diff -u b/tests/src/Kernel/FieldTest.php b/tests/src/Kernel/FieldTest.php
--- b/tests/src/Kernel/FieldTest.php
+++ b/tests/src/Kernel/FieldTest.php
@@ -67,6 +67,22 @@
     ]);
     $field->save();
 
+    // Create a reference field with the same name on user.
+    $field_storage = FieldStorageConfig::create([
+      'field_name' => 'test_field',
+      'entity_type' => 'user',
+      'type' => 'reference',
+    ]);
+    $field_storage->save();
+
+    $field = FieldConfig::create([
+      'field_name' => 'test_field',
+      'entity_type' => 'user',
+      'bundle' => 'user',
+      'label' => 'Test field',
+    ]);
+    $field->save();
+
     $this->testFormat = FilterFormat::create([
       'format' => 'test',
       'weight' => 1,
@@ -105,7 +121,11 @@
     ]);
     $entity->save();
 
-    $this->assertNoTokens('node', ['node' => $entity], ['test_field']);
+    $this->assertNoTokens('node', ['node' => $entity], [
+    'test_field',
+    'test_field:value',
+    'test_field:format',
+    ]);
   }
 
   /**
diff -u b/token.tokens.inc b/token.tokens.inc
--- b/token.tokens.inc
+++ b/token.tokens.inc
@@ -21,6 +21,7 @@
 use Drupal\user\UserInterface;
 use Symfony\Cmf\Component\Routing\RouteObjectInterface;
 use Drupal\Core\TypedData\PrimitiveInterface;
+use Drupal\Core\Field\FieldStorageDefinitionInterface;
 
 /**
  * Implements hook_token_info_alter().
@@ -1198,7 +1199,7 @@
       }
 
       $cardinality = $field->getCardinality();
-      $cardinality = ($cardinality < 0 || $cardinality > 3) ? 3 : $cardinality;
+      $cardinality = ($cardinality == FieldStorageDefinitionInterface::CARDINALITY_UNLIMITED || $cardinality > 3) ? 3 : $cardinality;
       $field_token_name = $token_type . '-' . $field_name;
       $info['tokens'][$token_type][$field_name] = array(
         'name' => SafeMarkup::checkPlain($label),
@@ -1228,7 +1229,6 @@
         for ($delta = 0; $delta <= $cardinality; $delta++) {
           $info['tokens']["list<$field_token_name>"][$delta] = [
             'name' => t('@type type with delta @delta', ['@type' => SafeMarkup::checkPlain($label), '@delta' => $delta]),
-            'description' => t('The list item with delta @delta. Delta values start from 0 and are incremented by one per list item.', ['@delta' => $delta]),
             'module' => 'token',
             'type' => $field_token_name,
           ];
@@ -1239,8 +1239,8 @@
       foreach ($field->getPropertyDefinitions() as $property => $property_definition) {
         if (is_subclass_of($property_definition->getClass(), 'Drupal\Core\TypedData\PrimitiveInterface')) {
           $info['tokens'][$field_token_name][$property] = [
-            'name' => (string) $property_definition->getLabel(),
-            'description' => (string) $property_definition->getDescription(),
+            'name' => $property_definition->getLabel(),
+            'description' => $property_definition->getDescription(),
             'module' => 'token',
           ];
         }
@@ -1302,74 +1302,91 @@
     $token_view_display = (!empty($view_display) && $view_display->status());
     /** @var \Drupal\Core\Field\FieldTypePluginManager $fieldTypeManager */
     $fieldTypeManager = \Drupal::service('plugin.manager.field.field_type');
-
     foreach ($tokens as $name => $original) {
-      // Handle [entity:field_name:0] tokens.
-      list($field_name, $delta) = explode(':', $name, 2);
-      if (!is_numeric($delta)) {
-        unset($delta);
+      // For the [entity:field_name] token.
+      if (strpos($name, ':') === FALSE) {
         $field_name = $name;
+        $token_name = $name;
       }
-      // Replace the [entity:field-name] token only if token module added this
-      // token.
-      if ($entity->hasField($field_name) && _token_module($data['token_type'], $field_name) == 'token') {
-        // Do not continue if the field is empty or not a configurable field.
-        if ($entity->get($field_name)->isEmpty() || !($entity->getFieldDefinition($field_name) instanceof FieldConfigInterface)) {
-          continue;
+      // For [entity:field_name:0], [entity:field_name:0:value] and
+      // [entity:field_name:value] tokens.
+      else {
+        list($field_name, $delta) = explode(':', $name, 2);
+        if (!is_numeric($delta)) {
+          unset($delta);
         }
+        $token_name = $field_name;
+      }
 
