diff --git a/src/lib/select/select.ts b/src/lib/select/select.ts
index 910aa7f8a90c..14dd4018659f 100644
--- a/src/lib/select/select.ts
+++ b/src/lib/select/select.ts
@@ -20,6 +20,7 @@ import {
   Inject,
   InjectionToken,
   Input,
+  NgZone,
   OnDestroy,
   OnInit,
   Optional,
@@ -35,7 +36,7 @@ import {DOWN_ARROW, END, ENTER, HOME, SPACE, UP_ARROW} from '@angular/cdk/keycod
 import {FocusKeyManager} from '@angular/cdk/a11y';
 import {Directionality} from '@angular/cdk/bidi';
 import {coerceBooleanProperty} from '@angular/cdk/coercion';
-import {filter, startWith} from '@angular/cdk/rxjs';
+import {filter, first, startWith} from '@angular/cdk/rxjs';
 import {
   ConnectedOverlayDirective,
   Overlay,
@@ -281,7 +282,6 @@ export class MdSelect extends _MdSelectMixinBase implements AfterContentInit, On
   /**
    * Stream that emits whenever the state of the select changes such that the wrapping `MdFormField`
    * needs to run change detection.
-   * TODO(mmalerba): Call emit at appropriate times.
    */
   stateChanges = new Subject<void>();
 
@@ -405,6 +405,7 @@ export class MdSelect extends _MdSelectMixinBase implements AfterContentInit, On
     private _viewportRuler: ViewportRuler,
     private _changeDetectorRef: ChangeDetectorRef,
     private _platform: Platform,
+    private _ngZone: NgZone,
     renderer: Renderer2,
     elementRef: ElementRef,
     @Optional() private _dir: Directionality,
@@ -475,6 +476,13 @@ export class MdSelect extends _MdSelectMixinBase implements AfterContentInit, On
     this._calculateOverlayPosition();
     this._panelOpen = true;
     this._changeDetectorRef.markForCheck();
+
+    // Set the font size on the panel element once it exists.
+    first.call(this._ngZone.onStable).subscribe(() => {
+      if (this._triggerFontSize && this.overlayDir.overlayRef.overlayElement) {
+        this.overlayDir.overlayRef.overlayElement.style.fontSize = `${this._triggerFontSize}px`;
+      }
+    });
   }
 
   /** Closes the overlay panel and focuses the host element. */