diff --git a/activerecord/CHANGELOG.md b/activerecord/CHANGELOG.md
index 67a66ad814..870d179592 100644
--- a/activerecord/CHANGELOG.md
+++ b/activerecord/CHANGELOG.md
@@ -1,3 +1,7 @@
+*   Allow escaping of literal colon characters in `sanitize_sql_*` methods when named bind variables are used
+
+    *Justin Bull*
+
 *   Fix `#previously_new_record?` to return true for destroyed records.
 
     Before, if a record was created and then destroyed, `#previously_new_record?` would return true.
diff --git a/activerecord/lib/active_record/sanitization.rb b/activerecord/lib/active_record/sanitization.rb
index 7ca5415c94..beb48174ed 100644
--- a/activerecord/lib/active_record/sanitization.rb
+++ b/activerecord/lib/active_record/sanitization.rb
@@ -137,7 +137,9 @@ def sanitize_sql_like(string, escape_character = "\\")
       end
 
       # Accepts an array of conditions. The array has each value
-      # sanitized and interpolated into the SQL statement.
+      # sanitized and interpolated into the SQL statement. If using named bind
+      # variables in SQL statements where a colon is required verbatim use a
+      # backslash to escape.
       #
       #   sanitize_sql_array(["name=? and group_id=?", "foo'bar", 4])
       #   # => "name='foo''bar' and group_id=4"
@@ -145,6 +147,9 @@ def sanitize_sql_like(string, escape_character = "\\")
       #   sanitize_sql_array(["name=:name and group_id=:group_id", name: "foo'bar", group_id: 4])
       #   # => "name='foo''bar' and group_id=4"
       #
+      #   sanitize_sql_array(["TO_TIMESTAMP(:date, 'YYYY/MM/DD HH12\\:MI\\:SS')", date: "foo"])
+      #   # => "TO_TIMESTAMP('foo', 'YYYY/MM/DD HH12:MI:SS')"
+      #
       #   sanitize_sql_array(["name='%s' and group_id='%s'", "foo'bar", 4])
       #   # => "name='foo''bar' and group_id='4'"
       #
@@ -206,9 +211,11 @@ def replace_bind_variable(value, c = connection)
         end
 
         def replace_named_bind_variables(statement, bind_vars)
-          statement.gsub(/(:?):([a-zA-Z]\w*)/) do |match|
+          statement.gsub(/([:\\]?):([a-zA-Z]\w*)/) do |match|
             if $1 == ":" # skip postgresql casts
               match # return the whole match
+            elsif $1 == "\\" # escaped literal colon
+              match[1..-1] # return match with escaping backlash char removed
             elsif bind_vars.include?(match = $2.to_sym)
               replace_bind_variable(bind_vars[match])
             else
diff --git a/activerecord/test/cases/sanitize_test.rb b/activerecord/test/cases/sanitize_test.rb
index cb32141c9f..813d868b6d 100644
--- a/activerecord/test/cases/sanitize_test.rb
+++ b/activerecord/test/cases/sanitize_test.rb
@@ -224,6 +224,11 @@ def test_named_bind_with_postgresql_type_casts
     assert_equal "#{ActiveRecord::Base.connection.quote('10')}::integer '2009-01-01'::date", l.call
   end
 
+  def test_named_bind_with_literal_colons
+    assert_equal "TO_TIMESTAMP('2017/08/02 10:59:00', 'YYYY/MM/DD HH12:MI:SS')", bind("TO_TIMESTAMP(:date, 'YYYY/MM/DD HH12\\:MI\\:SS')", date: "2017/08/02 10:59:00")
+    assert_raise(ActiveRecord::PreparedStatementInvalid) { bind "TO_TIMESTAMP(:date, 'YYYY/MM/DD HH12:MI:SS')", date: "2017/08/02 10:59:00" }
+  end
+
   private
     def bind(statement, *vars)
       if vars.first.is_a?(Hash)