diff --git a/markdownify/__init__.py b/markdownify/__init__.py
index 148d340..c271bbb 100644
--- a/markdownify/__init__.py
+++ b/markdownify/__init__.py
@@ -638,7 +638,17 @@ def convert_li(self, el, text, parent_tags):
                 start = int(parent.get("start"))
             else:
                 start = 1
-            bullet = '%s.' % (start + len(el.find_previous_siblings('li')))
+            # An explicit `value` on an <li> sets that item's ordinal and the
+            # following items continue counting from it (per the HTML spec).
+            # Walk from this item backwards (nearest first) for the closest
+            # numeric `value`; the offset is how many items follow it.
+            number = start + len(el.find_previous_siblings('li'))
+            for offset, li in enumerate([el] + el.find_previous_siblings('li')):
+                value = li.get("value")
+                if value and str(value).isnumeric():
+                    number = int(value) + offset
+                    break
+            bullet = '%s.' % number
         else:
             depth = -1
             while el:
diff --git a/tests/test_lists.py b/tests/test_lists.py
index e9480ab..9b68ced 100644
--- a/tests/test_lists.py
+++ b/tests/test_lists.py
@@ -49,6 +49,13 @@ def test_ol():
     assert md('<ol start="foo"><li>a</li><li>b</li></ol>') == '\n\n1. a\n2. b\n'
     assert md('<ol start="1.5"><li>a</li><li>b</li></ol>') == '\n\n1. a\n2. b\n'
     assert md('<ol start="1234"><li><p>first para</p><p>second para</p></li><li><p>third para</p><p>fourth para</p></li></ol>') == '\n\n1234. first para\n\n      second para\n1235. third para\n\n      fourth para\n'
+    # An explicit `value` sets the item's ordinal; following items continue from it.
+    assert md('<ol><li>a</li><li value="5">b</li><li>c</li></ol>') == '\n\n1. a\n5. b\n6. c\n'
+    assert md('<ol><li value="7">a</li><li>b</li></ol>') == '\n\n7. a\n8. b\n'
+    assert md('<ol start="2"><li>a</li><li value="10">b</li><li value="4">c</li><li>d</li></ol>') == '\n\n2. a\n10. b\n4. c\n5. d\n'
+    # Non-numeric or negative `value` falls back to positional numbering.
+    assert md('<ol><li value="foo">a</li><li>b</li></ol>') == '\n\n1. a\n2. b\n'
+    assert md('<ol><li value="-1">a</li><li>b</li></ol>') == '\n\n1. a\n2. b\n'
 
 
 def test_nested_ols():