diff --git a/beetsplug/substitute.py b/beetsplug/substitute.py
index ebf6cacbe..a89d0af16 100644
--- a/beetsplug/substitute.py
+++ b/beetsplug/substitute.py
@@ -34,9 +34,7 @@ class Substitute(BeetsPlugin):
         """Do the actual replacing."""
         if text:
             for pattern, replacement in self.substitute_rules:
-                new_text, subs_made = pattern.subn(replacement, text)
-                if subs_made > 0:
-                    return new_text
+                text = pattern.sub(replacement, text)
             return text
         else:
             return ""
diff --git a/test/plugins/test_substitute.py b/test/plugins/test_substitute.py
index 7ac74d7a0..48014e231 100644
--- a/test/plugins/test_substitute.py
+++ b/test/plugins/test_substitute.py
@@ -78,3 +78,13 @@ class SubstitutePluginTest(PluginTestCase):
                 ("b", "y"),
             ],
         )
+
+    def test_rules_applied_in_sequence(self):
+        self.run_substitute(
+            {"a": "b", "b": "c", "d": "a"},
+            [
+                ("a", "c"),
+                ("b", "c"),
+                ("d", "a"),
+            ],
+        )