diff -u b/core/modules/views/src/Plugin/views/display/DisplayPluginBase.php b/core/modules/views/src/Plugin/views/display/DisplayPluginBase.php
--- b/core/modules/views/src/Plugin/views/display/DisplayPluginBase.php
+++ b/core/modules/views/src/Plugin/views/display/DisplayPluginBase.php
@@ -2068,24 +2068,31 @@
     if ($this->isMoreEnabled() && ($this->useMoreAlways() || (!empty($this->view->pager) && $this->view->pager->hasMoreRecords()))) {
       // If the user has supplied a custom "More" link path, use that for the URL.
       if ($this->getOption('link_display') == 'custom_url' && $path = $this->getOption('link_url')) {
-        // Replace any argument tokens.
+        // Parse the $path.
+        $parts = UrlHelper::parse($path);
+
         if ($tokens = $this->getArgumentsTokens()) {
-          // \Drupal\views\Plugin\views\PluginBase::viewsTokenReplace will
-          // replace '&' in the $path. In order to keep '&', we first replace it
-          // with a different temporary placeholder.
-          $query_replacements = 0;
-          $path = preg_replace("/&(?!amp;)/", "##", $path, -1, $query_replacements);
-          $path = $this->viewsTokenReplace($path, $tokens);
-
-          // Replace the temporary placeholder.
-          if ($query_replacements > 0) {
-            $path = str_replace('##', '&', $path);
+          // Replace any argument tokens in path.
+          $parts['path'] = $this->viewsTokenReplace($parts['path'], $tokens);
+
+          // Replace any argument tokens in fragment.
+          $parts['fragment'] = $this->viewsTokenReplace($parts['fragment'], $tokens);
+
+          // Replace any argument tokens in query.
+          if (isset($parts['query'])) {
+            foreach ($parts['query'] as $name => $value) {
+              $parts['query'][$name] = $this->viewsTokenReplace($value, $tokens);
+            }
           }
         }
 
+        // Get options.
+        $options = array_diff_key($parts, array_flip(['path']));
+
+        // Create url.
         // @todo Views should expect and store a leading /. See:
         //   https://www.drupal.org/node/2423913
-        $url = UrlHelper::isExternal($path) ? Url::fromUri($path) : Url::fromUserInput('/' . ltrim($path, '/'));
+        $url = UrlHelper::isExternal($parts['path']) ? Url::fromUri($parts['path'], $options) : Url::fromUserInput('/' . ltrim($parts['path'], '/'), $options);
       }
       // Otherwise, use the URL for the display.
       else {
diff -u b/core/modules/views/src/Tests/Plugin/DisplayTest.php b/core/modules/views/src/Tests/Plugin/DisplayTest.php
--- b/core/modules/views/src/Tests/Plugin/DisplayTest.php
+++ b/core/modules/views/src/Tests/Plugin/DisplayTest.php
@@ -326,6 +326,24 @@
     $output = $renderer->renderRoot($output);
     $this->setRawContent($output);
     $this->assertLinkByHref('/node?date=22&foo=bar', 0, 'The read more link with href "/node?date=22&foo=bar" was found.');
+
+    // Test more link with arguments in path.
+    $view->display_handler->setOption('link_url', 'node/{{ raw_arguments.age }}?date={{ raw_arguments.age }}&foo=bar');
+    $view->setArguments(array(22));
+    $this->executeView($view);
+    $output = $view->preview();
+    $output = $renderer->renderRoot($output);
+    $this->setRawContent($output);
+    $this->assertLinkByHref('/node/22?date=22&foo=bar', 0, 'The read more link with href "/node/22?date=22&foo=bar" was found.');
+
+    // Test more link with arguments in fragment.
+    $view->display_handler->setOption('link_url', 'node?date={{ raw_arguments.age }}&foo=bar#{{ raw_arguments.age }}');
+    $view->setArguments(array(22));
+    $this->executeView($view);
+    $output = $view->preview();
+    $output = $renderer->renderRoot($output);
+    $this->setRawContent($output);
+    $this->assertLinkByHref('/node?date=22&foo=bar#22', 0, 'The read more link with href "/node?date=22&foo=bar#22" was found.');
   }
 
   /**