diff --git a/lib/reline/config.rb b/lib/reline/config.rb
index d44c2675ab..62c6d105b3 100644
--- a/lib/reline/config.rb
+++ b/lib/reline/config.rb
@@ -182,9 +182,10 @@ def read_lines(lines, file = nil)
       next if if_stack.any? { |_no, skip| skip }
 
       case line
-      when /^set +([^ ]+) +([^ ]+)/i
-        var, value = $1.downcase, $2
-        bind_variable(var, value)
+      when /^set +([^ ]+) +(.+)/i
+        # value ignores everything after a space, raw_value does not.
+        var, value, raw_value = $1.downcase, $2.partition(' ').first, $2
+        bind_variable(var, value, raw_value)
         next
       when /\s*("#{KEYSEQ_PATTERN}+")\s*:\s*(.*)\s*$/o
         key, func_name = $1, $2
@@ -234,7 +235,7 @@ def handle_directive(directive, file, no, if_stack)
     end
   end
 
-  def bind_variable(name, value)
+  def bind_variable(name, value, raw_value)
     case name
     when 'history-size'
       begin
@@ -259,7 +260,7 @@ def bind_variable(name, value)
     when 'completion-query-items'
       @completion_query_items = value.to_i
     when 'isearch-terminators'
-      @isearch_terminators = retrieve_string(value)
+      @isearch_terminators = retrieve_string(raw_value)
     when 'editing-mode'
       case value
       when 'emacs'
@@ -301,11 +302,11 @@ def bind_variable(name, value)
         @show_mode_in_prompt = false
       end
     when 'vi-cmd-mode-string'
-      @vi_cmd_mode_string = retrieve_string(value)
+      @vi_cmd_mode_string = retrieve_string(raw_value)
     when 'vi-ins-mode-string'
-      @vi_ins_mode_string = retrieve_string(value)
+      @vi_ins_mode_string = retrieve_string(raw_value)
     when 'emacs-mode-string'
-      @emacs_mode_string = retrieve_string(value)
+      @emacs_mode_string = retrieve_string(raw_value)
     when *VARIABLE_NAMES then
       variable_name = :"@#{name.tr(?-, ?_)}"
       instance_variable_set(variable_name, value.nil? || value == '1' || value == 'on')
diff --git a/test/reline/test_config.rb b/test/reline/test_config.rb
index 6068292847..03e4178f32 100644
--- a/test/reline/test_config.rb
+++ b/test/reline/test_config.rb
@@ -459,6 +459,17 @@ def test_inputrc
     ENV['INPUTRC'] = inputrc_backup
   end
 
+  def test_inputrc_raw_value
+    @config.read_lines(<<~'LINES'.lines)
+      set editing-mode vi ignored-string
+      set vi-ins-mode-string aaa aaa
+      set vi-cmd-mode-string bbb ccc # comment
+    LINES
+    assert_equal :vi_insert, @config.instance_variable_get(:@editing_mode_label)
+    assert_equal 'aaa aaa', @config.vi_ins_mode_string
+    assert_equal 'bbb ccc # comment', @config.vi_cmd_mode_string
+  end
+
   def test_inputrc_with_utf8
     # This file is encoded by UTF-8 so this heredoc string is also UTF-8.
     @config.read_lines(<<~'LINES'.lines)
@@ -542,4 +553,3 @@ def test_relative_xdg_config_home
     ENV['HOME'] = home_backup
   end
 end
-