diff --git a/e2e/suite1/specs/explore.spec.ts b/e2e/suite1/specs/explore.spec.ts
index 91872ff59cd..4e089a27b79 100644
--- a/e2e/suite1/specs/explore.spec.ts
+++ b/e2e/suite1/specs/explore.spec.ts
@@ -9,7 +9,7 @@ e2e.scenario({
   scenario: () => {
     e2e.pages.Explore.visit();
     e2e.pages.Explore.General.container().should('have.length', 1);
-    e2e.components.RefreshPicker.runButton().should('have.length', 1);
+    e2e.components.RefreshPicker.runButtonV2().should('have.length', 1);
 
     e2e.components.DataSource.TestData.QueryTab.scenarioSelectContainer()
       .should('be.visible')
diff --git a/e2e/suite1/specs/trace-view-scrolling.spec.ts b/e2e/suite1/specs/trace-view-scrolling.spec.ts
index b7436dc6e6c..44ca2892ec0 100644
--- a/e2e/suite1/specs/trace-view-scrolling.spec.ts
+++ b/e2e/suite1/specs/trace-view-scrolling.spec.ts
@@ -19,7 +19,7 @@ describe('Trace view', () => {
 
     e2e().wait(500);
 
-    e2e.components.RefreshPicker.runButton().should('be.visible').click();
+    e2e.components.RefreshPicker.runButtonV2().should('be.visible').click();
 
     e2e().wait('@longTrace');
 
diff --git a/packages/grafana-e2e-selectors/src/selectors/components.ts b/packages/grafana-e2e-selectors/src/selectors/components.ts
index 36c3d3c6e7b..b64e006d3f5 100644
--- a/packages/grafana-e2e-selectors/src/selectors/components.ts
+++ b/packages/grafana-e2e-selectors/src/selectors/components.ts
@@ -137,8 +137,16 @@ export const Components = {
     active: () => '[class*="-activeTabStyle"]',
   },
   RefreshPicker: {
+    /**
+     * @deprecated use runButtonV2 from Grafana 8.3 instead
+     */
     runButton: 'RefreshPicker run button',
+    /**
+     * @deprecated use intervalButtonV2 from Grafana 8.3 instead
+     */
     intervalButton: 'RefreshPicker interval button',
+    runButtonV2: 'data-testid RefreshPicker run button',
+    intervalButtonV2: 'data-testid RefreshPicker interval button',
   },
   QueryTab: {
     content: 'Query editor tab content',
diff --git a/packages/grafana-ui/package.json b/packages/grafana-ui/package.json
index 024d1131dc9..4f6d7f78c91 100644
--- a/packages/grafana-ui/package.json
+++ b/packages/grafana-ui/package.json
@@ -48,6 +48,7 @@
     "clipboard": "2.0.4",
     "core-js": "3.10.0",
     "d3": "5.15.0",
+    "date-fns": "2.25.0",
     "emotion": "11.0.0",
     "hoist-non-react-statics": "3.3.2",
     "immutable": "3.8.2",
diff --git a/packages/grafana-ui/src/components/Dropdown/ButtonSelect.tsx b/packages/grafana-ui/src/components/Dropdown/ButtonSelect.tsx
index 30648016ea4..45f2ce981eb 100644
--- a/packages/grafana-ui/src/components/Dropdown/ButtonSelect.tsx
+++ b/packages/grafana-ui/src/components/Dropdown/ButtonSelect.tsx
@@ -7,6 +7,7 @@ import { css } from '@emotion/css';
 import { useStyles2 } from '../../themes/ThemeContext';
 import { Menu } from '../Menu/Menu';
 import { MenuItem } from '../Menu/MenuItem';
+import { FocusScope } from '@react-aria/focus';
 
 export interface Props<T> extends HTMLAttributes<HTMLButtonElement> {
   className?: string;
@@ -37,6 +38,13 @@ const ButtonSelectComponent = <T,>(props: Props<T>) => {
     setIsOpen(!isOpen);
   };
 
