diff --git a/crates/qpy/src/formats.rs b/crates/qpy/src/formats.rs
index ae3370d64b96..ace17a32cb82 100644
--- a/crates/qpy/src/formats.rs
+++ b/crates/qpy/src/formats.rs
@@ -506,21 +506,21 @@ pub struct SparsePauliOpListElemPack {
 #[derive(Debug)]
 pub struct SparsePauliObservableElemPack {
     pub num_qubits: u32,
-    #[bw(calc = coeff_data.len() as u64)]
+    #[bw(calc = (coeff_data.len() * std::mem::size_of::<f64>()) as u64)]
     pub coeff_data_size: u64,
-    #[bw(calc = bitterm_data.len() as u64)]
+    #[bw(calc = (bitterm_data.len() * std::mem::size_of::<u16>()) as u64)]
     pub bitterm_data_size: u64,
-    #[bw(calc = inds_data.len() as u64)]
+    #[bw(calc = (inds_data.len() * std::mem::size_of::<u32>()) as u64)]
     pub inds_data_size: u64,
-    #[bw(calc = bounds_data.len() as u64)]
+    #[bw(calc = (bounds_data.len() * std::mem::size_of::<u64>()) as u64)]
     pub bounds_data_size: u64,
-    #[br(count = coeff_data_size)]
+    #[br(count = coeff_data_size / std::mem::size_of::<f64>() as u64)]
     pub coeff_data: Vec<f64>, // complex numbers stored in format [re1, im1, re2, im2,...]
-    #[br(count = bitterm_data_size)]
+    #[br(count = bitterm_data_size / std::mem::size_of::<u16>() as u64)]
     pub bitterm_data: Vec<u16>,
-    #[br(count = inds_data_size)]
+    #[br(count = inds_data_size / std::mem::size_of::<u32>() as u64)]
     pub inds_data: Vec<u32>,
-    #[br(count = bounds_data_size)]
+    #[br(count = bounds_data_size / std::mem::size_of::<u64>() as u64)]
     pub bounds_data: Vec<u64>,
 }
 
diff --git a/releasenotes/notes/fix-qpy-sparse_pauli-095b5c3e6ef4f5e8.yaml b/releasenotes/notes/fix-qpy-sparse_pauli-095b5c3e6ef4f5e8.yaml
new file mode 100644
index 000000000000..6fec556dbe9e
--- /dev/null
+++ b/releasenotes/notes/fix-qpy-sparse_pauli-095b5c3e6ef4f5e8.yaml
@@ -0,0 +1,6 @@
+---
+fixes:
+  - |
+    Fixed a bug with the QPY serialization and deserialization of instructions
+    containing :class:`.SparseObservable` data.
+    Fixed `#16722 <https://github.com/Qiskit/qiskit/issues/16722>`__.
diff --git a/test/python/qpy/test_roundtrip.py b/test/python/qpy/test_roundtrip.py
index 2e459621d394..b43d18d23ec4 100644
--- a/test/python/qpy/test_roundtrip.py
+++ b/test/python/qpy/test_roundtrip.py
@@ -22,7 +22,7 @@
 from qiskit.circuit.random import random_circuit
 from qiskit.circuit.parameter import Parameter
 from qiskit.circuit.parametervector import ParameterVector
-from qiskit.quantum_info import SparsePauliOp
+from qiskit.quantum_info import SparsePauliOp, SparseObservable
 from qiskit.circuit.classical import expr
 from qiskit.synthesis import LieTrotter
 from qiskit.qpy.common import QPY_RUST_READ_MIN_VERSION, QPY_RUST_WRITE_MIN_VERSION, QPY_VERSION
@@ -283,3 +283,16 @@ def test_literal_integers_in_for(self, version, write_with, read_with):
         with qc.for_loop((2, 5, (1 << 60))) as _:
             qc.x(0)
         self.assert_roundtrip_equal(qc, version=version, read_with=read_with, write_with=write_with)
+
+    @all_qpy_combinations(17)
+    def test_evolutiongate_sparse_observable(self, version, write_with, read_with):
+        """Test loading a circuit with an evolution gate over a SparseObservable works.
+
+        ``SparseObservable`` support was added to QPY in version 17.
+        """
+        op = SparseObservable.from_list([("XIX", 0.1), ("ZIZ", 0.3)])
+        evo = PauliEvolutionGate(op, time=2, synthesis=LieTrotter(reps=2))
+
+        qc = QuantumCircuit(op.num_qubits)
+        qc.append(evo, range(op.num_qubits))
+        self.assert_roundtrip_equal(qc, version=version, read_with=read_with, write_with=write_with)