diff --git a/package.json b/package.json
index 30df0953..482c1107 100644
--- a/package.json
+++ b/package.json
@@ -50,7 +50,7 @@
   },
   "dependencies": {
     "@rc-component/async-validator": "^5.0.3",
-    "@rc-component/util": "^1.3.0",
+    "@rc-component/util": "^1.5.0",
     "clsx": "^2.1.1"
   },
   "devDependencies": {
diff --git a/src/useForm.ts b/src/useForm.ts
index 5799eec1..e2cd4b70 100644
--- a/src/useForm.ts
+++ b/src/useForm.ts
@@ -1,4 +1,5 @@
 import { merge } from '@rc-component/util/lib/utils/set';
+import { mergeWith } from '@rc-component/util';
 import warning from '@rc-component/util/lib/warning';
 import * as React from 'react';
 import { HOOK_MARK } from './FieldContext';
@@ -783,10 +784,14 @@ export class FormStore {
     const { onValuesChange } = this.callbacks;
 
     if (onValuesChange) {
+      const fieldEntity = this.getFieldsMap(true).get(namePath);
       const changedValues = cloneByNamePathList(this.store, [namePath]);
       const allValues = this.getFieldsValue();
       // Merge changedValues into allValues to ensure allValues contains the latest changes
-      const mergedAllValues = merge(allValues, changedValues);
+      const mergedAllValues = mergeWith([allValues, changedValues], {
+        // When value is array, it means trigger by Form.List which should replace directly
+        prepareArray: current => (fieldEntity?.isList() ? [] : [...(current || [])]),
+      });
       onValuesChange(changedValues, mergedAllValues);
     }
 
diff --git a/tests/list.test.tsx b/tests/list.test.tsx
index e7670d84..8a207e24 100644
--- a/tests/list.test.tsx
+++ b/tests/list.test.tsx
@@ -1042,4 +1042,101 @@ describe('Form.List', () => {
 
     expect(onFinishFailed).toHaveBeenCalled();
   });
+
+  it('List should have correct onValuesChange', () => {
+    const onValuesChange = jest.fn();
+
+    const [container] = generateForm(
+      fields => (
+        <div>
+          {fields.map(field => (
+            <div key={field.key}>
+              <Field {...field} name={[field.name, 'first']}>
+                <Input />
+              </Field>
+              <Field {...field} name={[field.name, 'last']}>
+                <Input />
+              </Field>
+            </div>
+          ))}
+        </div>
+      ),
+      {
+        initialValues: {
+          list: [{ first: 'light' }],
+        },
+        onValuesChange,
+      },
+    );
+
+    fireEvent.change(getInput(container, 1), { target: { value: 'little' } });
+    expect(onValuesChange).toHaveBeenCalledWith(
+      { list: [{ last: 'little' }] },
+      { list: [{ first: 'light', last: 'little' }] },
+    );
+  });
+
+  it('should correctly merge array-valued fields within Form.List items without losing data', async () => {
+    const TagInput = ({ value = [], onChange }: any) => (
+      <input
+        data-testid="tag-input"
+        value={value.join(',')}
+        onChange={e => {
+          const newValue = e.target.value
+            .split(',')
+            .map(s => s.trim())
+            .filter(Boolean);
+          onChange(newValue);
+        }}
+      />
+    );
+
+    const onValuesChange = jest.fn();
+
+    const [container] = generateForm(
+      fields => (
+        <>
+          {fields.map(field => (
+            <div key={field.key}>
+              <Field {...field} name={[field.name, 'name']}>
+                <Input />
+              </Field>
+              <Field {...field} name={[field.name, 'tags']}>
+                <TagInput />
+              </Field>
+            </div>
+          ))}
+        </>
+      ),
+      {
+        initialValues: {
+          list: [{ name: 'John', tags: ['react', 'js'] }],
+        },
+        onValuesChange,
+      },
+    );
+
+    const tagInput = container.querySelector('input[data-testid="tag-input"]') as HTMLElement;
+
+    await act(async () => {
+      fireEvent.change(tagInput, {
+        target: { value: 'react,ts' },
+      });
+    });
+
+    expect(onValuesChange).toHaveBeenCalledWith(
+      { list: [{ tags: ['react', 'ts'] }] }, // changedValues
+      { list: [{ name: 'John', tags: ['react', 'ts'] }] }, // allValues
+    );
+    onValuesChange.mockReset();
+
+    await act(async () => {
+      fireEvent.change(tagInput, { target: { value: 'react,ts,redux' } });
+    });
+
+    expect(onValuesChange).toHaveBeenLastCalledWith(
+      { list: [{ tags: ['react', 'ts', 'redux'] }] },
+      { list: [{ name: 'John', tags: ['react', 'ts', 'redux'] }] },
+    );
+  });
 });