+  const onArrowKeyDown = (event: React.KeyboardEvent) => {
+    event.stopPropagation();
+    if (event.key === 'ArrowDown' || event.key === 'Enter') {
+      setIsOpen(!isOpen);
+    }
+  };
+
   const onChangeInternal = (item: SelectableValue<T>) => {
     onChange(item);
     setIsOpen(false);
@@ -48,6 +56,7 @@ const ButtonSelectComponent = <T,>(props: Props<T>) => {
         className={className}
         isOpen={isOpen}
         onClick={onToggle}
+        onKeyDown={onArrowKeyDown}
         narrow={narrow}
         variant={variant}
         {...restProps}
@@ -56,17 +65,22 @@ const ButtonSelectComponent = <T,>(props: Props<T>) => {
       </ToolbarButton>
       {isOpen && (
         <div className={styles.menuWrapper}>
-          <ClickOutsideWrapper onClick={onCloseMenu} parent={document}>
-            <Menu>
-              {options.map((item) => (
-                <MenuItem
-                  key={`${item.value}`}
-                  label={(item.label || item.value) as string}
-                  onClick={() => onChangeInternal(item)}
-                  active={item.value === value?.value}
-                />
-              ))}
-            </Menu>
+          <ClickOutsideWrapper onClick={onCloseMenu} parent={document} includeButtonPress={false}>
+            <FocusScope contain autoFocus restoreFocus>
+              <Menu onClose={onCloseMenu}>
+                {options.map((item) => (
+                  <MenuItem
+                    key={`${item.value}`}
+                    label={(item.label || item.value) as string}
+                    onClick={() => onChangeInternal(item)}
+                    active={item.value === value?.value}
+                    ariaChecked={item.value === value?.value}
+                    ariaLabel={item.ariaLabel || item.label}
+                    role="menuitemradio"
+                  />
+                ))}
+              </Menu>
+            </FocusScope>
           </ClickOutsideWrapper>
         </div>
       )}
diff --git a/packages/grafana-ui/src/components/Menu/Menu.tsx b/packages/grafana-ui/src/components/Menu/Menu.tsx
index 62ad58a2ce8..8f93dda38dc 100644
--- a/packages/grafana-ui/src/components/Menu/Menu.tsx
+++ b/packages/grafana-ui/src/components/Menu/Menu.tsx
@@ -11,6 +11,7 @@ export interface MenuProps extends React.HTMLAttributes<HTMLDivElement> {
   children: React.ReactNode;
   ariaLabel?: string;
   onOpen?: (focusOnItem: (itemId: number) => void) => void;
+  onClose?: () => void;
   onKeyDown?: React.KeyboardEventHandler;
 }
 
@@ -20,7 +21,7 @@ type MenuItemElement = HTMLAnchorElement & HTMLButtonElement;
 
 /** @internal */
 export const Menu = React.forwardRef<HTMLDivElement, MenuProps>(
-  ({ header, children, ariaLabel, onOpen, onKeyDown, ...otherProps }, forwardedRef) => {
+  ({ header, children, ariaLabel, onOpen, onClose, onKeyDown, ...otherProps }, forwardedRef) => {
     const styles = useStyles2(getStyles);
 
