diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1f9695c527f..081fb17b6c5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2650,6 +2650,12 @@ If there are any bugs, improvements, optimizations or any new feature proposal f
 
 ## [Unreleased]
 
+### Fixed
+
+#### web3-utils
+
+-   Fixed format schema with `oneOf` doesn't work correctly (#7055)
+
 ### Added
 
 #### web3-eth-accounts
diff --git a/packages/web3-utils/src/formatter.ts b/packages/web3-utils/src/formatter.ts
index 665965a8eed..a25c69c26a4 100644
--- a/packages/web3-utils/src/formatter.ts
+++ b/packages/web3-utils/src/formatter.ts
@@ -131,6 +131,11 @@ export const convertScalarValue = (value: unknown, ethType: string, format: Data
 					throw new FormatterError(`Invalid format: ${String(format.bytes)}`);
 			}
 		}
+
+		if (baseType === 'string') {
+            return String(value);
+        }
+
 	} catch (error) {
 		// If someone didn't use `eth` keyword we can return original value
 		// as the scope of this code is formatting not validation
@@ -289,7 +294,7 @@ export const convert = (
 	} else {
 		for (const [key, value] of Object.entries(object)) {
 			dataPath.push(key);
-			const schemaProp = findSchemaByDataPath(schema, dataPath, oneOfPath);
+			let schemaProp = findSchemaByDataPath(schema, dataPath, oneOfPath);
 
 			// If value is a scaler value
 			if (isNullish(schemaProp)) {
@@ -322,6 +327,20 @@ export const convert = (
 				continue;
 			}
 
+			// The following code is basically saying:
+            // if the schema specifies oneOf, then we are to loop
+            // over each possible schema and check if they type of the schema specifies format
+            // and if so we use the oneOfSchemaProp as the schema for formatting
+            // eslint-disable-next-line @typescript-eslint/no-unsafe-member-access, @typescript-eslint/no-unsafe-call
+            if ((schemaProp?.format === undefined) && (schemaProp?.oneOf !== undefined)) {
+                for (const [_index, oneOfSchemaProp] of schemaProp.oneOf.entries()) {
+                    if ((oneOfSchemaProp?.format !== undefined)) {
+                        schemaProp = oneOfSchemaProp;
+                        break;
+                    }
+                };
+            }
+
 			object[key] = convertScalarValue(value, schemaProp.format as string, format);
 
 			dataPath.pop();
diff --git a/packages/web3-utils/test/unit/formatter.test.ts b/packages/web3-utils/test/unit/formatter.test.ts
index aa1a14fb6c9..9f2bbfc3f1b 100644
--- a/packages/web3-utils/test/unit/formatter.test.ts
+++ b/packages/web3-utils/test/unit/formatter.test.ts
@@ -479,6 +479,17 @@ describe('formatter', () => {
 					).toEqual(new Uint8Array([16, 11, 202]));
 				});
 			});
+
+			describe('string', () => {
+				it('should format string for 123', () => {
+					expect(
+						format({ format: 'string' }, 123, {
+							number: FMT_NUMBER.STR,
+							bytes: FMT_BYTES.HEX,
+						}),
+					).toBe('123');
+				});
+			});
 		});
 
 		describe('array values', () => {
@@ -827,6 +838,56 @@ describe('formatter', () => {
 
 				expect(result).toEqual(expected);
 			});
+
+			it('should format object with oneOf', () => {
+				const schema = {
+					type: 'object',
+					properties: {
+						from: {
+							format: 'address',
+						},
+						to: {
+							oneOf: [{ format: 'string' }, { type: 'null' }],
+						},
+					},
+				};
+
+				const data ={
+					from: '0x7ed0e85b8e1e925600b4373e6d108f34ab38a401',
+					to: 123,
+				}
+				;
+
+				const result = { from: '0x7ed0e85b8e1e925600b4373e6d108f34ab38a401', to: '123' };
+
+				expect(
+					format(schema, data, { number: FMT_NUMBER.HEX, bytes: FMT_BYTES.HEX }),
+				).toEqual(result);
+			});
+
+			it('should format object with oneOf when property is undefined', () => {
+				const schema = {
+					type: 'object',
+					properties: {
+						from: {
+							format: 'address',
+						},
+						to: {
+							oneOf: [{ format: 'string' }, { type: 'null' }],
+						},
+					},
+				};
+
+				const data ={
+					from: '0x7ed0e85b8e1e925600b4373e6d108f34ab38a401'
+				};
+
+				const result = { from: '0x7ed0e85b8e1e925600b4373e6d108f34ab38a401'};
+
+				expect(
+					format(schema, data, { number: FMT_NUMBER.HEX, bytes: FMT_BYTES.HEX }),
+				).toEqual(result);
+			});
 		});
 		describe('isDataFormat', () => {
 			describe('valid cases', () => {