diff --git a/rules/string-content.js b/rules/string-content.js
index a48eab1c32..894184db1f 100644
--- a/rules/string-content.js
+++ b/rules/string-content.js
@@ -8,6 +8,11 @@ const defaultPatterns = {
 
 const defaultMessage = 'Prefer `{{suggest}}` over `{{match}}`.';
 
+const escapeTemplateElementRaw = string => string.replace(
+	/(?<=(?:^|[^\\])(?:\\\\)*)(?<symbol>(?:`|\$(?={)))/g,
+	'\\$<symbol>'
+);
+
 function getReplacements(patterns) {
 	return Object.entries({
 		...defaultPatterns,
@@ -88,8 +93,11 @@ const create = context => {
 				const fixRange = [start + 1, end - 1];
 				problem.fix = fixer => fixer.replaceTextRange(fixRange, fixed);
 			} else {
-				fixed = fixed.replace(/`/g, '\\`').replace(/\$(?={)/g, '\\$');
-				problem.fix = fixer => replaceTemplateElement(fixer, node, fixed);
+				problem.fix = fixer => replaceTemplateElement(
+					fixer,
+					node,
+					escapeTemplateElementRaw(fixed)
+				);
 			}
 
 			context.report(problem);
diff --git a/test/string-content.js b/test/string-content.js
index 41a06cce5a..8b9e986c27 100644
--- a/test/string-content.js
+++ b/test/string-content.js
@@ -37,8 +37,12 @@ ruleTester.run('string-content', rule, {
 			code: 'const foo = \'\\\'\'',
 			options: [{patterns: {'\'': false}}]
 		},
+		/* eslint-disable no-template-curly-in-string */
 		// `TemplateLiteral`
-		'const foo = `🦄`'
+		'const foo = `🦄`',
+		// Should not escape
+		'const foo = `\\`\\${1}`'
+		/* eslint-enable no-template-curly-in-string */
 	],
 	invalid: [
 		// `Literal` string
@@ -144,16 +148,28 @@ ruleTester.run('string-content', rule, {
 		},
 		// Escape
 		{
-			code: 'const foo = `foo`',
-			output: 'const foo = `bar\\`bar`',
+			code: 'const foo = `foo_foo`',
+			output: 'const foo = `bar\\`bar_bar\\`bar`',
 			options: [{patterns: {foo: 'bar`bar'}}],
 			errors: createError('foo', 'bar`bar')
 		},
 		{
-			code: 'const foo = `foo`',
-			output: 'const foo = `\\${bar}`',
+			code: 'const foo = `foo_foo`',
+			output: 'const foo = `\\${bar}_\\${bar}`',
 			options: [{patterns: {foo: '${bar}'}}],
 			errors: createError('foo', '${bar}')
+		},
+		{
+			code: 'const foo = `$foo`', // <-- not escaped $
+			output: 'const foo = `\\${bar}`',
+			options: [{patterns: {foo: '{bar}'}}],
+			errors: createError('foo', '{bar}')
+		},
+		{
+			code: 'const foo = `\\$foo`', // <-- escaped $
+			output: 'const foo = `\\${bar}`',
+			options: [{patterns: {foo: '{bar}'}}],
+			errors: createError('foo', '{bar}')
 		}
 		/* eslint-enable no-template-curly-in-string */
 	]