diff --git a/doc/source/whatsnew/v2.2.0.rst b/doc/source/whatsnew/v2.2.0.rst
index ff19ef4eae179..6bee9ef52446f 100644
--- a/doc/source/whatsnew/v2.2.0.rst
+++ b/doc/source/whatsnew/v2.2.0.rst
@@ -390,6 +390,7 @@ I/O
 - Bug in :func:`read_excel`, with ``engine="xlrd"`` (``xls`` files) erroring when file contains NaNs/Infs (:issue:`54564`)
 - Bug in :func:`to_excel`, with ``OdsWriter`` (``ods`` files) writing boolean/string value (:issue:`54994`)
 - Bug in :meth:`DataFrame.to_hdf` and :func:`read_hdf` with ``datetime64`` dtypes with non-nanosecond resolution failing to round-trip correctly (:issue:`55622`)
+- Bug in :meth:`pandas.read_excel` with ``engine="odf"`` (``ods`` files) when string contains annotation (:issue:`55200`)
 - Bug in :meth:`pandas.read_excel` with an ODS file without cached formatted cell for float values (:issue:`55219`)
 - Bug where :meth:`DataFrame.to_json` would raise an ``OverflowError`` instead of a ``TypeError`` with unsupported NumPy types (:issue:`55403`)
 -
diff --git a/pandas/io/excel/_odfreader.py b/pandas/io/excel/_odfreader.py
index 277f64f636731..69b514da32857 100644
--- a/pandas/io/excel/_odfreader.py
+++ b/pandas/io/excel/_odfreader.py
@@ -228,8 +228,10 @@ def _get_cell_string_value(self, cell) -> str:
         """
         from odf.element import Element
         from odf.namespaces import TEXTNS
+        from odf.office import Annotation
         from odf.text import S
 
+        office_annotation = Annotation().qname
         text_s = S().qname
 
         value = []
@@ -239,6 +241,8 @@ def _get_cell_string_value(self, cell) -> str:
                 if fragment.qname == text_s:
                     spaces = int(fragment.attributes.get((TEXTNS, "c"), 1))
                     value.append(" " * spaces)
+                elif fragment.qname == office_annotation:
+                    continue
                 else:
                     # recursive impl needed in case of nested fragments
                     # with multiple spaces
diff --git a/pandas/tests/io/data/excel/test_cell_annotation.ods b/pandas/tests/io/data/excel/test_cell_annotation.ods
new file mode 100644
index 0000000000000..60246e6c7e4df
Binary files /dev/null and b/pandas/tests/io/data/excel/test_cell_annotation.ods differ
diff --git a/pandas/tests/io/excel/test_odf.py b/pandas/tests/io/excel/test_odf.py
index 9d49718bec357..46dc751fa499f 100644
--- a/pandas/tests/io/excel/test_odf.py
+++ b/pandas/tests/io/excel/test_odf.py
@@ -59,3 +59,14 @@ def test_read_unempty_cells():
     result = pd.read_excel("test_unempty_cells.ods")
 
     tm.assert_frame_equal(result, expected)
+
+
+def test_read_cell_annotation():
+    expected = pd.DataFrame(
+        ["test"],
+        columns=["Column 1"],
+    )
+
+    result = pd.read_excel("test_cell_annotation.ods")
+
+    tm.assert_frame_equal(result, expected)