     const [focusedItem, setFocusedItem] = useState(UNFOCUSED);
@@ -39,7 +40,7 @@ export const Menu = React.forwardRef<HTMLDivElement, MenuProps>(
     useEffectOnce(() => {
       const firstMenuItem = localRef?.current?.querySelector(`[data-role="menuitem"]`) as MenuItemElement | null;
       if (firstMenuItem) {
-        firstMenuItem.tabIndex = 0;
+        setFocusedItem(0);
       }
       onOpen?.(setFocusedItem);
     });
@@ -68,6 +69,14 @@ export const Menu = React.forwardRef<HTMLDivElement, MenuProps>(
           event.stopPropagation();
           setFocusedItem(menuItemsCount - 1);
           break;
+        case 'Escape':
+          event.preventDefault();
+          event.stopPropagation();
+          onClose?.();
+          break;
+        case 'Tab':
+          onClose?.();
+          break;
         default:
           break;
       }
diff --git a/packages/grafana-ui/src/components/Menu/MenuItem.tsx b/packages/grafana-ui/src/components/Menu/MenuItem.tsx
index a1cdb6a72b5..4dc72fae3bc 100644
--- a/packages/grafana-ui/src/components/Menu/MenuItem.tsx
+++ b/packages/grafana-ui/src/components/Menu/MenuItem.tsx
@@ -11,10 +11,14 @@ export interface MenuItemProps<T = any> {
   label: string;
   /** Aria label for accessibility support */
   ariaLabel?: string;
+  /** Aria checked for accessibility support */
+  ariaChecked?: boolean;
   /** Target of the menu item (i.e. new window)  */
   target?: LinkTarget;
   /** Icon of the menu item */
   icon?: IconName;
+  /** Role of the menu item */
+  role?: string;
   /** Url of the menu item */
   url?: string;
   /** Handler for the click behaviour */
@@ -29,45 +33,57 @@ export interface MenuItemProps<T = any> {
 
 /** @internal */
 export const MenuItem = React.memo(
-  React.forwardRef<HTMLAnchorElement & HTMLButtonElement, MenuItemProps>(
-    ({ url, icon, label, ariaLabel, target, onClick, className, active, tabIndex = -1 }, ref) => {
-      const styles = useStyles2(getStyles);
-      const itemStyle = cx(
-        {
-          [styles.item]: true,
-          [styles.activeItem]: active,
-        },
-        className
-      );
+  React.forwardRef<HTMLAnchorElement & HTMLButtonElement, MenuItemProps>((props, ref) => {
+    const {
+      url,
+      icon,
+      label,
+      ariaLabel,
+      ariaChecked,
+      target,
+      onClick,
+      className,
+      active,
+      role = 'menuitem',
+      tabIndex = -1,
+    } = props;
+    const styles = useStyles2(getStyles);
+    const itemStyle = cx(
+      {
+        [styles.item]: true,
+        [styles.activeItem]: active,
+      },
+      className
+    );
 
-      const Wrapper = url === undefined ? 'button' : 'a';
-      return (
-        <Wrapper
-          target={target}
-          className={itemStyle}
-          rel={target === '_blank' ? 'noopener noreferrer' : undefined}
-          href={url}
-          onClick={
-            onClick
-              ? (event) => {
-                  if (!(event.ctrlKey || event.metaKey || event.shiftKey) && onClick) {
-                    event.preventDefault();
-                    onClick(event);
-                  }
+    const Wrapper = url === undefined ? 'button' : 'a';
+    return (
+      <Wrapper
+        target={target}
+        className={itemStyle}
+        rel={target === '_blank' ? 'noopener noreferrer' : undefined}
+        href={url}
+        onClick={
+          onClick
+            ? (event) => {
+                if (!(event.ctrlKey || event.metaKey || event.shiftKey) && onClick) {
+                  event.preventDefault();
+                  onClick(event);
                 }
-              : undefined
-          }
-          role={url === undefined ? 'menuitem' : undefined}
-          data-role="menuitem" // used to identify menuitem in Menu.tsx
-          ref={ref}
-          aria-label={ariaLabel}
-          tabIndex={tabIndex}
-        >
-          {icon && <Icon name={icon} className={styles.icon} aria-hidden />} {label}
-        </Wrapper>
-      );
-    }
-  )
+              }
+            : undefined
+        }
+        role={url === undefined ? role : undefined}
+        data-role="menuitem" // used to identify menuitem in Menu.tsx
+        ref={ref}
+        aria-label={ariaLabel}
+        aria-checked={ariaChecked}
+        tabIndex={tabIndex}
+      >
+        {icon && <Icon name={icon} className={styles.icon} aria-hidden />} {label}
+      </Wrapper>
+    );
+  })
 );
 MenuItem.displayName = 'MenuItem';
 
diff --git a/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.test.tsx b/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.test.tsx
index 12cb111e31a..011c0acbbeb 100644
--- a/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.test.tsx
+++ b/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.test.tsx
@@ -7,17 +7,17 @@ describe('RefreshPicker', () => {
         const result = intervalsToOptions();
 
