diff --git a/docs/migration.md b/docs/migration.md
index 675c5b747a..386bc9551c 100644
--- a/docs/migration.md
+++ b/docs/migration.md
@@ -1220,6 +1220,16 @@ Tasks are expected to return as a separate MCP extension in a future release.
 
 ## Bug Fixes
 
+### OAuth metadata URLs no longer gain a trailing slash
+
+`OAuthMetadata`, `ProtectedResourceMetadata`, and `OAuthClientMetadata` now set
+`url_preserve_empty_path=True` (Pydantic 2.12+). A path-less URL parsed from the wire keeps its
+empty path instead of acquiring a trailing slash, so e.g. an `issuer` of `https://as.example.com`
+round-trips as `https://as.example.com` rather than `https://as.example.com/`. This matters for
+RFC 9207 / RFC 8414 issuer comparisons, which require simple string comparison (RFC 3986 §6.2.1).
+URLs constructed in Python from an already-built `AnyHttpUrl` object are unaffected (they were
+normalized at construction); only values parsed from strings/JSON change.
+
 ### Lowlevel `Server`: `subscribe` capability now correctly reported
 
 Previously, the lowlevel `Server` hardcoded `subscribe=False` in resource capabilities even when a `subscribe_resource()` handler was registered. The `subscribe` capability is now dynamically set to `True` when an `on_subscribe_resource` handler is provided. Clients that previously didn't see `subscribe: true` in capabilities will now see it when a handler is registered, which may change client behavior.
diff --git a/src/mcp/shared/auth.py b/src/mcp/shared/auth.py
index 3b48152d5b..02273954ea 100644
--- a/src/mcp/shared/auth.py
+++ b/src/mcp/shared/auth.py
@@ -1,6 +1,6 @@
 from typing import Any, Literal
 
-from pydantic import AnyHttpUrl, AnyUrl, BaseModel, Field, field_validator
+from pydantic import AnyHttpUrl, AnyUrl, BaseModel, ConfigDict, Field, field_validator
 
 
 class OAuthToken(BaseModel):
@@ -37,6 +37,8 @@ class OAuthClientMetadata(BaseModel):
     See https://datatracker.ietf.org/doc/html/rfc7591#section-2
     """
 
+    model_config = ConfigDict(url_preserve_empty_path=True)
+
     redirect_uris: list[AnyUrl] | None = Field(..., min_length=1)
     # supported auth methods for the token endpoint
     token_endpoint_auth_method: (
@@ -123,6 +125,8 @@ class OAuthMetadata(BaseModel):
     See https://datatracker.ietf.org/doc/html/rfc8414#section-2
     """
 
+    model_config = ConfigDict(url_preserve_empty_path=True)
+
     issuer: AnyHttpUrl
     authorization_endpoint: AnyHttpUrl
     token_endpoint: AnyHttpUrl
@@ -152,6 +156,8 @@ class ProtectedResourceMetadata(BaseModel):
     See https://datatracker.ietf.org/doc/html/rfc9728#section-2
     """
 
+    model_config = ConfigDict(url_preserve_empty_path=True)
+
     resource: AnyHttpUrl
     authorization_servers: list[AnyHttpUrl] = Field(..., min_length=1)
     jwks_uri: AnyHttpUrl | None = None
diff --git a/tests/client/test_auth.py b/tests/client/test_auth.py
index ca7a495e6c..a51830bf72 100644
--- a/tests/client/test_auth.py
+++ b/tests/client/test_auth.py
@@ -517,10 +517,10 @@ async def test_handle_metadata_response_success(self, oauth_provider: OAuthClien
         }"""
         response = httpx.Response(200, content=content)
 
-        # Should set metadata
+        # Should set metadata; the empty path is preserved (no trailing slash added)
         await oauth_provider._handle_oauth_metadata_response(response)
         assert oauth_provider.context.oauth_metadata is not None
-        assert str(oauth_provider.context.oauth_metadata.issuer) == "https://auth.example.com/"
+        assert str(oauth_provider.context.oauth_metadata.issuer) == "https://auth.example.com"
 
     @pytest.mark.anyio
     async def test_prioritize_www_auth_scope_over_prm(