diff --git a/QuickMD/QuickMD/MarkdownRenderer.swift b/QuickMD/QuickMD/MarkdownRenderer.swift
index 0a1bfe6..089245a 100644
--- a/QuickMD/QuickMD/MarkdownRenderer.swift
+++ b/QuickMD/QuickMD/MarkdownRenderer.swift
@@ -13,6 +13,8 @@ import AppKit
 // Every style the renderer sets MUST stamp both scopes, or one pipeline
 // silently loses formatting. Use these helpers — never set `.font` /
 // `.foregroundColor` directly in renderer code.
+// The one exception is NSParagraphStyle (list indents): SwiftUI `Text` has no
+// equivalent, so it is AppKit-only by necessity — see "List Indentation".
 extension AttributedString {
 
     /// Set font in both SwiftUI and AppKit scopes.
@@ -144,22 +146,22 @@ struct MarkdownRenderer: Sendable {
 
         // Task list (must check before unordered list)
         if let taskMatch = parseTaskList(line) {
-            return renderTaskItem(taskMatch.content, indent: taskMatch.indent, checked: taskMatch.checked)
+            return renderTaskItem(taskMatch.content, level: taskMatch.level, checked: taskMatch.checked)
         }
 
         // Unordered list
         if let bullet = ["- ", "* ", "+ "].first(where: { trimmed.hasPrefix($0) }) {
-            let indent = line.prefix(while: { $0 == " " || $0 == "\t" }).count
+            let level = Self.listLevel(for: line.prefix(while: { $0 == " " || $0 == "\t" }))
             let content = String(trimmed.dropFirst(bullet.count))
-            return renderListItem(content, indent: indent, ordered: false, number: 0)
+            return renderListItem(content, level: level, ordered: false, number: 0)
         }
 
         // Ordered list
         if let match = trimmed.range(of: #"^(\d+)\.\s"#, options: .regularExpression) {
-            let indent = line.prefix(while: { $0 == " " || $0 == "\t" }).count
+            let level = Self.listLevel(for: line.prefix(while: { $0 == " " || $0 == "\t" }))
             let number = Int(trimmed.prefix(while: { $0.isNumber })) ?? 1
             let content = String(trimmed[match.upperBound...])
-            return renderListItem(content, indent: indent, ordered: true, number: number)
+            return renderListItem(content, level: level, ordered: true, number: number)
         }
 
         // Empty line
@@ -183,20 +185,55 @@ struct MarkdownRenderer: Sendable {
         return attr
     }
 
-    private func renderListItem(_ text: String, indent: Int, ordered: Bool, number: Int) -> AttributedString {
-        let indentStr = String(repeating: "    ", count: indent / 4 + (indent % 4 > 0 ? 1 : 0))
-        let prefix = indentStr + (ordered ? "\(number). " : "• ")
+    // MARK: - List Indentation
+    //
+    // A list item is one paragraph: "<indent spaces><marker> <item text>".
+    // Two things have to happen for it to read as a list:
+    //
+    //  1. Nesting — carried by the leading spaces in the marker prefix. It has
+    //     to live in the CHARACTERS, not in the paragraph style, because the
+    //     print/PDF pipeline renders blocks through SwiftUI `Text`, which
+    //     ignores NSParagraphStyle entirely.
+    //  2. A hanging indent so a wrapped item's continuation lines line up under
+    //     the item text instead of falling back to the marker's own margin
+    //     (which made bullets/numbers and body text share one left edge).
+    //     Only the paragraph style can express that, so the NSTextView pipeline
+    //     gets it and `Text` degrades to flush-left wrapping as before.
+
+    /// Points between the text margin and a list marker, at 1.0 zoom. Separates
+    /// the list from surrounding paragraphs at every nesting level.
+    private static let listGutter: CGFloat = 16
+
+    /// Spaces prepended per nesting level.
+    private static let listIndentUnit = "    "
+
+    /// Nesting level from a list line's leading whitespace, counting a tab as
+    /// one nesting step.
+    ///
+    /// Authors nest with either two or four spaces and a single line can't say
+    /// which, so we count one level per two columns: a two-space document keeps
+    /// every level distinct (dividing by four would collapse its first two
+    /// levels onto the same margin), and a four-space document simply indents a
+    /// step deeper than authored. Capped so a pathological indent can't push
+    /// text off the right edge.
+    static func listLevel(for whitespace: Substring) -> Int {
+        let columns = whitespace.reduce(0) { $0 + ($1 == "\t" ? 2 : 1) }
+        return min(columns / 2, 8)
+    }
+
+    private func renderListItem(_ text: String, level: Int, ordered: Bool, number: Int) -> AttributedString {
+        let prefix = Self.indentSpaces(level) + (ordered ? "\(number). " : "• ")
         var attr = AttributedString(prefix)
         attr.setDualFont(size: scaled(14))
         attr.setDualForeground(theme.textColor)
         attr.append(renderInlineFormatting(text))
+        applyListParagraphStyle(&attr, hangingUnder: prefix)
         return attr
     }
 
