diff --git a/CHANGES b/CHANGES
index c9f572bba95..4975e091436 100644
--- a/CHANGES
+++ b/CHANGES
@@ -64,6 +64,7 @@ Bugs fixed
 * #8618: html: kbd role produces incorrect HTML when compound-key separators (-,
   + or ^) are used as keystrokes
 * #8629: html: A type warning for html_use_opensearch is shown twice
+* #8714: html: kbd role with "Caps Lock" rendered incorrectly
 * #8665: html theme: Could not override globaltoc_maxdepth in theme.conf
 * #4304: linkcheck: Fix race condition that could lead to checking the
   availability of the same URL twice
diff --git a/sphinx/builders/html/transforms.py b/sphinx/builders/html/transforms.py
index 29a9899361e..cb9af5f2895 100644
--- a/sphinx/builders/html/transforms.py
+++ b/sphinx/builders/html/transforms.py
@@ -9,7 +9,7 @@
 """
 
 import re
-from typing import Any, Dict
+from typing import Any, Dict, List
 
 from docutils import nodes
 
@@ -38,18 +38,29 @@ class KeyboardTransform(SphinxPostTransform):
     default_priority = 400
     builders = ('html',)
     pattern = re.compile(r'(?<=.)(-|\+|\^|\s+)(?=.)')
+    multiwords_keys = (('caps', 'lock'),
+                       ('page' 'down'),
+                       ('page', 'up'),
+                       ('scroll' 'lock'),
+                       ('num', 'lock'),
+                       ('sys' 'rq'),
+                       ('back' 'space'))
 
     def run(self, **kwargs: Any) -> None:
         matcher = NodeMatcher(nodes.literal, classes=["kbd"])
         for node in self.document.traverse(matcher):  # type: nodes.literal
             parts = self.pattern.split(node[-1].astext())
-            if len(parts) == 1:
+            if len(parts) == 1 or self.is_multiwords_key(parts):
                 continue
 
             node['classes'].append('compound')
             node.pop()
             while parts:
-                key = parts.pop(0)
+                if self.is_multiwords_key(parts):
+                    key = ''.join(parts[:3])
+                    parts[:3] = []
+                else:
+                    key = parts.pop(0)
                 node += nodes.literal('', key, classes=["kbd"])
 
                 try:
@@ -59,6 +70,16 @@ def run(self, **kwargs: Any) -> None:
                 except IndexError:
                     pass
 
+    def is_multiwords_key(self, parts: List[str]) -> bool:
+        if len(parts) >= 3 and parts[1].strip() == '':
+            name = parts[0].lower(), parts[2].lower()
+            if name in self.multiwords_keys:
+                return True
+            else:
+                return False
+        else:
+            return False
+
 
 def setup(app: Sphinx) -> Dict[str, Any]:
     app.add_post_transform(KeyboardTransform)
diff --git a/tests/test_markup.py b/tests/test_markup.py
index e762dbb3b2b..8341b882656 100644
--- a/tests/test_markup.py
+++ b/tests/test_markup.py
@@ -284,6 +284,13 @@ def get(name):
         '<p><kbd class="kbd docutils literal notranslate">-</kbd></p>',
         '\\sphinxkeyboard{\\sphinxupquote{\\sphinxhyphen{}}}',
     ),
+    (
+        # kbd role
+        'verify',
+        ':kbd:`Caps Lock`',
+        '<p><kbd class="kbd docutils literal notranslate">Caps Lock</kbd></p>',
+        '\\sphinxkeyboard{\\sphinxupquote{Caps Lock}}',
+    ),
     (
         # non-interpolation of dashes in option role
         'verify_re',