This appears to a be very specific variation of various previously reported issues with reference links/callouts
https://forum.obsidian.md/t/support-reference-links-in-edit-mode-live-preview-reference-style/32286(Ends up with saying live preview reference links to be fixed as of 1.8.0 (at least on desktop). Does not say anything about callouts)https://forum.obsidian.md/t/footnote-references-in-callouts-dont-display-correctly-in-live-preview/62784(This is about footnotes in callouts, not links in callouts though these might be quite related topics)
Steps to reproduce
Enter following text
> [!quote]
> This is my [link][ref]
[ref]: http://example.com
and switch to live preview mode
Did you follow the troubleshooting guide?
Yes. Sandbox vault screenshots on Linux attached
Expected result
This is reading mode:
Actual result
This is what I see in live preview mode:
Amusingly, when callout itself is in live edit mode, the link is rendered okay
Environment
SYSTEM INFO:
Obsidian version: v1.9.14
Installer version: v1.9.14
Operating system: #87-Ubuntu SMP PREEMPT_DYNAMIC Mon Sep 22 18:03:36 UTC 2025 6.8.0-86-generic
Login status: not logged in
Language: en
Insider build toggle: off
Live preview: on
Base theme: adapt to system
Community theme: none
Snippets enabled: 0
Restricted mode: on
RECOMMENDATIONS:
none
Additional information
Note: I specifically show example for external links as internal reference-style-links are (or were at some point) not supported in any mode https://forum.obsidian.md/t/support-reference-links-in-edit-mode-live-preview-reference-style/32286/29