         expect(result).toEqual([
-          { value: '', label: 'Off' },
-          { value: '5s', label: '5s' },
-          { value: '10s', label: '10s' },
-          { value: '30s', label: '30s' },
-          { value: '1m', label: '1m' },
-          { value: '5m', label: '5m' },
-          { value: '15m', label: '15m' },
-          { value: '30m', label: '30m' },
-          { value: '1h', label: '1h' },
-          { value: '2h', label: '2h' },
-          { value: '1d', label: '1d' },
+          { value: '', label: 'Off', ariaLabel: 'Turn off auto refresh' },
+          { value: '5s', label: '5s', ariaLabel: '5 seconds' },
+          { value: '10s', label: '10s', ariaLabel: '10 seconds' },
+          { value: '30s', label: '30s', ariaLabel: '30 seconds' },
+          { value: '1m', label: '1m', ariaLabel: '1 minute' },
+          { value: '5m', label: '5m', ariaLabel: '5 minutes' },
+          { value: '15m', label: '15m', ariaLabel: '15 minutes' },
+          { value: '30m', label: '30m', ariaLabel: '30 minutes' },
+          { value: '1h', label: '1h', ariaLabel: '1 hour' },
+          { value: '2h', label: '2h', ariaLabel: '2 hours' },
+          { value: '1d', label: '1d', ariaLabel: '1 day' },
         ]);
       });
     });
@@ -29,9 +29,9 @@ describe('RefreshPicker', () => {
         const result = intervalsToOptions({ intervals });
 
         expect(result).toEqual([
-          { value: '', label: 'Off' },
-          { value: '5s', label: '5s' },
-          { value: '10s', label: '10s' },
+          { value: '', label: 'Off', ariaLabel: 'Turn off auto refresh' },
+          { value: '5s', label: '5s', ariaLabel: '5 seconds' },
+          { value: '10s', label: '10s', ariaLabel: '10 seconds' },
         ]);
       });
     });
diff --git a/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.tsx b/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.tsx
index 9e26505912f..1c215b76689 100644
--- a/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.tsx
+++ b/packages/grafana-ui/src/components/RefreshPicker/RefreshPicker.tsx
@@ -1,11 +1,13 @@
 import React, { PureComponent } from 'react';
-import { SelectableValue } from '@grafana/data';
+import formatDuration from 'date-fns/formatDuration';
+import { SelectableValue, parseDuration } from '@grafana/data';
 import { ButtonSelect } from '../Dropdown/ButtonSelect';
 import { ButtonGroup, ToolbarButton, ToolbarButtonVariant } from '../Button';
 import { selectors } from '@grafana/e2e-selectors';
 
 // Default intervals used in the refresh picker component
 export const defaultIntervals = ['5s', '10s', '30s', '1m', '5m', '15m', '30m', '1h', '2h', '1d'];
+const offLabel = 'Auto refresh turned off. Choose refresh time interval';
 
 export interface Props {
   intervals?: string[];
@@ -22,8 +24,8 @@ export interface Props {
 }
 
 export class RefreshPicker extends PureComponent<Props> {
-  static offOption = { label: 'Off', value: '' };
-  static liveOption = { label: 'Live', value: 'LIVE' };
+  static offOption = { label: 'Off', value: '', ariaLabel: 'Turn off auto refresh' };
+  static liveOption = { label: 'Live', value: 'LIVE', ariaLabel: 'Turn on live streaming' };
   static isLive = (refreshInterval?: string): boolean => refreshInterval === RefreshPicker.liveOption.value;
 
