diff --git a/crates/obscura-dom/src/serialize.rs b/crates/obscura-dom/src/serialize.rs
index 8f07251..3850945 100644
--- a/crates/obscura-dom/src/serialize.rs
+++ b/crates/obscura-dom/src/serialize.rs
@@ -21,10 +21,21 @@ impl DomTree {
 
     pub fn inner_html(&self, node_id: NodeId) -> String {
         let mut buf = String::new();
-        self.serialize_worklist(self.child_work(node_id), &mut buf);
+        self.serialize_worklist(self.child_work(self.content_source(node_id)), &mut buf);
         buf
     }
 
+    // The node whose children represent `node_id`'s markup. For a <template>
+    // that is its contents document, since the parser puts template children
+    // there rather than under the element (issue #463); for everything else it
+    // is the node itself.
+    fn content_source(&self, node_id: NodeId) -> NodeId {
+        match self.get_node(node_id).map(|n| n.data) {
+            Some(NodeData::Element { template_contents: Some(contents), .. }) => contents,
+            _ => node_id,
+        }
+    }
+
     // Children as work items in document order (top of the LIFO stack first).
     fn child_work(&self, node_id: NodeId) -> Vec<SerializeWork> {
         self.children(node_id)
@@ -101,7 +112,9 @@ impl DomTree {
                         if include_self {
                             stack.push(SerializeWork::CloseTag(tag.to_string()));
                         }
-                        for w in self.child_work(node_id) {
+                        // A <template> serializes its contents document, not its
+                        // own (always empty) children — issue #463.
+                        for w in self.child_work(self.content_source(node_id)) {
                             stack.push(w);
                         }
                     }
diff --git a/crates/obscura-dom/src/tree.rs b/crates/obscura-dom/src/tree.rs
index e428ebf..c7cd2e8 100644
--- a/crates/obscura-dom/src/tree.rs
+++ b/crates/obscura-dom/src/tree.rs
@@ -603,6 +603,41 @@ impl DomTree {
         None
     }
 
+    /// The node holding a `<template>` element's contents.
+    ///
+    /// The parser puts template children in a separate contents document rather
+    /// than under the element (HTML spec), so this is the only way to reach
+    /// them. Templates built with `createElement` have no contents node yet, so
+    /// one is allocated on demand — `.content` must be usable either way.
+    ///
+    /// Returns `None` for a non-element node.
+    pub fn template_contents(&self, node_id: NodeId) -> Option<NodeId> {
+        {
+            let inner = self.inner.borrow();
+            let node = inner.nodes.get(node_id.index())?.as_ref()?;
+            match &node.data {
+                NodeData::Element { template_contents, .. } => {
+                    if let Some(existing) = *template_contents {
+                        return Some(existing);
+                    }
+                }
+                _ => return None,
+            }
+        }
+
+        // Borrow released above: `new_node` takes its own mutable borrow.
+        // Matches what the tree sink allocates for a parsed template.
+        let contents = self.new_node(NodeData::Document);
+        let mut inner = self.inner.borrow_mut();
+        if let Some(Some(node)) = inner.nodes.get_mut(node_id.index()) {
+            if let NodeData::Element { template_contents, .. } = &mut node.data {
+                *template_contents = Some(contents);
+                return Some(contents);
+            }
+        }
+        None
+    }
+
     pub fn ancestors(&self, node_id: NodeId) -> Vec<NodeId> {
         let inner = self.inner.borrow();
         let mut result = Vec::new();
@@ -727,6 +762,38 @@ impl DomTree {
             let new_id = self.new_node(node_data);
             self.append_child(dest_parent, new_id);
 
