diff --git a/python/src/com/jetbrains/python/codeInsight/intentions/PyQuotedStringIntention.java b/python/src/com/jetbrains/python/codeInsight/intentions/PyQuotedStringIntention.java
index 258a154f616e..c73e3216038b 100644
--- a/python/src/com/jetbrains/python/codeInsight/intentions/PyQuotedStringIntention.java
+++ b/python/src/com/jetbrains/python/codeInsight/intentions/PyQuotedStringIntention.java
@@ -1,7 +1,6 @@
 package com.jetbrains.python.codeInsight.intentions;
 
 import com.intellij.codeInsight.intention.impl.BaseIntentionAction;
-import com.intellij.lang.ASTNode;
 import com.intellij.openapi.editor.Editor;
 import com.intellij.openapi.project.Project;
 import com.intellij.psi.PsiFile;
@@ -58,29 +57,25 @@ public class PyQuotedStringIntention extends BaseIntentionAction {
     PyStringLiteralExpression string = PsiTreeUtil.getParentOfType(file.findElementAt(editor.getCaretModel().getOffset()), PyStringLiteralExpression.class);
     PyElementGenerator elementGenerator = PyElementGenerator.getInstance(project);
     if (string != null) {
-      StringBuilder strBuilder = new StringBuilder();
-      for (ASTNode node : string.getStringNodes())
-        strBuilder.append(node.getText());
-      String stringText = strBuilder.toString();
+      final String stringText = string.getText();
       int prefixLength = PyStringLiteralExpressionImpl.getPrefixLength(stringText);
-      String prefix = stringText.substring(0, prefixLength);
-      stringText = stringText.substring(prefixLength);
+      final String text = stringText.substring(prefixLength);
 
-      if (stringText.startsWith("'") && stringText.endsWith("'")) {
+      if (text.startsWith("'") && text.endsWith("'")) {
         String result = convertSingleToDoubleQuoted(stringText);
-        PyStringLiteralExpression st = elementGenerator.createStringLiteralAlreadyEscaped(prefix + result);
+        PyStringLiteralExpression st = elementGenerator.createStringLiteralAlreadyEscaped(result);
         string.replace(st);
       }
-      if (stringText.startsWith("\"") && stringText.endsWith("\"")) {
+      if (text.startsWith("\"") && text.endsWith("\"")) {
         String result = convertDoubleToSingleQuoted(stringText);
-        PyStringLiteralExpression st = elementGenerator.createStringLiteralAlreadyEscaped(prefix + result);
+        PyStringLiteralExpression st = elementGenerator.createStringLiteralAlreadyEscaped(result);
         string.replace(st);
       }
     }
   }
 
   private static String convertDoubleToSingleQuoted(String stringText) {
-    StringBuilder stringBuilder = new StringBuilder("'");
+    StringBuilder stringBuilder = new StringBuilder();
 
     boolean skipNext = false;
     char[] charArr = stringText.toCharArray();
@@ -91,8 +86,8 @@ public class PyQuotedStringIntention extends BaseIntentionAction {
         continue;
       }
       if (ch == '"') {
+        stringBuilder.append('\'');
         continue;
-      //    stringBuilder.append('\'');
       }
       else if (ch == '\'') {
         stringBuilder.append("\\\'");
@@ -106,12 +101,11 @@ public class PyQuotedStringIntention extends BaseIntentionAction {
       }
     }
 
