diff --git a/django_mongodb_backend/compiler.py b/django_mongodb_backend/compiler.py
index 888362c6b..cb867221e 100644
--- a/django_mongodb_backend/compiler.py
+++ b/django_mongodb_backend/compiler.py
@@ -883,7 +883,9 @@ def execute_sql(self, result_type):
                         f"{field.__class__.__name__}."
                     )
             prepared = field.get_db_prep_save(value, connection=self.connection)
-            if hasattr(value, "as_mql"):
+            if is_direct_value(value):
+                prepared = {"$literal": prepared}
+            else:
                 prepared = prepared.as_mql(self, self.connection, as_expr=True)
             values[field.column] = prepared
         try:
diff --git a/django_mongodb_backend/expressions/builtins.py b/django_mongodb_backend/expressions/builtins.py
index 60400d940..09d106b8d 100644
--- a/django_mongodb_backend/expressions/builtins.py
+++ b/django_mongodb_backend/expressions/builtins.py
@@ -211,9 +211,9 @@ def when(self, compiler, connection):
 
 def value(self, compiler, connection, as_expr=False):  # noqa: ARG001
     value = self.value
-    if isinstance(value, (list, int)) and as_expr:
-        # Wrap lists & numbers in $literal to prevent ambiguity when Value
-        # appears in $project.
+    if isinstance(value, (list, int, str, dict, tuple)) and as_expr:
+        # Wrap lists, numbers, strings, dict and tuple in $literal to avoid ambiguity when Value
+        # is used in queries' aggregate or update_many's $set.
         return {"$literal": value}
     if isinstance(value, Decimal):
         return Decimal128(value)
diff --git a/django_mongodb_backend/test.py b/django_mongodb_backend/test.py
index ee35b4e21..c1d3cffdc 100644
--- a/django_mongodb_backend/test.py
+++ b/django_mongodb_backend/test.py
@@ -19,3 +19,18 @@ def assertAggregateQuery(self, query, expected_collection, expected_pipeline):
             eval(pipeline[:-1], {"SON": SON, "ObjectId": ObjectId, "Decimal128": Decimal128}, {}),  # noqa: S307
             expected_pipeline,
         )
+
+    def assertUpdateQuery(self, query, expected_collection, expected_condition, expected_values):
+        """
+        Assert that the logged query is equal to:
+            db.{expected_collection}.update_many({expected_condition}, {expected_values})
+        """
+        prefix, pipeline = query.split("(", 1)
+        _, collection, operator = prefix.split(".")
+        self.assertEqual(operator, "update_many")
+        self.assertEqual(collection, expected_collection)
+        condition, values = eval(  # noqa: S307
+            pipeline[:-1], {"SON": SON, "ObjectId": ObjectId, "Decimal128": Decimal128}, {}
+        )
+        self.assertEqual(condition, expected_condition)
+        self.assertEqual(values, expected_values)
diff --git a/tests/basic_/__init__.py b/tests/basic_/__init__.py
new file mode 100644
index 000000000..e69de29bb
diff --git a/tests/basic_/models.py b/tests/basic_/models.py
new file mode 100644
index 000000000..bd5f5241e
--- /dev/null
+++ b/tests/basic_/models.py
@@ -0,0 +1,13 @@
+from django.db import models
+
+
+class Author(models.Model):
+    name = models.CharField(max_length=10)
+
+    def __str__(self):
+        return self.name
+
+
+class Book(models.Model):
+    name = models.CharField(max_length=10)
+    data = models.JSONField(null=True)
diff --git a/tests/basic_/tests.py b/tests/basic_/tests.py
new file mode 100644
index 000000000..5fcbeca9d
--- /dev/null
+++ b/tests/basic_/tests.py
@@ -0,0 +1,95 @@
+from operator import attrgetter
+
+from django.db.models import Value
+from django.test import TestCase
+
+from django_mongodb_backend.test import MongoTestCaseMixin
+
+from .models import Author, Book
+
+
+class SaveDollarPrefixTests(MongoTestCaseMixin, TestCase):
+    def test_insert_dollar_prefix(self):
+        """$-prefixed values are correctly saved on insert."""
+        obj = Author.objects.create(name="$foobar")
+        obj.refresh_from_db()
+        self.assertEqual(obj.name, "$foobar")
+
+
+class UpdateDollarPrefixTests(MongoTestCaseMixin, TestCase):
+    def test_update_dollar_prefix(self):
+        """$-prefixed values are correctly saved on update."""
+        obj = Author.objects.create(name="foobar")
+        obj.name = "$updated"
+        with self.assertNumQueries(1) as ctx:
+            obj.save()
+        obj.refresh_from_db()
+        self.assertEqual(obj.name, "$updated")
+        self.assertUpdateQuery(
+            ctx.captured_queries[0]["sql"],
+            "basic__author",
+            {"_id": obj.id},
+            [{"$set": {"name": {"$literal": "$updated"}}}],
+        )
+
+    def test_update_dollar_prefix_in_value_expression(self):
+        """$-prefixed Value() expressions are correctly handled on update."""