+            // A <template>'s children hang off a separate contents document, so
+            // the child walk below never reaches them. Worse, the cloned data
+            // carries the *source* tree's contents NodeId, which here indexes
+            // whatever unrelated node occupies that slot. Allocate a real
+            // contents node and queue the source contents' children into it, so
+            // the reference is remapped rather than left dangling (issue #463).
+            let src_contents = {
+                let inner = self.inner.borrow();
+                match inner.nodes.get(new_id.index()).and_then(|n| n.as_ref()) {
+                    Some(node) => match &node.data {
+                        NodeData::Element { template_contents, .. } => *template_contents,
+                        _ => None,
+                    },
+                    None => None,
+                }
+            };
+            if let Some(src_contents) = src_contents {
+                let dest_contents = self.new_node(NodeData::Document);
+                {
+                    let mut inner = self.inner.borrow_mut();
+                    if let Some(Some(node)) = inner.nodes.get_mut(new_id.index()) {
+                        if let NodeData::Element { template_contents, .. } = &mut node.data {
+                            *template_contents = Some(dest_contents);
+                        }
+                    }
+                }
+                // Onto the same stack, so nested templates stay iterative.
+                for child_id in source.children(src_contents).into_iter().rev() {
+                    stack.push((dest_contents, child_id));
+                }
+            }
+
             for child_id in source.children(src_id).into_iter().rev() {
                 stack.push((new_id, child_id));
             }
diff --git a/crates/obscura-js/js/bootstrap.js b/crates/obscura-js/js/bootstrap.js
index 8e70cb3..902f46c 100644
--- a/crates/obscura-js/js/bootstrap.js
+++ b/crates/obscura-js/js/bootstrap.js
@@ -1216,6 +1216,8 @@ class Element extends Node {
     if (this.localName === "svg") return "http://www.w3.org/2000/svg";
     return "http://www.w3.org/1999/xhtml";
   }
+  // `inner_html` resolves a <template> to its contents document on the Rust
+  // side (issue #463), so this needs no template special case.
   get innerHTML() { return _domParse("inner_html", this._nid) ?? ""; }
   set innerHTML(v) {
     if (this.localName === 'template') {
@@ -1254,6 +1256,18 @@ class Element extends Node {
     // infinite retry loop (issue #210).
     const tag = this.localName;
     if (tag === 'template') {
+      // Back the fragment with the node's real template contents (issue #463).
+      // The parser stores template children in a separate contents document
+      // instead of under the element, so without this the getter handed back a
+      // fabricated empty fragment and the parsed markup was unreachable.
+      // `template_contents` allocates one on demand for created templates.
+      const nid = +_dom("template_contents", this._nid);
+      if (nid >= 0) {
+        // Cache by node id so `.content` keeps a stable identity across reads —
+        // frameworks stash the fragment and compare it later.
+        if (!_cache.has(nid)) _cache.set(nid, new DocumentFragment(nid));
+        return _cache.get(nid);
+      }
       if (!this._templateContent) this._templateContent = document.createDocumentFragment();
       return this._templateContent;
     }
diff --git a/crates/obscura-js/src/ops.rs b/crates/obscura-js/src/ops.rs
index aeb4405..b605d8c 100644
--- a/crates/obscura-js/src/ops.rs
+++ b/crates/obscura-js/src/ops.rs
@@ -392,6 +392,15 @@ fn op_dom_inner(state: &OpState, cmd: String, arg1: String, arg2: String) -> Str
             });
             "true".into()
         }
+        // A <template>'s children live in a separate contents document, so this
+        // is the only route to them from JS. Allocates one on demand for
+        // templates built via createElement.
+        "template_contents" => {
+            let nid = arg1.parse::<u32>().unwrap_or(0);
+            dom.template_contents(NodeId::new(nid))
+                .map(|id| id.index().to_string())
+                .unwrap_or("-1".into())
+        }
         "create_document_fragment" => {
             dom.new_node(NodeData::Document).index().to_string()
         }
diff --git a/crates/obscura-js/src/runtime.rs b/crates/obscura-js/src/runtime.rs
index ca7ade2..eca21c4 100644
--- a/crates/obscura-js/src/runtime.rs
+++ b/crates/obscura-js/src/runtime.rs
@@ -1541,6 +1541,132 @@ mod tests {
         assert_eq!(result, serde_json::json!(["P", "A"]));
     }
 
