diff --git a/CHANGELOG.txt b/CHANGELOG.txt
index 362dcc9e1f..e43e850f12 100644
--- a/CHANGELOG.txt
+++ b/CHANGELOG.txt
@@ -13,6 +13,7 @@ Changelog
  * Fix: Remove comment button on InlinePanel fields (Sage Abdullah)
  * Fix: Fix missing link to `UsageView` from `EditView` for snippets (Christer Jensen)
  * Fix: Prevent lowercase conversions of IndexView column headers (Virag Jain)
+ * Fix: Ensure that `RichText` objects with the same values compare as equal (NikilTn)
  * Docs: Document how to add non-ModelAdmin views to a `ModelAdminGroup` (Onno Timmerman)
  * Docs: Document how to add StructBlock data to a StreamField (Ramon Wenger)
  * Docs: Update ReadTheDocs settings to v2 to resolve urllib3 issue in linkcheck extension (Thibaud Colas)
diff --git a/CONTRIBUTORS.rst b/CONTRIBUTORS.rst
index 344e6af2c8..814f7082f7 100644
--- a/CONTRIBUTORS.rst
+++ b/CONTRIBUTORS.rst
@@ -715,6 +715,7 @@ Contributors
 * Lukas von Allmen
 * Ester Beltrami
 * Justin Koestinger
+* NikilTn
 
 Translators
 ===========
diff --git a/docs/releases/5.1.md b/docs/releases/5.1.md
index 0a7e07c518..41b1720062 100644
--- a/docs/releases/5.1.md
+++ b/docs/releases/5.1.md
@@ -28,6 +28,7 @@ FieldPanels can now be marked as read-only with the `read_only=True` keyword arg
  * Remove comment button on InlinePanel fields (Sage Abdullah)
  * Fix missing link to `UsageView` from `EditView` for snippets (Christer Jensen)
  * Prevent lowercase conversions of IndexView column headers (Virag Jain)
+ * Ensure that `RichText` objects with the same values compare as equal (NikilTn)
 
 ### Documentation
 
diff --git a/wagtail/rich_text/__init__.py b/wagtail/rich_text/__init__.py
index 51494e1a8a..aee09cb784 100644
--- a/wagtail/rich_text/__init__.py
+++ b/wagtail/rich_text/__init__.py
@@ -99,6 +99,11 @@ class RichText:
     def __bool__(self):
         return bool(self.source)
 
+    def __eq__(self, other):
+        if isinstance(other, RichText):
+            return self.source == other.source
+        return False
+
 
 class EntityHandler:
     """
diff --git a/wagtail/tests/test_rich_text.py b/wagtail/tests/test_rich_text.py
index 7467e5d406..0bc3b95b71 100644
--- a/wagtail/tests/test_rich_text.py
+++ b/wagtail/tests/test_rich_text.py
@@ -131,6 +131,14 @@ class TestRichTextValue(TestCase):
         value = RichText("<p>wagtail</p>")
         self.assertTrue(value)
 
+    def test_compare_value(self):
+        value1 = RichText("<p>wagtail</p>")
+        value2 = RichText("<p>wagtail</p>")
+        value3 = RichText("<p>django</p>")
+        self.assertNotEqual(value1, value3)
+        self.assertNotEqual(value1, 12345)
+        self.assertEqual(value1, value2)
+
 
 class TestFeatureRegistry(TestCase):
     def test_register_rich_text_features_hook(self):