+        obj = Author.objects.create(name="foobar")
+        obj.name = Value("$updated")
+        with self.assertNumQueries(1) as ctx:
+            obj.save()
+        obj.refresh_from_db()
+        self.assertEqual(obj.name, "$updated")
+        self.assertUpdateQuery(
+            ctx.captured_queries[0]["sql"],
+            "basic__author",
+            {"_id": obj.id},
+            [{"$set": {"name": {"$literal": "$updated"}}}],
+        )
+
+    def test_update_dict_value(self):
+        """MQL-like dict Value() expressions are correctly handled on update."""
+        obj = Book.objects.create(name="foobar", data={})
+        obj.data = Value({"$concat": ["$name", "-", "$name"]})
+        obj.save()
+        obj.refresh_from_db()
+        self.assertEqual(obj.data, {"$concat": ["$name", "-", "$name"]})
+
+    def test_update_dict(self):
+        """MQL-like dict updates are correctly handled on update."""
+        obj = Book.objects.create(name="foobar")
+        obj.data = {"$concat": ["$name", "-", "$name"]}
+        obj.save()
+        obj.refresh_from_db()
+        self.assertEqual(obj.data, {"$concat": ["$name", "-", "$name"]})
+
+    def test_update_tuple(self):
+        """MQL-like tuple updates are correctly handled on update."""
+        obj = Book.objects.create(name="foobar")
+        obj.data = ("$name", "-", "$name")
+        obj.save()
+        obj.refresh_from_db()
+        self.assertEqual(obj.data, ["$name", "-", "$name"])
+
+    def test_update_tuple_value(self):
+        """MQL-like tuple Value() expressions are correctly handled on update."""
+        obj = Book.objects.create(name="foobar")
+        obj.data = Value(("$name", "-", "$name"))
+        obj.save()
+        obj.refresh_from_db()
+        self.assertEqual(obj.data, ["$name", "-", "$name"])
+
+
+class QueryDollarPrefixTests(MongoTestCaseMixin, TestCase):
+    def test_query_injection(self):
+        """$-prefixed Value() expressions are correctly handled on query."""
+        Author.objects.create(name="Gustavo")
+        Author.objects.create(name="Walter")
+        with self.assertNumQueries(1) as ctx:
+            qs = list(Author.objects.annotate(a_value=Value("$name")))
+        self.assertQuerySetEqual(qs, ["$name"] * 2, attrgetter("a_value"))
+        self.assertAggregateQuery(
+            ctx.captured_queries[0]["sql"],
+            "basic__author",
+            [{"$project": {"a_value": {"$literal": "$name"}, "_id": 1, "name": 1}}],
+        )
diff --git a/tests/expressions_/test_value.py b/tests/expressions_/test_value.py
index 4adbc1d3e..a96be0c2d 100644
--- a/tests/expressions_/test_value.py
+++ b/tests/expressions_/test_value.py
@@ -41,6 +41,24 @@ def test_int(self):
     def test_str(self):
         self.assertEqual(Value("foo").as_mql(None, None), "foo")
 
+    def test_array_expr(self):
+        self.assertEqual(
+            Value(["$foo", "$bar"]).as_mql(None, None, True), {"$literal": ["$foo", "$bar"]}
+        )
+
+    def test_dict_expr(self):
+        self.assertEqual(
+            Value({"$foo": "$bar"}).as_mql(None, None, True), {"$literal": {"$foo": "$bar"}}
+        )
+
+    def test_str_expr(self):
+        self.assertEqual(Value("$foo").as_mql(None, None, True), {"$literal": "$foo"})
+
+    def test_tuple_expr(self):
+        self.assertEqual(
+            Value(("$foo", "$bar")).as_mql(None, None, True), {"$literal": ("$foo", "$bar")}
+        )
+
     def test_uuid(self):
         value = uuid.UUID(int=1)
         self.assertEqual(Value(value).as_mql(None, None), "00000000000000000000000000000001")
diff --git a/tests/model_fields_/test_embedded_model_array.py b/tests/model_fields_/test_embedded_model_array.py
index 7b3d72ec8..8453f6379 100644
--- a/tests/model_fields_/test_embedded_model_array.py
+++ b/tests/model_fields_/test_embedded_model_array.py
@@ -327,8 +327,18 @@ def test_nested_array_index_expr(self):
                                                     },
                                                     {
                                                         "$concat": [
-                                                            {"$ifNull": ["Z", ""]},
-                                                            {"$ifNull": ["acarias", ""]},
+                                                            {
+                                                                "$ifNull": [
+                                                                    {"$literal": "Z"},
+                                                                    {"$literal": ""},
+                                                                ]
+                                                            },
+                                                            {
+                                                                "$ifNull": [
+                                                                    {"$literal": "acarias"},
+                                                                    {"$literal": ""},
+                                                                ]
+                                                            },
                                                         ]
                                                     },
                                                 ]