diff --git a/changelogs/fragments/48728-win_nssm-credential-quoting.yml b/changelogs/fragments/48728-win_nssm-credential-quoting.yml
new file mode 100644
index 00000000000..1579ca9afcd
--- /dev/null
+++ b/changelogs/fragments/48728-win_nssm-credential-quoting.yml
@@ -0,0 +1,2 @@
+bugfixes:
+  - "win_nssm - Switched to Argv-ToString for escaping NSSM credentials (https://github.com/ansible/ansible/issues/48728)"
diff --git a/lib/ansible/modules/windows/win_nssm.ps1 b/lib/ansible/modules/windows/win_nssm.ps1
index 0a9cb420a96..323eeb0d712 100644
--- a/lib/ansible/modules/windows/win_nssm.ps1
+++ b/lib/ansible/modules/windows/win_nssm.ps1
@@ -403,7 +403,7 @@ Function Nssm-Update-Credentials
             }
 
             If ($nssm_result.stdout.split("`n`r")[0] -ne $fullUser) {
-                $cmd = "set ""$name"" ObjectName $fullUser '$password'"
+                $cmd = Argv-ToString @("set", $name, "ObjectName", $fullUser, $password)
                 $nssm_result = Nssm-Invoke $cmd
 
                 if ($nssm_result.rc -ne 0)