diff --git a/salt/pillar/__init__.py b/salt/pillar/__init__.py
index d986c4393baf..bd05b8985978 100644
--- a/salt/pillar/__init__.py
+++ b/salt/pillar/__init__.py
@@ -956,54 +956,58 @@ def render_pillar(self, matches, errors=None):
         Extract the sls pillar files from the matches and render them into the
         pillar
         """
-        pillar = copy.copy(self.pillar_override)
-        if errors is None:
-            errors = []
-        for saltenv, pstates in matches.items():
-            pstatefiles = []
-            mods = {}
-            for sls_match in pstates:
-                matched_pstates = []
-                try:
-                    matched_pstates = fnmatch.filter(self.avail[saltenv], sls_match)
-                except KeyError:
-                    errors.extend(
-                        [
-                            "No matching pillar environment for environment "
-                            "'{}' found".format(saltenv)
-                        ]
-                    )
-                if matched_pstates:
-                    pstatefiles.extend(matched_pstates)
-                else:
-                    pstatefiles.append(sls_match)
-
-            for sls in pstatefiles:
-                pstate, mods, err = self.render_pstate(sls, saltenv, mods)
-
-                if err:
-                    errors += err
-
-                if pstate is not None:
-                    if not isinstance(pstate, dict):
-                        log.error(
-                            "The rendered pillar sls file, '%s' state did "
-                            "not return the expected data format. This is "
-                            "a sign of a malformed pillar sls file. Returned "
-                            "errors: %s",
-                            sls,
-                            ", ".join([f"'{e}'" for e in errors]),
+        _token = salt.utils.secret.mask_pillar.set(False)
+        try:
+            pillar = copy.copy(self.pillar_override)
+            if errors is None:
+                errors = []
+            for saltenv, pstates in matches.items():
+                pstatefiles = []
+                mods = {}
+                for sls_match in pstates:
+                    matched_pstates = []
+                    try:
+                        matched_pstates = fnmatch.filter(self.avail[saltenv], sls_match)
+                    except KeyError:
+                        errors.extend(
+                            [
+                                "No matching pillar environment for environment "
+                                "'{}' found".format(saltenv)
+                            ]
+                        )
+                    if matched_pstates:
+                        pstatefiles.extend(matched_pstates)
+                    else:
+                        pstatefiles.append(sls_match)
+
+                for sls in pstatefiles:
+                    pstate, mods, err = self.render_pstate(sls, saltenv, mods)
+
+                    if err:
+                        errors += err
+
+                    if pstate is not None:
+                        if not isinstance(pstate, dict):
+                            log.error(
+                                "The rendered pillar sls file, '%s' state did "
+                                "not return the expected data format. This is "
+                                "a sign of a malformed pillar sls file. Returned "
+                                "errors: %s",
+                                sls,
+                                ", ".join([f"'{e}'" for e in errors]),
+                            )
+                            continue
+                        pillar = salt.utils.dictupdate.merge(
+                            pillar,
+                            pstate,
+                            self.merge_strategy,
+                            self.opts.get("renderer", "yaml"),
+                            self.opts.get("pillar_merge_lists", False),
                         )
-                        continue
-                    pillar = salt.utils.dictupdate.merge(
-                        pillar,
-                        pstate,
-                        self.merge_strategy,
-                        self.opts.get("renderer", "yaml"),
-                        self.opts.get("pillar_merge_lists", False),
-                    )
 
-        return pillar, errors
+            return pillar, errors
+        finally:
+            salt.utils.secret.mask_pillar.reset(_token)
 
     def _external_pillar_data(self, pillar, val, key):
         """
diff --git a/tests/pytests/functional/pillar/test_pillar_masking.py b/tests/pytests/functional/pillar/test_pillar_masking.py
new file mode 100644
index 000000000000..8eac36baf003
--- /dev/null
+++ b/tests/pytests/functional/pillar/test_pillar_masking.py
@@ -0,0 +1,52 @@
+"""
+Functional tests for pillar masking behaviour: render_pillar() must set
+mask_pillar=False so that pillar.get() calls inside pillar SLS renderers
+return plain values instead of **********-redacted ones.
+"""
+
+import salt.loader
+import salt.pillar
+import salt.utils.secret
+
+
+def test_render_pillar_py_renderer_sees_unmasked_values(
+    temp_salt_master, temp_salt_minion
+):
+    """Pillar SLS files using the #!py renderer must receive plain pillar
+    values from pillar.get(), not **********-redacted ones.
+
+    Without the fix, render_pillar() never sets mask_pillar=False.  The
+    Python renderer calls mod.run() directly with no render_tmpl() wrapper,
+    so mask_pillar stays True and pillar.get() calls serial(), replacing all
+    string values (even in plain Python lists) with **********.
+    """
+    py_pillar_sls = """\
+#!py
+def run():
+    # Without render_pillar() setting mask_pillar=False, pillar.get()
+    # calls serial() and returns ['**********', ...] for list values.
+    return {"derived_list": __salt__["pillar.get"]("base_list")}
+"""
+    top_sls = """
+base:
+  '*':
+    - py_pillar
+"""
+    opts = temp_salt_master.config.copy()
+    # plain Python list — serial() redacts string elements when mask_pillar=True
+    # even without any MaskedDict/MaskedList wrapping.
+    opts["pillar"] = {"base_list": ["a", "b", "c"]}
+
+    with temp_salt_master.pillar_tree.base.temp_file(
+        "top.sls", top_sls
+    ), temp_salt_master.pillar_tree.base.temp_file("py_pillar.sls", py_pillar_sls):
+        grains = salt.loader.grains(opts)
+        pillar_obj = salt.pillar.Pillar(opts, grains, temp_salt_minion.id, "base")
+        result = pillar_obj.compile_pillar()
+
+    assert result.get("derived_list") == ["a", "b", "c"], (
+        f"Expected plain list values but got: {result.get('derived_list')!r}. "
+        "render_pillar() must set mask_pillar=False so that pillar.get() "
+        "inside #!py SLS files returns expose()d values instead of "
+        "serial()-redacted ones."
+    )