diff --git a/python/python-common-tests/com/jetbrains/python/PythonCommonFormatterTest.java b/python/python-common-tests/com/jetbrains/python/PythonCommonFormatterTest.java
index 223de92ae5d4..4e2bbd10f85c 100644
--- a/python/python-common-tests/com/jetbrains/python/PythonCommonFormatterTest.java
+++ b/python/python-common-tests/com/jetbrains/python/PythonCommonFormatterTest.java
@@ -1570,4 +1570,11 @@ public abstract class PythonCommonFormatterTest extends PythonCommonTestCase {
     getCodeStyleSettings().CALL_PARAMETERS_WRAP = CommonCodeStyleSettings.WRAP_ALWAYS;
     doTest();
   }
+
+  // PY-31689
+  public void testDoNotWrapListsAndTuplesInsideSubscriptionExpressions() {
+    getPythonCodeStyleSettings().TUPLE_WRAPPING = CommonCodeStyleSettings.WRAP_ALWAYS;
+    getPythonCodeStyleSettings().LIST_WRAPPING = CommonCodeStyleSettings.WRAP_ALWAYS;
+    doTest();
+  }
 }
diff --git a/python/python-syntax-core/src/com/jetbrains/python/formatter/PyBlock.java b/python/python-syntax-core/src/com/jetbrains/python/formatter/PyBlock.java
index ef26d5c4613f..810c02c5af15 100644
--- a/python/python-syntax-core/src/com/jetbrains/python/formatter/PyBlock.java
+++ b/python/python-syntax-core/src/com/jetbrains/python/formatter/PyBlock.java
@@ -513,13 +513,13 @@ public class PyBlock implements ASTBlock {
     if (childType != PyTokenTypes.COMMA && childType != PyTokenTypes.END_OF_LINE_COMMENT) {
       // (...)
       if (childType != PyTokenTypes.LPAR && childType != PyTokenTypes.RPAR) {
-        if (parentType == PyElementTypes.TUPLE_EXPRESSION) return myTupleWrapping;
         if (parentType == PyElementTypes.PARAMETER_LIST) return myParameterListWrapping;
         if (parentType == PyElementTypes.ARGUMENT_LIST) return myArgumentListWrapping;
+        if (parentType == PyElementTypes.TUPLE_EXPRESSION && !isInsideSubscriptionExpression(child)) return myTupleWrapping;
       }
       // [...]
       if (childType != PyTokenTypes.LBRACKET && childType != PyTokenTypes.RBRACKET) {
-        if (parentType == PyElementTypes.LIST_LITERAL_EXPRESSION) return myListWrapping;
+        if (parentType == PyElementTypes.LIST_LITERAL_EXPRESSION && !isInsideSubscriptionExpression(child)) return myListWrapping;
       }
       // {...}
       if (childType != PyTokenTypes.LBRACE && childType != PyTokenTypes.RBRACE) {
@@ -532,6 +532,10 @@ public class PyBlock implements ASTBlock {
     return childWrap;
   }
 
+  private static boolean isInsideSubscriptionExpression(ASTNode child) {
+    return PsiTreeUtil.getParentOfType(child.getPsi(), PyAstSubscriptionExpression.class) != null;
+  }
+
   private static boolean isInsideWithStatementParentheses(@NotNull ASTNode withStatement, @NotNull ASTNode node) {
     ASTNode openingParenthesis = withStatement.findChildByType(PyTokenTypes.LPAR);
     if (openingParenthesis == null) {
diff --git a/python/testData/formatter/doNotWrapListsAndTuplesInsideSubscriptionExpressions.py b/python/testData/formatter/doNotWrapListsAndTuplesInsideSubscriptionExpressions.py
new file mode 100644
index 000000000000..836d312cac11
--- /dev/null
+++ b/python/testData/formatter/doNotWrapListsAndTuplesInsideSubscriptionExpressions.py
@@ -0,0 +1,2 @@
+Callable[[str, int, Iterator[str]], bool]
+ParamSpec[(str, int, bool, Iterator[str])]
diff --git a/python/testData/formatter/doNotWrapListsAndTuplesInsideSubscriptionExpressions_after.py b/python/testData/formatter/doNotWrapListsAndTuplesInsideSubscriptionExpressions_after.py
new file mode 100644
index 000000000000..836d312cac11
--- /dev/null
+++ b/python/testData/formatter/doNotWrapListsAndTuplesInsideSubscriptionExpressions_after.py
@@ -0,0 +1,2 @@
+Callable[[str, int, Iterator[str]], bool]
+ParamSpec[(str, int, bool, Iterator[str])]