diff --git a/crates/uv-configuration/src/preview.rs b/crates/uv-configuration/src/preview.rs
index c8d67be5b..6079f3169 100644
--- a/crates/uv-configuration/src/preview.rs
+++ b/crates/uv-configuration/src/preview.rs
@@ -14,6 +14,7 @@ bitflags::bitflags! {
         const JSON_OUTPUT = 1 << 2;
         const PYLOCK = 1 << 3;
         const ADD_BOUNDS = 1 << 4;
+        const TEMPLATE_PROJECT_ENVIRONMENT = 1 << 5;
     }
 }
 
diff --git a/crates/uv-workspace/src/workspace.rs b/crates/uv-workspace/src/workspace.rs
index 09f2b692a..73c5f8821 100644
--- a/crates/uv-workspace/src/workspace.rs
+++ b/crates/uv-workspace/src/workspace.rs
@@ -8,7 +8,8 @@ use glob::{GlobError, PatternError, glob};
 use rustc_hash::{FxHashMap, FxHashSet};
 use tracing::{debug, trace, warn};
 
-use uv_configuration::DependencyGroupsWithDefaults;
+use uv_cache_key::cache_digest;
+use uv_configuration::{DependencyGroupsWithDefaults, Preview, PreviewFeatures};
 use uv_distribution_types::{Index, Requirement, RequirementSource};
 use uv_fs::{CWD, Simplified};
 use uv_normalize::{DEV_DEPENDENCIES, GroupName, PackageName};
@@ -631,16 +632,46 @@ impl Workspace {
     /// If `active` is `true`, the `VIRTUAL_ENV` variable will be preferred. If it is `false`, any
     /// warnings about mismatch between the active environment and the project environment will be
     /// silenced.
-    pub fn venv(&self, active: Option<bool>) -> PathBuf {
+    pub fn venv(&self, active: Option<bool>, preview: Preview) -> PathBuf {
         /// Resolve the `UV_PROJECT_ENVIRONMENT` value, if any.
-        fn from_project_environment_variable(workspace: &Workspace) -> Option<PathBuf> {
+        fn from_project_environment_variable(
+            workspace: &Workspace,
+            preview: Preview,
+        ) -> Option<PathBuf> {
             let value = std::env::var_os(EnvVars::UV_PROJECT_ENVIRONMENT)?;
 
             if value.is_empty() {
                 return None;
             }
 
-            let path = PathBuf::from(value);
+            let templated = value
+                .to_string_lossy()
+                .replace(
+                    "{project_path_hash}",
+                    &cache_digest(&workspace.install_path),
+                )
+                .replace(
+                    "{project_name}",
+                    &workspace
+                        .pyproject_toml
+                        .project
+                        .as_ref()
+                        .map(|project| project.name.to_string())
+                        .unwrap_or("none".to_string()),
+                );
+
+            let path = if templated != value.to_string_lossy() {
+                if !preview.is_enabled(PreviewFeatures::TEMPLATE_PROJECT_ENVIRONMENT) {
+                    warn_user_once!(
+                        "Templating the `UV_PROJECT_ENVIRONMENT` setting is in preview and may change without warning; use `--preview-features {}` to disable this warning",
+                        PreviewFeatures::TEMPLATE_PROJECT_ENVIRONMENT
+                    );
+                }
+                PathBuf::from(templated)
+            } else {
+                PathBuf::from(value)
+            };
+
             if path.is_absolute() {
                 return Some(path);
             }
@@ -668,7 +699,7 @@ impl Workspace {
         }
 
         // Determine the default value
-        let project_env = from_project_environment_variable(self)
+        let project_env = from_project_environment_variable(self, preview)
             .unwrap_or_else(|| self.install_path.join(".venv"));
 
         // Warn if it conflicts with `VIRTUAL_ENV`
diff --git a/crates/uv/src/commands/project/mod.rs b/crates/uv/src/commands/project/mod.rs
index a5953cd76..fbc523283 100644
--- a/crates/uv/src/commands/project/mod.rs
+++ b/crates/uv/src/commands/project/mod.rs
@@ -904,7 +904,7 @@ impl ProjectInterpreter {
         .await?;
 
         // Read from the virtual environment first.
-        let root = workspace.venv(active);
+        let root = workspace.venv(active, preview);
         match PythonEnvironment::from_root(&root, cache) {
             Ok(venv) => {
                 match environment_is_usable(
@@ -1307,7 +1307,7 @@ impl ProjectEnvironment {
 
             // Otherwise, create a virtual environment with the discovered interpreter.
             ProjectInterpreter::Interpreter(interpreter) => {
-                let root = workspace.venv(active);
+                let root = workspace.venv(active, preview);
 
                 // Avoid removing things that are not virtual environments
                 let replace = match (root.try_exists(), root.join("pyvenv.cfg").try_exists()) {
diff --git a/crates/uv/src/commands/venv.rs b/crates/uv/src/commands/venv.rs
index 1f2ce3dfb..9daec9939 100644
--- a/crates/uv/src/commands/venv.rs
+++ b/crates/uv/src/commands/venv.rs
@@ -119,7 +119,7 @@ pub(crate) async fn venv(
                 // This isn't strictly necessary and we may want to change it later, but this
                 // avoids a breaking change when adding project environment support to `uv venv`.
                 (project.workspace().install_path() == project_dir)
-                    .then(|| project.workspace().venv(Some(false)))
+                    .then(|| project.workspace().venv(Some(false), preview))
             })
             .unwrap_or(PathBuf::from(".venv")),
     );