-    stringBuilder.append("'");
     return stringBuilder.toString();
   }
 
   private static String convertSingleToDoubleQuoted(String stringText) {
-    StringBuilder stringBuilder = new StringBuilder("\"");
+    StringBuilder stringBuilder = new StringBuilder();
     boolean skipNext = false;
     char[] charArr = stringText.toCharArray();
     for (int i = 0; i != charArr.length; ++i) {
@@ -121,8 +115,8 @@ public class PyQuotedStringIntention extends BaseIntentionAction {
         continue;
       }
       if (ch == '\'') {
+        stringBuilder.append('"');
         continue;
-        //stringBuilder.append('"');
       }
       else if (ch == '"') {
         stringBuilder.append("\\\"");
@@ -135,7 +129,6 @@ public class PyQuotedStringIntention extends BaseIntentionAction {
         stringBuilder.append(ch);
       }
     }
-    stringBuilder.append("\"");
     return stringBuilder.toString();
   }
 }
diff --git a/python/src/com/jetbrains/python/psi/impl/PyElementGeneratorImpl.java b/python/src/com/jetbrains/python/psi/impl/PyElementGeneratorImpl.java
index 3fe0bbf99959..eec1e18cbde4 100644
--- a/python/src/com/jetbrains/python/psi/impl/PyElementGeneratorImpl.java
+++ b/python/src/com/jetbrains/python/psi/impl/PyElementGeneratorImpl.java
@@ -56,9 +56,9 @@ public class PyElementGeneratorImpl extends PyElementGenerator {
   }
 
   public PyStringLiteralExpression createStringLiteralAlreadyEscaped(String str) {
-    final PsiFile dummyFile = createDummyFile(LanguageLevel.getDefault(), "a=" + str);
+    final PsiFile dummyFile = createDummyFile(LanguageLevel.getDefault(), "a=(" + str + ")");
     final PyAssignmentStatement expressionStatement = (PyAssignmentStatement)dummyFile.getFirstChild();
-    return (PyStringLiteralExpression)expressionStatement.getAssignedValue();
+    return (PyStringLiteralExpression)((PyParenthesizedExpression)expressionStatement.getAssignedValue()).getContainedExpression();
   }
 
 
diff --git a/python/testData/intentions/afterDoubledQuotedString.py b/python/testData/intentions/afterDoubledQuotedString.py
index c44de2c7846d..0486ca0462ef 100644
--- a/python/testData/intentions/afterDoubledQuotedString.py
+++ b/python/testData/intentions/afterDoubledQuotedString.py
@@ -1 +1,2 @@
-test_function('String resuming string'.format(a, b))
\ No newline at end of file
+test_function('String '
+              'resuming string'.format(a, b))
\ No newline at end of file
diff --git a/python/testData/intentions/afterMultilineQuotedString.py b/python/testData/intentions/afterMultilineQuotedString.py
new file mode 100644
index 000000000000..8559645f08c8
--- /dev/null
+++ b/python/testData/intentions/afterMultilineQuotedString.py
@@ -0,0 +1,5 @@
+def foo():
+  return (
+    r'oo'
+    r'ps',
+    )
diff --git a/python/testData/intentions/beforeMultilineQuotedString.py b/python/testData/intentions/beforeMultilineQuotedString.py
new file mode 100644
index 000000000000..d691712775b1
--- /dev/null
+++ b/python/testData/intentions/beforeMultilineQuotedString.py
@@ -0,0 +1,5 @@
+def foo():
+  return (
+    r"<caret>oo"
+    r"ps",
+    )
diff --git a/python/testSrc/com/jetbrains/python/PyIntentionTest.java b/python/testSrc/com/jetbrains/python/PyIntentionTest.java
index e5cfd68cd328..7a415f7241da 100644
--- a/python/testSrc/com/jetbrains/python/PyIntentionTest.java
+++ b/python/testSrc/com/jetbrains/python/PyIntentionTest.java
@@ -214,6 +214,10 @@ public class PyIntentionTest extends PyTestCase {
     doTest(PyBundle.message("INTN.quoted.string.double.to.single"));
   }
 
+  public void testMultilineQuotedString() { //PY-8064
+    doTest(PyBundle.message("INTN.quoted.string.double.to.single"));
+  }
+
   public void testConvertLambdaToFunction() {
     doTest(PyBundle.message("INTN.convert.lambda.to.function"));
   }