diff --git a/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java b/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
index a0b89f3d91..f5a6d3c33f 100644
--- a/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
+++ b/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
@@ -24,7 +24,6 @@ import org.springframework.beans.factory.BeanInitializationException;
 import org.springframework.beans.factory.config.ConfigurableListableBeanFactory;
 import org.springframework.beans.factory.config.PlaceholderConfigurerSupport;
 import org.springframework.context.EnvironmentAware;
-import org.springframework.core.env.CompositePropertySource;
 import org.springframework.core.env.ConfigurableEnvironment;
 import org.springframework.core.env.ConfigurablePropertyResolver;
 import org.springframework.core.env.Environment;
@@ -133,23 +132,10 @@ public class PropertySourcesPlaceholderConfigurer extends PlaceholderConfigurerS
 		if (this.propertySources == null) {
 			this.propertySources = new MutablePropertySources();
 			if (this.environment != null) {
-				PropertySource<?> environmentPropertySource;
-				if (this.environment instanceof ConfigurableEnvironment configurableEnvironment) {
-					environmentPropertySource = new CompositePropertySource(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME,
-							configurableEnvironment.getPropertySources());
-				}
-				else {
-					// Fallback code path that should never apply in a regular scenario, since the
-					// Environment in the ApplicationContext should always be a ConfigurableEnvironment.
-					environmentPropertySource =
-						new PropertySource<>(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME, this.environment) {
-							@Override
-							@Nullable
-							public Object getProperty(String key) {
-								return super.source.getProperty(key);
-							}
-						};
-				}
+				PropertySource<?> environmentPropertySource =
+						(this.environment instanceof ConfigurableEnvironment configurableEnvironment ?
+							new ConfigurableEnvironmentPropertySource(configurableEnvironment) :
+							new FallbackEnvironmentPropertySource(this.environment));
 				this.propertySources.addLast(environmentPropertySource);
 			}
 			try {
@@ -232,4 +218,75 @@ public class PropertySourcesPlaceholderConfigurer extends PlaceholderConfigurerS
 		return this.appliedPropertySources;
 	}
 
+
+	/**
+	 * Custom {@link PropertySource} that delegates to the
+	 * {@link ConfigurableEnvironment#getPropertySources() PropertySources} in a
+	 * {@link ConfigurableEnvironment}.
+	 * @since 6.2.7
+	 */
+	private static class ConfigurableEnvironmentPropertySource extends PropertySource<ConfigurableEnvironment> {
+
+		private final PropertySources propertySources;
+
+
+		ConfigurableEnvironmentPropertySource(ConfigurableEnvironment environment) {
+			super(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME, environment);
+			this.propertySources = environment.getPropertySources();
+		}
+
+
+		@Override
+		@Nullable
+		public Object getProperty(String name) {
+			for (PropertySource<?> propertySource : this.propertySources) {
+				Object candidate = propertySource.getProperty(name);
+				if (candidate != null) {
+					return candidate;
+				}
+			}
+			return null;
+		}
+
+		@Override
+		public boolean containsProperty(String name) {
+			for (PropertySource<?> propertySource : this.propertySources) {
+				if (propertySource.containsProperty(name)) {
+					return true;
+				}
+			}
+			return false;
+		}
+
+		@Override
+		public String toString() {
+			return "ConfigurableEnvironmentPropertySource {propertySources=" + this.propertySources + "}";
+		}
+	}
+
+	/**
+	 * Fallback {@link PropertySource} that delegates to a raw {@link Environment}.
+	 * <p>Should never apply in a regular scenario, since the {@code Environment}
+	 * in an {@code ApplicationContext} should always be a {@link ConfigurableEnvironment}.
+	 * @since 6.2.7
+	 */
+	private static class FallbackEnvironmentPropertySource extends PropertySource<Environment> {
+
+		FallbackEnvironmentPropertySource(Environment environment) {
+			super(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME, environment);
+		}
+
+
+		@Override
+		@Nullable
+		public Object getProperty(String name) {
+			return super.source.getProperty(name);
+		}
+
+		@Override
+		public String toString() {
+			return "FallbackEnvironmentPropertySource {environment=" + super.source + "}";
+		}
+	}
+
 }
diff --git a/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java b/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
index 81ccd73e46..24325f9552 100644
--- a/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
+++ b/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
@@ -16,6 +16,9 @@
 
 package org.springframework.context.support;
 
