diff --git a/vispy/scene/widgets/colorbar.py b/vispy/scene/widgets/colorbar.py
index 355f55df1a..0230fb425e 100644
--- a/vispy/scene/widgets/colorbar.py
+++ b/vispy/scene/widgets/colorbar.py
@@ -78,7 +78,7 @@ def __init__(self, cmap, orientation,
 
         self._colorbar = ColorBarVisual(size=dummy_size, cmap=cmap,
                                         orientation=orientation,
-                                        label_str=label, clim=clim,
+                                        label_text=label, clim=clim,
                                         label_color=label_color,
                                         border_width=border_width,
                                         border_color=border_color, **kwargs)
diff --git a/vispy/visuals/colorbar.py b/vispy/visuals/colorbar.py
index 80d02fbb78..e8ad662ef5 100644
--- a/vispy/visuals/colorbar.py
+++ b/vispy/visuals/colorbar.py
@@ -255,7 +255,7 @@ class ColorBarVisual(CompoundVisual):
     pos : tuple (x, y)
         Position where the colorbar is to be placed with
         respect to the center of the colorbar
-    label_str : str
+    label_text : str
         The label that is to be drawn with the colorbar
         that provides information about the colorbar.
     label_color : str | vispy.color.Color
@@ -280,14 +280,13 @@ class ColorBarVisual(CompoundVisual):
 
     def __init__(self, cmap, orientation, size,
                  pos=[0, 0],
-                 label_str="",
+                 label_text="",
                  label_color='black',
                  clim=(0.0, 1.0),
                  border_width=1.0,
                  border_color="black",
                  **kwargs):
 
-        self._label_str = label_str
         self._label_color = label_color
         self._cmap = get_colormap(cmap)
         self._clim = clim
@@ -295,7 +294,7 @@ def __init__(self, cmap, orientation, size,
         self._size = size
         self._orientation = orientation
 
-        self._label = TextVisual(self._label_str, color=self._label_color)
+        self._label = TextVisual(label_text, color=self._label_color)
 
         self._ticks = []
         self._ticks.append(TextVisual(str(self._clim[0]),
@@ -597,7 +596,10 @@ def label(self):
 
     @label.setter
     def label(self, label):
-        self._label = label
+        if isinstance(label, str):
+            self._label.text = label
+        else:
+            self._label = label
         self._update()
 
     @property