diff --git a/app/vmalert/alerting.go b/app/vmalert/alerting.go
index c35acdce4..89b35deb3 100644
--- a/app/vmalert/alerting.go
+++ b/app/vmalert/alerting.go
@@ -324,16 +324,11 @@ func (ar *AlertingRule) Exec(ctx context.Context, ts time.Time, limit int) ([]pr
 				a.ActiveAt = ts
 				ar.logDebugf(ts, a, "INACTIVE => PENDING")
 			}
-			if a.Value != m.Values[0] {
-				// update Value field with the latest value
-				a.Value = m.Values[0]
-				// and re-exec template since Value can be used
-				// in annotations
-				a.Annotations, err = a.ExecTemplate(qFn, ls.origin, ar.Annotations)
-				if err != nil {
-					curState.err = err
-					return nil, curState.err
-				}
+			a.Value = m.Values[0]
+			// re-exec template since Value or query can be used in annotations
+			a.Annotations, err = a.ExecTemplate(qFn, ls.origin, ar.Annotations)
+			if err != nil {
+				return nil, err
 			}
 			continue
 		}
diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index 61e248680..8cb11f34a 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -31,6 +31,7 @@ The following tip changes can be tested by building VictoriaMetrics components f
 * BUGFIX: [VictoriaMetrics cluster](https://docs.victoriametrics.com/Cluster-VictoriaMetrics.html): properly calculate query results at `vmselect`. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3067). The issue has been introduced in [v1.81.0](https://docs.victoriametrics.com/CHANGELOG.html#v1810).
 * BUGFIX: [VictoriaMetrics cluster](https://docs.victoriametrics.com/Cluster-VictoriaMetrics.html): log clear error when multiple identical `-storageNode` command-line flags are passed to `vmselect` or to `vminsert`. Previously these components were crashed with cryptic panic `metric ... is already registered` in this case. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3076).
 * BUGFIX: [vmui](https://docs.victoriametrics.com/#vmui): fix `RangeError: Maximum call stack size exceeded` error when the query returns too many data points at `Table` view. See [this pull request](https://github.com/VictoriaMetrics/VictoriaMetrics/pull/3092/files).
+* BUGFIX: [vmalert](https://docs.victoriametrics.com/vmalert.html): re-evaluate alert's annotations on each execution. Previously, annotations were evaluated only on alert's value change. See [this PR](https://github.com/VictoriaMetrics/VictoriaMetrics/pull/3119) for details. 
 
 ## [v1.81.2](https://github.com/VictoriaMetrics/VictoriaMetrics/releases/tag/v1.81.2)