-    private func renderTaskItem(_ text: String, indent: Int, checked: Bool) -> AttributedString {
-        let indentStr = String(repeating: "    ", count: indent / 4 + (indent % 4 > 0 ? 1 : 0))
-        let checkbox = checked ? "☑ " : "☐ "
-        var attr = AttributedString(indentStr + checkbox)
+    private func renderTaskItem(_ text: String, level: Int, checked: Bool) -> AttributedString {
+        let prefix = Self.indentSpaces(level) + (checked ? "☑ " : "☐ ")
+        var attr = AttributedString(prefix)
         attr.setDualFont(size: scaled(14))
         attr.setDualForeground(checked ? theme.checkboxColor : theme.textColor)
 
@@ -206,10 +243,32 @@ struct MarkdownRenderer: Sendable {
             content.setDualForeground(theme.secondaryTextColor)
         }
         attr.append(content)
+        applyListParagraphStyle(&attr, hangingUnder: prefix)
         return attr
     }
 
-    private func parseTaskList(_ line: String) -> (content: String, indent: Int, checked: Bool)? {
+    private static func indentSpaces(_ level: Int) -> String {
+        String(repeating: listIndentUnit, count: level)
+    }
+
+    /// Indents the whole item by the list gutter and hangs its wrapped lines
+    /// under the item text, i.e. past `prefix` (the indent spaces + marker).
+    private func applyListParagraphStyle(_ attr: inout AttributedString, hangingUnder prefix: String) {
+        let gutter = scaled(Self.listGutter)
+        let style = NSMutableParagraphStyle()
+        style.firstLineHeadIndent = gutter
+        style.headIndent = gutter + width(of: prefix)
+        attr[AttributeScopes.AppKitAttributes.ParagraphStyleAttribute.self] = style
+    }
+
+    /// Typeset width of body-font text — the marker prefix, to size the hang.
+    private func width(of string: String) -> CGFloat {
+        (string as NSString)
+            .size(withAttributes: [.font: NSFont.systemFont(ofSize: scaled(14))])
+            .width
+    }
+
+    private func parseTaskList(_ line: String) -> (content: String, level: Int, checked: Bool)? {
         let nsRange = NSRange(line.startIndex..., in: line)
 
         guard let match = Self.taskListRegex.firstMatch(in: line, range: nsRange),
@@ -217,11 +276,11 @@ struct MarkdownRenderer: Sendable {
               let checkRange = Range(match.range(at: 2), in: line),
               let contentRange = Range(match.range(at: 3), in: line) else { return nil }
 
-        let indent = line[indentRange].count
+        let level = Self.listLevel(for: line[indentRange])
         let checked = line[checkRange].lowercased() == "x"
         let content = String(line[contentRange])
 
-        return (content: content, indent: indent, checked: checked)
+        return (content: content, level: level, checked: checked)
     }
 
     private func renderHorizontalRule() -> AttributedString {
diff --git a/QuickMD/QuickMDTests/RendererTests.swift b/QuickMD/QuickMDTests/RendererTests.swift
index f46624b..5a51af2 100644
--- a/QuickMD/QuickMDTests/RendererTests.swift
+++ b/QuickMD/QuickMDTests/RendererTests.swift
@@ -92,6 +92,72 @@ final class RendererTests: XCTestCase {
         XCTAssertTrue(checked.contains("☑"))
     }
 