+import java.util.ArrayList;
+import java.util.Collections;
+import java.util.List;
 import java.util.Optional;
 import java.util.Properties;
 
@@ -34,6 +37,7 @@ import org.springframework.context.annotation.AnnotationConfigApplicationContext
 import org.springframework.context.annotation.Bean;
 import org.springframework.context.annotation.Configuration;
 import org.springframework.core.convert.support.DefaultConversionService;
+import org.springframework.core.env.EnumerablePropertySource;
 import org.springframework.core.env.MutablePropertySources;
 import org.springframework.core.env.PropertySource;
 import org.springframework.core.env.StandardEnvironment;
@@ -300,6 +304,60 @@ class PropertySourcesPlaceholderConfigurerTests {
 		assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("bar");
 	}
 
+	@Test  // gh-34861
+	void withEnumerableAndNonEnumerablePropertySourcesInTheEnvironmentAndLocalProperties() {
+		DefaultListableBeanFactory bf = new DefaultListableBeanFactory();
+		bf.registerBeanDefinition("testBean",
+				genericBeanDefinition(TestBean.class)
+					.addPropertyValue("name", "${foo:bogus}")
+					.addPropertyValue("jedi", "${local:false}")
+					.getBeanDefinition());
+
+		// 1) MockPropertySource is an EnumerablePropertySource.
+		MockPropertySource mockPropertySource = new MockPropertySource("mockPropertySource")
+				.withProperty("foo", "${bar}");
+
+		// 2) PropertySource is not an EnumerablePropertySource.
+		PropertySource<?> rawPropertySource = new PropertySource<>("rawPropertySource", new Object()) {
+			@Override
+			public Object getProperty(String key) {
+				return ("bar".equals(key) ? "quux" : null);
+			}
+		};
+
+		MockEnvironment env = new MockEnvironment();
+		env.getPropertySources().addFirst(mockPropertySource);
+		env.getPropertySources().addLast(rawPropertySource);
+
+		PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
+		ppc.setEnvironment(env);
+		// 3) Local properties are stored in a PropertiesPropertySource which is an EnumerablePropertySource.
+		ppc.setProperties(new Properties() {{
+			setProperty("local", "true");
+		}});
+		ppc.postProcessBeanFactory(bf);
+
+		// Verify all properties can be resolved via the Environment.
+		assertThat(env.getProperty("foo")).isEqualTo("quux");
+		assertThat(env.getProperty("bar")).isEqualTo("quux");
+
+		// Verify that placeholder resolution works.
+		TestBean testBean = bf.getBean(TestBean.class);
+		assertThat(testBean.getName()).isEqualTo("quux");
+		assertThat(testBean.isJedi()).isTrue();
+
+		// Verify that the presence of a non-EnumerablePropertySource does not prevent
+		// accessing EnumerablePropertySources via getAppliedPropertySources().
+		List<String> propertyNames = new ArrayList<>();
+		for (PropertySource<?> propertySource : ppc.getAppliedPropertySources()) {
+			if (propertySource instanceof EnumerablePropertySource<?> enumerablePropertySource) {
+				Collections.addAll(propertyNames, enumerablePropertySource.getPropertyNames());
+			}
+		}
+		// Should not contain "foo" or "bar" from the Environment.
+		assertThat(propertyNames).containsOnly("local");
+	}
+
 	@Test
 	void customPlaceholderPrefixAndSuffix() {
 		PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();