diff --git a/packages/app-cli/tests/html_to_md/anchor_with_underscores.html b/packages/app-cli/tests/html_to_md/anchor_with_underscores.html
new file mode 100644
index 0000000000..accd74468c
--- /dev/null
+++ b/packages/app-cli/tests/html_to_md/anchor_with_underscores.html
@@ -0,0 +1,6 @@
+<ul>
+	<li><a href="http://example.com/a_test">http://example.com/a_test</a></li>
+	<li><a href="http://example.com/a_test/___">http://example.com/a_test/___</a></li>
+	<li>Another <i>test</i>: <a href="http://example.com/a_test/*">http://example.com/a_test/*</a></li>
+	<li>And another <b>test</b>: <a href="http://example.com/_test_">Test</a></li>
+</ul>
\ No newline at end of file
diff --git a/packages/app-cli/tests/html_to_md/anchor_with_underscores.md b/packages/app-cli/tests/html_to_md/anchor_with_underscores.md
new file mode 100644
index 0000000000..2e2955873a
--- /dev/null
+++ b/packages/app-cli/tests/html_to_md/anchor_with_underscores.md
@@ -0,0 +1,4 @@
+- http://example.com/a_test
+- http://example.com/a_test/___
+- Another *test*: http://example.com/a_test/*
+- And another **test**: [Test](http://example.com/_test_)
\ No newline at end of file
diff --git a/packages/turndown/src/commonmark-rules.js b/packages/turndown/src/commonmark-rules.js
index 7f4fcdedaa..190948d813 100644
--- a/packages/turndown/src/commonmark-rules.js
+++ b/packages/turndown/src/commonmark-rules.js
@@ -313,6 +313,12 @@ rules.inlineLink = {
     )
   },
 
+  escapeContent: function (node, _options) {
+    // Disable escaping content (including '_'s) when the link has the same URL and href.
+    // This prevents links from being broken by added escapes.
+    return node.getAttribute('href') !== node.textContent;
+  },
+
   replacement: function (content, node, options) {
     var href = filterLinkHref(node.getAttribute('href'))
 
diff --git a/packages/turndown/src/turndown.js b/packages/turndown/src/turndown.js
index 973dbdcba6..77416b2d47 100644
--- a/packages/turndown/src/turndown.js
+++ b/packages/turndown/src/turndown.js
@@ -216,7 +216,7 @@ function postProcess (output) {
 
 function replacementForNode (node) {
   var rule = this.rules.forNode(node)
-  var content = process.call(this, node, rule.escapeContent ? rule.escapeContent() : 'auto')
+  var content = process.call(this, node, rule.escapeContent ? rule.escapeContent(node) : 'auto')
   var whitespace = node.flankingWhitespace
   if (whitespace.leading || whitespace.trailing) content = content.trim()