diff --git a/CHANGELOG.md b/CHANGELOG.md
index a3b06bdaef..33d7734cd0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -13,6 +13,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Fixed extraneous blank line on non-interactive disabled `Progress` https://github.com/Textualize/rich/pull/3905
 - Fixed extra padding on first cell in columns https://github.com/Textualize/rich/pull/3935
 - Fixed trailing whitespace removed when soft_wrap=True https://github.com/Textualize/rich/pull/3937
+- Fixed style new-lines when soft_wrap = True and a print style is set https://github.com/Textualize/rich/pull/3938
 
 ### Added
 
@@ -20,6 +21,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Added support for `UNICODE_VERSION` environment variable https://github.com/Textualize/rich/pull/3930
 - Added `last_render_height` property to LiveRender https://github.com/Textualize/rich/pull/3934
 - Expose locals_max_depth and locals_overflow in traceback.install https://github.com/Textualize/rich/pull/3906/
+- Added `Segment.split_lines_terminator` https://github.com/Textualize/rich/pull/3938
 
 ### Changed
 
diff --git a/rich/console.py b/rich/console.py
index 994adfc069..ad92d529c0 100644
--- a/rich/console.py
+++ b/rich/console.py
@@ -1723,12 +1723,16 @@ def print(
                 for renderable in renderables:
                     extend(render(renderable, render_options))
             else:
+                render_style = self.get_style(style)
+                new_line = Segment.line()
                 for renderable in renderables:
-                    extend(
-                        Segment.apply_style(
-                            render(renderable, render_options), self.get_style(style)
-                        )
-                    )
+                    for line, add_new_line in Segment.split_lines_terminator(
+                        render(renderable, render_options)
+                    ):
+                        extend(Segment.apply_style(line, render_style))
+                        if add_new_line:
+                            new_segments.append(new_line)
+
             if new_line_start:
                 if (
                     len("".join(segment.text for segment in new_segments).splitlines())
diff --git a/rich/segment.py b/rich/segment.py
index edcb52dd3f..0df63fdefe 100644
--- a/rich/segment.py
+++ b/rich/segment.py
@@ -275,6 +275,37 @@ def split_lines(cls, segments: Iterable["Segment"]) -> Iterable[List["Segment"]]
         if line:
             yield line
 
+    @classmethod
+    def split_lines_terminator(
+        cls, segments: Iterable["Segment"]
+    ) -> Iterable[Tuple[List["Segment"], bool]]:
+        """Split a sequence of segments in to a list of lines and a boolean to indicate if there was a new line.
+
+        Args:
+            segments (Iterable[Segment]): Segments potentially containing line feeds.
+
+        Yields:
+            Iterable[List[Segment]]: Iterable of segment lists, one per line.
+        """
+        line: List[Segment] = []
+        append = line.append
+
+        for segment in segments:
+            if "\n" in segment.text and not segment.control:
+                text, style, _ = segment
+                while text:
+                    _text, new_line, text = text.partition("\n")
+                    if _text:
+                        append(cls(_text, style))
+                    if new_line:
+                        yield (line, True)
+                        line = []
+                        append = line.append
+            else:
+                append(segment)
+        if line:
+            yield (line, False)
+
     @classmethod
     def split_and_crop_lines(
         cls,
diff --git a/tests/test_segment.py b/tests/test_segment.py
index 2264dbe50f..60a7a9d59a 100644
--- a/tests/test_segment.py
+++ b/tests/test_segment.py
@@ -34,6 +34,21 @@ def test_split_lines():
     assert list(Segment.split_lines(lines)) == [[Segment("Hello")], [Segment("World")]]
 
 
+def test_split_lines_terminator():
+    lines = [Segment("Hello\nWorld")]
+    assert list(Segment.split_lines_terminator(lines)) == [
+        ([Segment("Hello")], True),
+        ([Segment("World")], False),
+    ]
+
+
+def test_split_lines_terminator_single_line():
+    lines = [Segment("Hello")]
+    assert list(Segment.split_lines_terminator(lines)) == [
+        ([Segment("Hello")], False),
+    ]
+
+
 def test_split_and_crop_lines():
     assert list(
         Segment.split_and_crop_lines([Segment("Hello\nWorld!\n"), Segment("foo")], 4)
diff --git a/tests/test_text.py b/tests/test_text.py
index b528608ad7..b6d39f5949 100644
--- a/tests/test_text.py
+++ b/tests/test_text.py
@@ -1110,3 +1110,20 @@ def test_soft_wrap() -> None:
     print(repr(output))
     expected = "\x1b[37;44m Hello World \x1b[0m\n"
     assert output == expected
+
+
+def test_soft_wrap_styled() -> None:
+    """Regression test for https://github.com/Textualize/rich/issues/3838
+
+    If soft_wrap is True and a style is set, we don't want to style the new lines.
+    """
+    console = Console(color_system="standard", width=80, force_terminal=True)
+    with console.capture() as capture:
+        console.print("soft wrap is on", style="blue on white", soft_wrap=True)
+        console.print("Next line")
+
+    output = capture.get()
+    print(repr(output))
+    # Background is reset before \n
+    expected = "\x1b[34;47msoft wrap is on\x1b[0m\nNext line\n"
+    assert output == expected