diff --git a/CHANGES.md b/CHANGES.md
index 69bc1cbc..a758f211 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -2,6 +2,11 @@
 
 *Under development*
 
+*   Bug fixes:
+    - Don't highlight superscript/subscript in math inline/block [GH-802][]
+
+  [gh-802]: https://github.com/jrblevin/markdown-mode/issues/802
+
 # Markdown Mode 2.6
 
 *   **Breaking changes:**
diff --git a/markdown-mode.el b/markdown-mode.el
index 0cf1b545..f549870b 100644
--- a/markdown-mode.el
+++ b/markdown-mode.el
@@ -1140,6 +1140,10 @@ If POS is not given, use point instead."
                  thereis (memq face faces))
       (memq face-prop faces))))
 
+(defsubst markdown--math-block-p (&optional pos)
+  (when markdown-enable-math
+    (markdown--face-p (or pos (point)) '(markdown-math-face))))
+
 (defun markdown-syntax-propertize-extend-region (start end)
   "Extend START to END region to include an entire block of text.
 This helps improve syntax analysis for block constructs.
@@ -3588,7 +3592,8 @@ SEQ may be an atom or a sequence."
   (when (markdown-search-until-condition
          (lambda () (and (not (markdown-code-block-at-point-p))
                          (not (markdown-inline-code-at-point-p))
-                         (not (markdown-in-comment-p))))
+                         (not (markdown-in-comment-p))
+                         (not (markdown--math-block-p))))
          markdown-regex-sub-superscript last t)
     (let* ((subscript-p (string= (match-string 2) "~"))
            (props
diff --git a/tests/markdown-test.el b/tests/markdown-test.el
index c8213d82..29f18c33 100644
--- a/tests/markdown-test.el
+++ b/tests/markdown-test.el
@@ -6183,6 +6183,18 @@ Detail: https://github.com/jrblevin/markdown-mode/issues/352"
       (markdown-test-range-has-face 9 9 'markdown-math-face)
       (markdown-test-range-has-face 10 11 'markdown-markup-face))))
 
+(ert-deftest test-markdown-math/caret-in-math-inline ()
+  "Test for carets in math inline.
+Details: https://github.com/jrblevin/markdown-mode/issues/802"
+  (let ((markdown-enable-math t))
+    (markdown-test-string "$a^b^c$"
+      (markdown-test-range-has-face 3 3 'markdown-math-face)
+      (markdown-test-range-has-face 5 5 'markdown-math-face))
+
+    (markdown-test-string "$$a^b^c$$"
+      (markdown-test-range-has-face 4 4 'markdown-math-face)
+      (markdown-test-range-has-face 6 6 'markdown-math-face))))
+
 (ert-deftest test-markdown-math/math-inline-small-buffer ()
   "Test that font-lock parsing works with a single dollar."
   (let ((markdown-enable-math t))