diff --git a/packages/components/CHANGELOG.md b/packages/components/CHANGELOG.md
index 1695faba8b1d8..fca489b2340b9 100644
--- a/packages/components/CHANGELOG.md
+++ b/packages/components/CHANGELOG.md
@@ -10,6 +10,7 @@
 -   `Tooltip`: Replace the existing tooltip to simplify the implementation and improve accessibility while maintaining the same behaviors and API ([#48440](https://github.com/WordPress/gutenberg/pull/48440)).
 -   `Dropdown` and `DropdownMenu`: support controlled mode for the dropdown's open/closed state ([#54257](https://github.com/WordPress/gutenberg/pull/54257)).
 -   `BorderControl`: Apply proper metrics and simpler text ([#53998](https://github.com/WordPress/gutenberg/pull/53998)).
+-   `FormTokenField`: Update styling for consistency and increased visibility ([#54402](https://github.com/WordPress/gutenberg/pull/54402)).
 -   `Tooltip`: Add new `hideOnClick` prop ([#54406](https://github.com/WordPress/gutenberg/pull/54406)).
 
 ### Bug Fix
diff --git a/packages/components/src/form-token-field/style.scss b/packages/components/src/form-token-field/style.scss
index 775999c1d0124..ba820f23c9d32 100644
--- a/packages/components/src/form-token-field/style.scss
+++ b/packages/components/src/form-token-field/style.scss
@@ -157,21 +157,21 @@
 .components-form-token-field__suggestions-list {
 	flex: 1 0 100%;
 	min-width: 100%;
-	max-height: 9em;
+	max-height: $grid-unit-80 * 2;
 	overflow-y: auto;
 	transition: all 0.15s ease-in-out;
 	@include reduce-motion("transition");
 	list-style: none;
-	border-top: $border-width solid $components-color-border;
+	box-shadow: inset 0 $border-width 0 0 $gray-600; // Matches the border color of the input.
 	margin: 0;
-	padding: 0;
 }
 
 .components-form-token-field__suggestion {
-	color: $gray-700;
+	color: $gray-900;
 	display: block;
 	font-size: $default-font-size;
-	padding: 4px 8px;
+	padding: $grid-unit-10 $grid-unit-15;
+	min-height: $button-size-compact;
 	margin: 0;
 	cursor: pointer;
 
@@ -180,7 +180,3 @@
 		color: $white;
 	}
 }
-
-.components-form-token-field__suggestion-match {
-	text-decoration: underline;
-}