diff --git a/app/views/custom_fields/_form.html.erb b/app/views/custom_fields/_form.html.erb
index 4f9021058502..1d4e2872f301 100644
--- a/app/views/custom_fields/_form.html.erb
+++ b/app/views/custom_fields/_form.html.erb
@@ -60,20 +60,20 @@ See docs/COPYRIGHT.rdoc for more details.
     </span>
   </div>
 
-  <% if @custom_field.new_record? || @custom_field.multi_value_possible? %>
-    <div class="form--field" id="custom_field_multi_select" style="display:none">
-      <% if EnterpriseToken.allows_to?(:multiselect_custom_fields) %>
-        <%= f.check_box :multi_value %>
-      <% else %>
-        <label class="form--label" for="custom_field_multi_value_disabled"><%= CustomField.human_attribute_name('multi_value') %></label>
-        <span class="form--field-container">
-          <span class="form--check-box-container">
-            <input disabled="disabled" class="-cf-ignore-disabled form--check-box" type="checkbox" name="custom_field_multi_value_disabled">
-            <%= render partial: 'enterprise/locked_note' %>
+  <% if @custom_field.new_record? || @custom_field.list? || @custom_field.multi_value_possible? %>
+      <div class="form--field" id="custom_field_multi_select" style="display:none">
+        <% if EnterpriseToken.allows_to?(:multiselect_custom_fields) %>
+          <%= f.check_box :multi_value %>
+        <% else %>
+          <label class="form--label" for="custom_field_multi_value_disabled"><%= CustomField.human_attribute_name('multi_value') %></label>
+          <span class="form--field-container">
+            <span class="form--check-box-container">
+              <input disabled="disabled" class="-cf-ignore-disabled form--check-box" type="checkbox" name="custom_field_multi_value_disabled">
+              <%= render partial: 'enterprise/locked_note' %>
+            </span>
           </span>
-        </span>
-      <% end %>
-    </div>
+        <% end %>
+      </div>
 
     <fieldset class="form--fieldset" id="custom_field_possible_values_attributes">
       <legend class="form--fieldset-legend"><%= I18n.t("activerecord.attributes.custom_field.possible_values") %></legend>
diff --git a/spec/features/admin/custom_fields/list_custom_field_spec.rb b/spec/features/admin/custom_fields/list_custom_field_spec.rb
new file mode 100644
index 000000000000..2f06f2e5c475
--- /dev/null
+++ b/spec/features/admin/custom_fields/list_custom_field_spec.rb
@@ -0,0 +1,71 @@
+#-- copyright
+# OpenProject is an open source project management software.
+# Copyright (C) 2012-2021 the OpenProject GmbH
+#
+# This program is free software; you can redistribute it and/or
+# modify it under the terms of the GNU General Public License version 3.
+#
+# OpenProject is a fork of ChiliProject, which is a fork of Redmine. The copyright follows:
+# Copyright (C) 2006-2013 Jean-Philippe Lang
+# Copyright (C) 2010-2013 the ChiliProject Team
+#
+# This program is free software; you can redistribute it and/or
+# modify it under the terms of the GNU General Public License
+# as published by the Free Software Foundation; either version 2
+# of the License, or (at your option) any later version.
+#
+# This program is distributed in the hope that it will be useful,
+# but WITHOUT ANY WARRANTY; without even the implied warranty of
+# MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+# GNU General Public License for more details.
+#
+# You should have received a copy of the GNU General Public License
+# along with this program; if not, write to the Free Software
+# Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA  02110-1301, USA.
+#
+# See docs/COPYRIGHT.rdoc for more details.
+#++
+
+require 'spec_helper'
+
+describe 'List custom fields edit', type: :feature, js: true do
+  shared_let(:admin) { FactoryBot.create :admin }
+
+  before do
+    login_as(admin)
+    visit custom_fields_path(tab: :TimeEntryCustomField)
+  end
+
+  it 'can create and edit list custom fields (#37654)' do
+    # Create CF
+    click_on 'Create a new custom field'
+
+    SeleniumHubWaiter.wait
+    fill_in 'custom_field_name', with: 'My List CF'
+    select 'List', from: 'custom_field_field_format'
+
+    expect(page).to have_selector('input#custom_field_custom_options_attributes_0_value')
+    fill_in 'custom_field_custom_options_attributes_0_value', with: 'A'
+
+    click_on 'Save'
+
+    # Expect correct values
+    cf = CustomField.last
+    expect(cf.name).to eq('My List CF')
+    expect(cf.possible_values.map(&:value)).to eq %w(A)
+
+    # Edit again
+    SeleniumHubWaiter.wait
+    page.find('a', text: 'My List CF').click
+
+    expect(page).to have_selector('input#custom_field_custom_options_attributes_0_value')
+    fill_in 'custom_field_custom_options_attributes_0_value', with: 'B'
+
+    click_on 'Save'
+
+    # Expect correct values again
+    cf = CustomField.last
+    expect(cf.name).to eq('My List CF')
+    expect(cf.possible_values.map(&:value)).to eq %w(B)
+  end
+end