-        $display_options = 'token';
-        if (!$token_view_display) {
-          // We don't have the token view display and should fall back on
-          // default formatters. If the field has specified a specific formatter
-          // to be used by default with tokens, use that, otherwise use the
-          // default formatter.
-          $field_type_definition = $fieldTypeManager->getDefinition($entity->getFieldDefinition($field_name)->getType());
+      // Replace the field token only if token module added this token.
+      if (_token_module($data['token_type'], $token_name) == 'token' ) {
+        // Handle [entity:field_name] and [entity:field_name:0] tokens.
+        if ($entity->hasField($field_name) && ($field_name === $name || isset($delta))
+            && !($entity->get($field_name)->isEmpty()) && ($entity->getFieldDefinition($field_name) instanceof FieldConfigInterface)) {
+          $display_options = 'token';
+          if (!$token_view_display) {
+            // We don't have the token view display and should fall back on
+            // default formatters. If the field has specified a specific formatter
+            // to be used by default with tokens, use that, otherwise use the
+            // default formatter.
+            $field_type_definition = $fieldTypeManager->getDefinition($entity->getFieldDefinition($field_name)->getType());
+            $display_options = [
+              'type' => !empty($field_type_definition['default_token_formatter']) ? $field_type_definition['default_token_formatter'] : $field_type_definition['default_formatter'],
+              'label' => 'hidden',
+            ];
+          }
 
-          $display_options = [
-            'type' => !empty($field_type_definition['default_token_formatter']) ? $field_type_definition['default_token_formatter'] : $field_type_definition['default_formatter'],
-            'label' => 'hidden',
-          ];
+          // Render only one delta.
+          if (isset($delta)) {
+            if ($field_delta = $entity->{$field_name}[$delta]) {
+              $field_output = $field_delta->view($display_options);
+            }
+            // If no such delta exists, let's not replace the token.
+            else {
+              continue;
+            }
+          }
+          // Render the whole field (with all deltas).
+          else {
+            $field_output = $entity->$field_name->view($display_options);
+            // If we are displaying all field items we need this #pre_render
+            // callback.
+            $field_output['#pre_render'][] = 'token_pre_render_field_token';
+          }
+          $field_output['#token_options'] = $options;
+          $replacements[$original] = \Drupal::service('renderer')->renderPlain($field_output);
         }
-
-        $field_output = isset($delta) ? $entity->{$field_name}[$delta]->view($display_options) : $entity->$field_name->view($display_options);
-        $field_output['#token_options'] = $options;
-        // If we are displaying just one field item we don't need the
-        // #pre_render callback.
-        if (!isset($delta)) {
-          $field_output['#pre_render'][] = 'token_pre_render_field_token';
+        // Handle [entity:field_name:value] and [entity:field_name:0:value]
+        // tokens.
+        else {
+          if ($field_tokens = \Drupal::token()->findWithPrefix($tokens, $field_name)) {
+            $property_token_data = [
+              'token_type' => 'field_property',
+              $data['entity_type'] . '-' . $field_name => $data['entity']->$field_name,
+              'field_name' => $data['entity_type'] . '-' . $field_name,
+            ];
+            $replacements += \Drupal::token()->generate($field_name, $field_tokens, $property_token_data, $options, $bubbleable_metadata);
+          }
         }
-        $replacements[$original] = \Drupal::service('renderer')->renderPlain($field_output);
-      }
-    }
-    $fields = \Drupal::entityManager()->getFieldStorageDefinitions($data['entity_type']);
-    foreach ($fields as $field_name => $field) {
-      /** @var \Drupal\field\FieldStorageConfigInterface $field */
-      if (!($field instanceof FieldStorageConfigInterface)) {
-        continue;
-      }
-      if ($field_tokens = \Drupal::token()->findWithPrefix($tokens, $field_name)) {
-        $data = [
-          'token_type' => 'field_property',
-          $data['entity_type'] . '-' . $field_name => $data['entity']->$field_name,
-          'field_name' => $data['entity_type'] . '-' . $field_name,
-        ];
-
-        $replacements += \Drupal::token()->generate($field_name, $field_tokens, $data, $options, $bubbleable_metadata);
       }
     }
-
     // Remove the cloned object from memory.
     unset($entity);
   }
-  elseif ($data['token_type'] == 'field_property') {
+  elseif (!empty($data['token_type']) && $data['token_type'] == 'field_property') {
     foreach ($tokens as $name => $original) {
       // Handle [entity:field_name:0:value] tokens.
       list($delta, $rest) = explode(':', $name, 2);
       $name = is_numeric($delta) ? $rest : $name;
       // [entity:field_name:value] is treated as [entity:field_name:0:value].
       $delta = is_numeric($delta) ? $delta : 0;
-      $replacements[$original] = $data[$data['field_name']][$delta]->getValue()[$name];
+      if ($field_delta = $data[$data['field_name']][$delta]) {
+        $replacements[$original] = $field_delta->getValue()[$name];
+      }
+      // If no such delta exists, let's not replace the token.
+      else {
+        continue;
+      }
     }
   }