   constructor(props: Props) {
@@ -71,7 +73,7 @@ export class RefreshPicker extends PureComponent<Props> {
           onClick={onRefresh}
           variant={variant}
           icon={isLoading ? 'fa fa-spinner' : 'sync'}
-          aria-label={selectors.components.RefreshPicker.runButton}
+          data-testid={selectors.components.RefreshPicker.runButtonV2}
         >
           {text}
         </ToolbarButton>
@@ -81,7 +83,12 @@ export class RefreshPicker extends PureComponent<Props> {
             options={options}
             onChange={this.onChangeSelect as any}
             variant={variant}
-            aria-label={selectors.components.RefreshPicker.intervalButton}
+            data-testid={selectors.components.RefreshPicker.intervalButtonV2}
+            aria-label={
+              selectedValue.value === ''
+                ? offLabel
+                : `Choose refresh time interval with current interval ${selectedValue.ariaLabel} selected`
+            }
           />
         )}
       </ButtonGroup>
@@ -93,7 +100,21 @@ export function intervalsToOptions({ intervals = defaultIntervals }: { intervals
   SelectableValue<string>
 > {
   const intervalsOrDefault = intervals || defaultIntervals;
-  const options = intervalsOrDefault.map((interval) => ({ label: interval, value: interval }));
+  const options = intervalsOrDefault.map((interval) => {
+    const duration: { [key: string]: string | number } = parseDuration(interval);
+
+    const key = Object.keys(duration)[0];
+    const value = duration[key];
+    duration[key] = Number(value);
+
+    const ariaLabel = formatDuration(duration);
+
+    return {
+      label: interval,
+      value: interval,
+      ariaLabel: ariaLabel,
+    };
+  });
 
   options.unshift(RefreshPicker.offOption);
   return options;
diff --git a/public/app/features/dashboard/components/DashNav/DashNavTimeControls.test.tsx b/public/app/features/dashboard/components/DashNav/DashNavTimeControls.test.tsx
index 9a8c1f87510..29593cac102 100644
--- a/public/app/features/dashboard/components/DashNav/DashNavTimeControls.test.tsx
+++ b/public/app/features/dashboard/components/DashNav/DashNavTimeControls.test.tsx
@@ -34,14 +34,14 @@ describe('DashNavTimeControls', () => {
     const container = render(
       <DashNavTimeControls dashboard={dashboardModel} onChangeTimeZone={jest.fn()} key="time-controls" />
     );
-    expect(container.queryByLabelText(/RefreshPicker run button/i)).toBeInTheDocument();
+    expect(container.queryByLabelText(/Refresh dashboard/i)).toBeInTheDocument();
   });
 
   it('renders RefreshPicker with interval button in panel view', () => {
     const container = render(
       <DashNavTimeControls dashboard={dashboardModel} onChangeTimeZone={jest.fn()} key="time-controls" />
     );
-    expect(container.queryByLabelText(/RefreshPicker interval button/i)).toBeInTheDocument();
+    expect(container.queryByLabelText(/Choose refresh time interval/i)).toBeInTheDocument();
   });
 
   it('should not render RefreshPicker interval button in panel edit', () => {
@@ -51,7 +51,7 @@ describe('DashNavTimeControls', () => {
     const container = render(
       <DashNavTimeControls dashboard={dashboardModel} onChangeTimeZone={jest.fn()} key="time-controls" />
     );
-    expect(container.queryByLabelText(/RefreshPicker interval button/i)).not.toBeInTheDocument();
+    expect(container.queryByLabelText(/Choose refresh time interval/i)).not.toBeInTheDocument();
   });
 
   it('should render RefreshPicker run button in panel edit', () => {
@@ -61,6 +61,6 @@ describe('DashNavTimeControls', () => {
     const container = render(
       <DashNavTimeControls dashboard={dashboardModel} onChangeTimeZone={jest.fn()} key="time-controls" />
     );
-    expect(container.queryByLabelText(/RefreshPicker run button/i)).toBeInTheDocument();
+    expect(container.queryByLabelText(/Refresh dashboard/i)).toBeInTheDocument();
   });
 });
diff --git a/yarn.lock b/yarn.lock
index e9ca85d928e..e0bfd363765 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2766,6 +2766,7 @@ __metadata:
     css-minimizer-webpack-plugin: ^3.1.1
     csstype: 3.0.9
     d3: 5.15.0
+    date-fns: 2.25.0
     emotion: 11.0.0
     enzyme: 3.11.0
     expose-loader: 3.0.0