diff --git a/include/fmt/std.h b/include/fmt/std.h
index 207c9d35..18b12abc 100644
--- a/include/fmt/std.h
+++ b/include/fmt/std.h
@@ -637,7 +637,12 @@ struct formatter<
   template <typename Context>
   auto format(const std::exception& ex, Context& ctx) const
       -> decltype(ctx.out()) {
-    auto out = ctx.out();
+    return write(ctx.out(), ex);
+  }
+
+ private:
+  template <typename OutputIt>
+  auto write(OutputIt out, const std::exception& ex) const -> OutputIt {
 #if FMT_USE_RTTI
     if (with_typename_) {
       out = detail::write_demangled_name(out, typeid(ex));
@@ -645,7 +650,24 @@ struct formatter<
       *out++ = ' ';
     }
 #endif
-    return detail::write_bytes<char>(out, string_view(ex.what()));
+    out = detail::write_bytes<char>(out, string_view(ex.what()));
+#if FMT_USE_RTTI
+    // If the exception carries a nested exception (e.g. via
+    // std::throw_with_nested), format the whole chain.
+    if (auto* nested = dynamic_cast<const std::nested_exception*>(&ex)) {
+      if (auto ep = nested->nested_ptr()) {
+        out = detail::write(out, string_view(": "));
+        try {
+          std::rethrow_exception(ep);
+        } catch (const std::exception& nested_ex) {
+          out = write(out, nested_ex);
+        } catch (...) {
+          out = detail::write(out, string_view("unknown exception"));
+        }
+      }
+    }
+#endif
+    return out;
   }
 };
 
diff --git a/test/std-test.cc b/test/std-test.cc
index d64ef956..8fb92f79 100644
--- a/test/std-test.cc
+++ b/test/std-test.cc
@@ -402,6 +402,34 @@ TEST(std_test, exception) {
                 StartsWith("std::filesystem::filesystem_error: "));
   }
 #endif
+
+#if FMT_USE_RTTI
+  // Nested exceptions (e.g. from std::throw_with_nested) are unwound.
+  try {
+    try {
+      throw std::runtime_error("inner");
+    } catch (...) {
+      std::throw_with_nested(std::runtime_error("outer"));
+    }
+  } catch (const std::exception& ex) {
+    EXPECT_EQ("outer: inner", fmt::format("{}", ex));
+  }
+
+  // Multiple levels of nesting.
+  try {
+    try {
+      try {
+        throw std::runtime_error("level 3");
+      } catch (...) {
+        std::throw_with_nested(std::runtime_error("level 2"));
+      }
+    } catch (...) {
+      std::throw_with_nested(std::runtime_error("level 1"));
+    }
+  } catch (const std::exception& ex) {
+    EXPECT_EQ("level 1: level 2: level 3", fmt::format("{}", ex));
+  }
+#endif
 }
 
 TEST(std_test, exception_ptr) {
@@ -421,6 +449,19 @@ TEST(std_test, exception_ptr) {
 #if FMT_USE_RTTI
   EXPECT_EQ(fmt::format("{:t}", p2),
             "my_ns1::my_ns2::my_exception: My Exception");
+
+  // Nested exceptions are unwound through an exception_ptr too.
+  std::exception_ptr p3;
+  try {
+    try {
+      throw std::runtime_error("inner");
+    } catch (...) {
+      std::throw_with_nested(std::runtime_error("outer"));
+    }
+  } catch (...) {
+    p3 = std::current_exception();
+  }
+  EXPECT_EQ(fmt::format("{}", p3), "outer: inner");
 #endif
 }