+    /// Issue #463: `<template>` contents are parsed into the node's
+    /// `template_contents` document, but no op exposed it, so `.content` handed
+    /// back a fabricated empty fragment and the parsed markup was unreachable.
+    #[test]
+    fn template_content_exposes_parsed_markup() {
+        let mut rt = setup_runtime(
+            r#"<body><template id="t"><p class="row">a</p><p class="row">b</p></template></body>"#,
+        );
+        let result = rt
+            .evaluate(
+                r#"
+                const t = document.getElementById('t');
+                return [
+                    t.content.childNodes.length,
+                    t.content.querySelectorAll('.row').length,
+                    t.content.firstElementChild.textContent,
+                    t.innerHTML,
+                    t.content.nodeType,
+                    t.content instanceof DocumentFragment,
+                    // Identity is stable: frameworks stash `.content` and reuse it.
+                    t.content === t.content,
+                    // The children stay off the element itself, per the HTML spec.
+                    t.childNodes.length,
+                ];
+                "#,
+            )
+            .unwrap();
+        assert_eq!(
+            result,
+            serde_json::json!([
+                2,
+                2,
+                "a",
+                r#"<p class="row">a</p><p class="row">b</p>"#,
+                11,
+                true,
+                true,
+                0
+            ])
+        );
+    }
+
+    /// Issue #463: the same must hold for a template that arrives via innerHTML
+    /// rather than the initial document parse — that is how most frameworks
+    /// inject templates.
+    #[test]
+    fn template_content_works_for_templates_added_via_inner_html() {
+        let mut rt = setup_runtime(r#"<body><div id="host"></div></body>"#);
+        let result = rt
+            .evaluate(
+                r#"
+                const host = document.getElementById('host');
+                host.innerHTML = '<template id="t2"><li class="item">x</li></template>';
+                const t = document.getElementById('t2');
+                const stamped = t.content.cloneNode(true);
+                host.appendChild(stamped);
+                return [
+                    t.content.childNodes.length,
+                    t.content.querySelector('.item').textContent,
+                    host.querySelectorAll('li.item').length,
+                ];
+                "#,
+            )
+            .unwrap();
+        // cloneNode(true) of the content is the canonical stamping idiom.
+        assert_eq!(result, serde_json::json!([1, "x", 1]));
+    }
+
+    /// Issue #463: a template built with createElement has no parsed contents,
+    /// so `.content` must allocate a backing fragment on demand and round-trip
+    /// through innerHTML.
+    #[test]
+    fn template_content_round_trips_for_created_templates() {
+        let mut rt = setup_runtime(r#"<body></body>"#);
+        let result = rt
+            .evaluate(
+                r#"
+                const t = document.createElement('template');
+                t.innerHTML = '<span class="s">hi</span>';
+                return [
+                    t.content.childNodes.length,
+                    t.content.querySelector('.s').textContent,
+                    t.innerHTML,
+                    t.childNodes.length,
+                ];
+                "#,
+            )
+            .unwrap();
+        assert_eq!(
+            result,
+            serde_json::json!([1, "hi", r#"<span class="s">hi</span>"#, 0])
+        );
+    }
+
+    /// Issue #463: serializing a `<template>` must emit its contents, or the
+    /// markup silently disappears from outerHTML/innerHTML round-trips — and
+    /// `cloneNode(true)`, which round-trips through outer_html, yields an empty
+    /// template.
+    #[test]
+    fn template_contents_survive_serialization_and_clone() {
+        let mut rt = setup_runtime(
+            r#"<body><template id="t"><li class="item">x</li></template></body>"#,
+        );
+        let result = rt
+            .evaluate(
+                r#"
+                const t = document.getElementById('t');
+                const clone = t.cloneNode(true);
+                return [
+                    t.outerHTML,
+                    document.body.innerHTML,
+                    clone.content.childNodes.length,
+                    clone.content.querySelector('.item').textContent,
+                    // The clone's contents are its own, not shared with the original.
+                    (clone.content.firstElementChild === t.content.firstElementChild),
+                ];
+                "#,
+            )
+            .unwrap();
+        let expected = r#"<template id="t"><li class="item">x</li></template>"#;
+        assert_eq!(
+            result,
+            serde_json::json!([expected, expected, 1, "x", false])
+        );
+    }
+
     #[test]
     fn append_child_flattens_document_fragment() {
         let mut rt = setup_runtime(r#"<main id="host"></main>"#);