22 @@ export function syncActiveTabIntoRawBuffer(options: {
   activeTabPath: string | null
   activeTabContent: string | null
   rawLatestContentRef: React.MutableRefObject<string | null>
+  serializeRichEditorContent?: boolean
   vaultPath?: string
 }) {
-  const { editor, activeTabPath, activeTabContent, rawLatestContentRef, vaultPath } = options
+  const {
+    editor,
+    activeTabPath,
+    activeTabContent,
+    rawLatestContentRef,
+    serializeRichEditorContent = true,
+    vaultPath,
+  } = options
   if (!activeTabPath || activeTabContent === null) return null
 
-  const syncedContent = serializeEditorDocumentToMarkdown(editor, activeTabContent, vaultPath)
+  const syncedContent = serializeRichEditorContent
+    ? serializeEditorDocumentToMarkdown(editor, activeTabContent, vaultPath)
+    : activeTabContent
   rawLatestContentRef.current = syncedContent
   return syncedContent
 }
diff --git a/src/components/useRawModeWithFlush.ts b/src/components/useRawModeWithFlush.ts
index 75d7956b..423e6e72 100644
--- a/src/components/useRawModeWithFlush.ts
+++ b/src/components/useRawModeWithFlush.ts
@@ -132,6 +132,7 @@ function useHandleFlushPending({
   rawInitialContentRef,
   rawLatestContentRef,
   rawSourceContentRef,
+  flushPendingEditorChangeRef,
   pendingRawRestoreRef,
   pendingRoundTripRawRestoreRef,
   setRawModeContentOverride,
@@ -143,6 +144,7 @@ function useHandleFlushPending({
   rawInitialContentRef: React.MutableRefObject<string | null>
   rawLatestContentRef: React.MutableRefObject<string | null>
   rawSourceContentRef: React.MutableRefObject<string | null>
+  flushPendingEditorChangeRef?: React.MutableRefObject<(() => boolean) | null>
   pendingRawRestoreRef: React.MutableRefObject<CodeMirrorRestoreState | null>
   pendingRoundTripRawRestoreRef: React.MutableRefObject<PendingRoundTripRawRestore | null>
   setRawModeContentOverride: React.Dispatch<React.SetStateAction<PendingRawExitContent | null>>
@@ -150,11 +152,13 @@ function useHandleFlushPending({
 }) {
   return useCallback(async () => {
     rawSourceContentRef.current = activeTabContent
+    const serializeRichEditorContent = flushPendingEditorChangeRef?.current?.() ?? true
     const syncedContent = syncActiveTabIntoRawBuffer({
       editor,
       activeTabPath,
       activeTabContent,
       rawLatestContentRef,
+      serializeRichEditorContent,
       vaultPath,
     })
     rawInitialContentRef.current = syncedContent ?? activeTabContent
@@ -173,6 +177,7 @@ function useHandleFlushPending({
     activeTabContent,
     activeTabPath,
     editor,
+    flushPendingEditorChangeRef,
     pendingRawRestoreRef,
     pendingRoundTripRawRestoreRef,
     rawInitialContentRef,
@@ -269,6 +274,7 @@ export function useRawModeWithFlush(
   activeTabContent: string | null,
   onContentChange?: (path: string, content: string) => void,
   vaultPath?: string,
+  flushPendingEditorChangeRef?: React.MutableRefObject<(() => boolean) | null>,
 ) {
   const rawLatestContentRef = useRef<string | null>(null)
   const rawInitialContentRef = useRef<string | null>(null)
@@ -301,6 +307,7 @@ export function useRawModeWithFlush(
     rawInitialContentRef,
     rawLatestContentRef,
     rawSourceContentRef,
+    flushPendingEditorChangeRef,
     pendingRawRestoreRef,
     pendingRoundTripRawRestoreRef,
     setRawModeContentOverride,
diff --git a/tests/smoke/raw-mode-pasted-text-roundtrip.spec.ts b/tests/smoke/raw-mode-pasted-text-roundtrip.spec.ts
new file mode 100644
index 00000000..0baa148d
--- /dev/null
+++ b/tests/smoke/raw-mode-pasted-text-roundtrip.spec.ts
@@ -0,0 +1,86 @@
+import { expect, test, type Page } from '@playwright/test'
+import fs from 'fs'
+import path from 'path'
+import {
+  createFixtureVaultCopy,
+  openFixtureVault,
+  removeFixtureVaultCopy,
+} from '../helpers/fixtureVault'
+import { executeCommand, openCommandPalette } from './helpers'
+
+let tempVaultDir: string
+
+const pastedNoteSource = [
+  '---',
+  'title: Pasted Toggle',
+  '---',
+  'First pasted line with punctuation: a*b [brackets].',
+  'Second pasted line from an external editor.',
+  'Third pasted line should stay adjacent.',
+  '',
+].join('\n')
+
+async function openNote(page: Page, title: string) {
+  await page.locator('[data-testid="note-list-container"]').getByText(title, { exact: true }).click()
+  await expect(page.locator('.bn-editor')).toBeVisible({ timeout: 5_000 })
+}
+
+async function openRawMode(page: Page) {
+  await openCommandPalette(page)
+  await executeCommand(page, 'Toggle Raw')
+  await expect(page.locator('.cm-content')).toBeVisible({ timeout: 5_000 })
+}
+
+async function openBlockNoteMode(page: Page) {
+  await openCommandPalette(page)
+  await executeCommand(page, 'Toggle Raw')
+  await expect(page.locator('.bn-editor')).toBeVisible({ timeout: 5_000 })
+}
+
+async function getRawEditorContent(page: Page): Promise<string> {
+  return page.evaluate(() => {
+    type CodeMirrorHost = Element & {
+      cmTile?: {
+        view?: {
+          state: {
+            doc: {
+              toString(): string
+            }
+          }
+        }
+      }
+    }
+
+    const el = document.querySelector('.cm-content')
+    if (!el) return ''
+    const view = (el as CodeMirrorHost).cmTile?.view
+    if (view) return view.state.doc.toString() as string
+    return el.textContent ?? ''
+  })
+}
+
+test.beforeEach(async ({ page }, testInfo) => {
+  testInfo.setTimeout(90_000)
+  tempVaultDir = createFixtureVaultCopy()
+  fs.writeFileSync(path.join(tempVaultDir, 'Pasted Toggle.md'), pastedNoteSource, 'utf8')
+  await openFixtureVault(page, tempVaultDir)
+})
+
+test.afterEach(async () => {
+  removeFixtureVaultCopy(tempVaultDir)
+})
+
+test('pasted multiline note source stays unchanged through raw and visual view toggles', async ({ page }) => {
+  await openNote(page, 'Pasted Toggle')
+
+  await openRawMode(page)
+  await expect.poll(() => getRawEditorContent(page)).toBe(pastedNoteSource)
+
+  await openBlockNoteMode(page)
+  await openRawMode(page)
+
+  const rawAfterRoundTrip = await getRawEditorContent(page)
+  expect(rawAfterRoundTrip).toBe(pastedNoteSource)
+  expect(rawAfterRoundTrip).not.toContain('\\\\\n')
+  expect(rawAfterRoundTrip).not.toMatch(/\n{3,}/)
+})