diff --git a/netbox/extras/forms/bulk_import.py b/netbox/extras/forms/bulk_import.py
index 745268f33..c938ce69d 100644
--- a/netbox/extras/forms/bulk_import.py
+++ b/netbox/extras/forms/bulk_import.py
@@ -96,8 +96,6 @@ class CustomFieldChoiceSetImportForm(CSVModelForm):
             for line in self.cleaned_data['extra_choices']:
                 try:
                     value, label = re.split(r'(?<!\\):', line, maxsplit=1)
-                    value = value.replace('\\:', ':')
-                    label = label.replace('\\:', ':')
                 except ValueError:
                     value, label = line, line
                 data.append((value, label))
diff --git a/netbox/extras/models/customfields.py b/netbox/extras/models/customfields.py
index f70812bc0..72b2482e1 100644
--- a/netbox/extras/models/customfields.py
+++ b/netbox/extras/models/customfields.py
@@ -748,7 +748,11 @@ class CustomFieldChoiceSet(CloningMixin, ExportTemplatesMixin, ChangeLoggedModel
             if self.base_choices:
                 self._choices.extend(CHOICE_SETS.get(self.base_choices))
             if self.extra_choices:
-                self._choices.extend(self.extra_choices)
+                extra_choices = []
+                for choice in self.extra_choices:
+                    choice = (choice[0], choice[1].replace('\\:', ':'))
+                    extra_choices.append(choice)
+                self._choices.extend(extra_choices)
         if self.order_alphabetically:
             self._choices = sorted(self._choices, key=lambda x: x[0])
         return self._choices