diff --git a/src/wp-includes/link-template.php b/src/wp-includes/link-template.php
index 3d4ffc23b8f62..a70bae8936b6e 100644
--- a/src/wp-includes/link-template.php
+++ b/src/wp-includes/link-template.php
@@ -4848,7 +4848,18 @@ function get_the_privacy_policy_link( $before = '', $after = '' ) {
 		$link = sprintf(
 			'<a class="privacy-policy-link" href="%s" rel="privacy-policy">%s</a>',
 			esc_url( $privacy_policy_url ),
-			esc_html( $page_title )
+			wp_kses(
+				$page_title,
+				array(
+					'strong' => array(),
+					'em'     => array(),
+					'b'      => array(),
+					'i'      => array(),
+					'span'   => array(
+						'class' => true,
+					),
+				)
+			)
 		);
 	}
 
diff --git a/tests/phpunit/tests/link/getThePrivacyPolicyLink.php b/tests/phpunit/tests/link/getThePrivacyPolicyLink.php
index ca489bf177d7c..903c3fb70907e 100644
--- a/tests/phpunit/tests/link/getThePrivacyPolicyLink.php
+++ b/tests/phpunit/tests/link/getThePrivacyPolicyLink.php
@@ -78,6 +78,37 @@ public function test_get_the_privacy_policy_link_should_return_valid_link_when_p
 		$this->assertStringEndsWith( '>' . WP_TESTS_DOMAIN . ' Privacy Policy</a>', $actual_link );
 	}
 
+	/**
+	 * The function should allow only supported formatting in the privacy policy page title.
+	 *
+	 * @ticket 64748
+	 */
+	public function test_get_the_privacy_policy_link_should_allow_supported_title_markup() {
+		$privacy_policy_page_id = self::$privacy_policy_page_id;
+
+		// Run after core `the_title` formatting filters (e.g. wptexturize).
+		$filter = static function ( $title, $post_id ) use ( $privacy_policy_page_id ) {
+			if ( (int) $privacy_policy_page_id === (int) $post_id ) {
+				return '<strong>Privacy</strong> <em>Policy</em> <b>Bold</b> <i>Italic</i> <span class="page-title">Page</span> <script>alert("test")</script>';
+			}
+
+			return $title;
+		};
+
+		add_filter( 'the_title', $filter, 20, 2 );
+
+		update_option( 'wp_page_for_privacy_policy', self::$privacy_policy_page_id );
+
+		$actual_link = get_the_privacy_policy_link();
+
+		remove_filter( 'the_title', $filter, 20 );
+
+		$this->assertStringEndsWith(
+			'><strong>Privacy</strong> <em>Policy</em> <b>Bold</b> <i>Italic</i> <span class="page-title">Page</span> alert("test")</a>',
+			$actual_link
+		);
+	}
+
 	/**
 	 * The function should prepend the supplied `$before` markup and append the
 	 * supplied `$after` markup when the `wp_page_for_privacy_policy` is configured.