+    // MARK: - List indentation
+
+    /// Paragraph style of the first list item in `markdown`, as the NSTextView
+    /// pipeline sees it (SwiftUI `Text` ignores paragraph styles entirely).
+    private func listStyle(_ markdown: String, scale: CGFloat = 1.0) throws -> NSParagraphStyle {
+        let r = MarkdownRenderer(theme: MarkdownTheme.cached(for: .light), fontScale: scale)
+        let ns = try NSAttributedString(r.render(markdown), including: \.appKit)
+        let style = ns.attribute(.paragraphStyle, at: 0, effectiveRange: nil) as? NSParagraphStyle
+        return try XCTUnwrap(style, "list item carries no paragraph style")
+    }
+
+    /// The bug: with no hanging indent a wrapped item's continuation lines fall
+    /// back to the marker's margin, so bullets/numbers and text share one edge.
+    func testListItemHangsWrappedLinesPastItsMarker() throws {
+        for markdown in ["- alpha", "1. alpha", "- [ ] alpha", "- [x] alpha"] {
+            let style = try listStyle(markdown)
+            XCTAssertGreaterThan(style.firstLineHeadIndent, 0,
+                                 "\(markdown): marker sits flush against the text margin")
+            XCTAssertGreaterThan(style.headIndent, style.firstLineHeadIndent,
+                                 "\(markdown): wrapped lines are not hung under the item text")
+        }
+    }
+
+    /// A wider marker has to hang further, or "10." would overlap its own text.
+    func testWiderOrderedMarkerHangsFurther() throws {
+        let single = try listStyle("1. alpha")
+        let double = try listStyle("10. alpha")
+        XCTAssertGreaterThan(double.headIndent, single.headIndent)
+    }
+
+    func testNestedItemsIndentDeeperThanTheirParent() {
+        // Two-space and four-space nesting are both common, and neither may
+        // collapse a level onto its parent's margin.
+        for unit in ["  ", "    "] {
+            let levels = (0...3).map { MarkdownRenderer.listLevel(for: Substring(String(repeating: unit, count: $0))) }
+            XCTAssertEqual(levels, levels.sorted(), "unit '\(unit)': levels not monotonic")
+            XCTAssertEqual(Set(levels).count, levels.count, "unit '\(unit)': two levels share one margin")
+            XCTAssertEqual(levels.first, 0, "unit '\(unit)': top level must be 0")
+        }
+    }
+
+    func testTabIndentIsOneNestingStep() {
+        XCTAssertEqual(MarkdownRenderer.listLevel(for: "\t"), 1)
+        XCTAssertEqual(MarkdownRenderer.listLevel(for: "\t\t"), 2)
+    }
+
+    func testListLevelIsCappedForRunawayIndents() {
+        XCTAssertLessThanOrEqual(MarkdownRenderer.listLevel(for: Substring(String(repeating: " ", count: 400))), 8)
+    }
+
+    /// Indents are point values, so they have to follow ⌘+ / ⌘- like the fonts.
+    func testListIndentScalesWithZoom() throws {
+        let normal = try listStyle("- alpha")
+        let zoomed = try listStyle("- alpha", scale: 2.0)
+        XCTAssertEqual(zoomed.firstLineHeadIndent, normal.firstLineHeadIndent * 2, accuracy: 0.01)
+        XCTAssertGreaterThan(zoomed.headIndent, normal.headIndent)
+    }
+
+    /// Nesting must stay in the characters too: the print/PDF pipeline renders
+    /// through SwiftUI `Text`, which drops paragraph styles.
+    func testNestingSurvivesInPlainTextForPrintPipeline() {
+        let out = String(renderer.render("- top\n  - nested\n").characters)
+        XCTAssertTrue(out.contains("• top"))
+        XCTAssertTrue(out.contains("    • nested"))
+    }
+
     // MARK: - Footnote references
 
     func testFootnoteReferenceRendersSuperscript() {