diff --git a/Cargo.lock b/Cargo.lock
index b96baab078..b20ac59832 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2545,6 +2545,7 @@ dependencies = [
  "itertools",
  "libcst",
  "once_cell",
+ "regex",
  "ruff",
  "ruff_cli",
  "rustpython-common",
diff --git a/crates/ruff_dev/Cargo.toml b/crates/ruff_dev/Cargo.toml
index 4114f59ca4..5dcec1a767 100644
--- a/crates/ruff_dev/Cargo.toml
+++ b/crates/ruff_dev/Cargo.toml
@@ -10,6 +10,7 @@ clap = { workspace = true }
 itertools = { workspace = true }
 libcst = { workspace = true }
 once_cell = { workspace = true }
+regex.workspace = true
 ruff = { path = "../ruff" }
 ruff_cli = { path = "../ruff_cli" }
 rustpython-common = { workspace = true }
diff --git a/crates/ruff_dev/src/generate_docs.rs b/crates/ruff_dev/src/generate_docs.rs
index 528f2a9a42..c75c9f67df 100644
--- a/crates/ruff_dev/src/generate_docs.rs
+++ b/crates/ruff_dev/src/generate_docs.rs
@@ -4,6 +4,7 @@
 use std::fs;
 
 use anyhow::Result;
+use regex::{Captures, Regex};
 use ruff::registry::{Linter, Rule, RuleNamespace};
 use ruff::settings::options::Options;
 use ruff::settings::options_base::ConfigurationOptions;
@@ -56,6 +57,21 @@ fn process_documentation(documentation: &str, out: &mut String) {
     let mut in_options = false;
     let mut after = String::new();
 
+    // HACK: This is an ugly regex hack that's necessary because mkdocs uses
+    // a non-CommonMark-compliant Markdown parser, which doesn't support code
+    // tags in link definitions
+    // (see https://github.com/Python-Markdown/markdown/issues/280).
+    let documentation = Regex::new(r"\[`(.*?)`\]($|[^\[])").unwrap().replace_all(
+        documentation,
+        |caps: &Captures| {
+            format!(
+                "[`{option}`][{option}]{sep}",
+                option = &caps[1],
+                sep = &caps[2]
+            )
+        },
+    );
+
     for line in documentation.split_inclusive('\n') {
         if line.starts_with("## ") {
             in_options = line == "## Options\n";
@@ -69,8 +85,8 @@ fn process_documentation(documentation: &str, out: &mut String) {
                 );
 
                 let anchor = option.rsplit('.').next().unwrap();
-                out.push_str(&format!("* [`{option}`]\n"));
-                after.push_str(&format!("[`{option}`]: ../../settings#{anchor}"));
+                out.push_str(&format!("* [`{option}`][{option}]\n"));
+                after.push_str(&format!("[{option}]: ../../settings#{anchor}"));
 
                 continue;
             }
@@ -83,3 +99,39 @@ fn process_documentation(documentation: &str, out: &mut String) {
         out.push_str(&after);
     }
 }
+
+#[cfg(test)]
+mod tests {
+    use super::process_documentation;
+
+    #[test]
+    fn test_process_documentation() {
+        let mut out = String::new();
+        process_documentation(
+            "
+See also [`mccabe.max-complexity`].
+Something [`else`][other].
+
+## Options
+
+* `mccabe.max-complexity`
+
+[other]: http://example.com.",
+            &mut out,
+        );
+        assert_eq!(
+            out,
+            "
+See also [`mccabe.max-complexity`][mccabe.max-complexity].
+Something [`else`][other].
+
+## Options
+
+* [`mccabe.max-complexity`][mccabe.max-complexity]
+
+[other]: http://example.com.
+
+[mccabe.max-complexity]: ../../settings#max-complexity"
+        );
+    }
+}