diff --git a/rhodecode/lib/helpers.py b/rhodecode/lib/helpers.py
--- a/rhodecode/lib/helpers.py
+++ b/rhodecode/lib/helpers.py
@@ -1766,12 +1766,12 @@ def renderer_from_filename(filename, exc
     return None
 
 
-def render(source, renderer='rst', mentions=False, relative_url=None,
+def render(source, renderer='rst', mentions=False, relative_urls=None,
            repo_name=None):
 
     def maybe_convert_relative_links(html_source):
-        if relative_url:
-            return relative_links(html_source, relative_url)
+        if relative_urls:
+            return relative_links(html_source, relative_urls)
         return html_source
 
     if renderer == 'rst':
diff --git a/rhodecode/lib/markup_renderer.py b/rhodecode/lib/markup_renderer.py
--- a/rhodecode/lib/markup_renderer.py
+++ b/rhodecode/lib/markup_renderer.py
@@ -73,7 +73,7 @@ class RhodeCodeWriter(writers.html4css1.
         self.translator_class = CustomHTMLTranslator
 
 
-def relative_links(html_source, server_path):
+def relative_links(html_source, server_paths):
     if not html_source:
         return html_source
 
@@ -92,12 +92,16 @@ def relative_links(html_source, server_p
     for el in doc.cssselect('img, video'):
         src = el.attrib.get('src')
         if src:
-            el.attrib['src'] = relative_path(src, server_path)
+            el.attrib['src'] = relative_path(src, server_paths['raw'])
 
     for el in doc.cssselect('a:not(.gfm)'):
         src = el.attrib.get('href')
         if src:
-            el.attrib['href'] = relative_path(src, server_path)
+            raw_mode = el.attrib['href'].endswith('?raw=1')
+            if raw_mode:
+                el.attrib['href'] = relative_path(src, server_paths['raw'])
+            else:
+                el.attrib['href'] = relative_path(src, server_paths['standard'])
 
     return lxml.html.tostring(doc)
 
diff --git a/rhodecode/templates/files/files_source.mako b/rhodecode/templates/files/files_source.mako
--- a/rhodecode/templates/files/files_source.mako
+++ b/rhodecode/templates/files/files_source.mako
@@ -74,7 +74,13 @@
      %else:
         % if c.file.size < c.visual.cut_off_limit_file:
             %if c.renderer and not c.annotate:
-                ${h.render(c.file.content, renderer=c.renderer, relative_url=h.route_path('repo_file_raw',repo_name=c.repo_name,commit_id=c.commit.raw_id,f_path=c.f_path))}
+                <%
+                    relative_urls = {
+                        'raw': h.route_path('repo_file_raw',repo_name=c.repo_name,commit_id=c.commit.raw_id,f_path=c.f_path),
+                        'standard': h.route_path('repo_files',repo_name=c.repo_name,commit_id=c.commit.raw_id,f_path=c.f_path),
+                    }
+                %>
+                ${h.render(c.file.content, renderer=c.renderer, relative_urls=relative_urls)}
             %else:
                 <table class="cb codehilite">
                 %if c.annotate:
diff --git a/rhodecode/tests/lib/test_markup_renderer.py b/rhodecode/tests/lib/test_markup_renderer.py
--- a/rhodecode/tests/lib/test_markup_renderer.py
+++ b/rhodecode/tests/lib/test_markup_renderer.py
@@ -245,11 +245,14 @@ def test_relative_path(src_path, server_
         ('<div></div>', '<div></div>'),
         ('<img src="/file.png"></img>', '<img src="/path/raw/file.png">'),
         ('<img src="data:abcd"/>', '<img src="data:abcd">'),
-        ('<a href="/file.png"></a>', '<a href="/path/raw/file.png"></a>'),
+        ('<a href="/file.png?raw=1"></a>', '<a href="/path/raw/file.png?raw=1"></a>'),
+        ('<a href="/file.png"></a>', '<a href="/path/file.png"></a>'),
         ('<a href="#anchor"></a>', '<a href="#anchor"></a>'),
-        ('<a href="./README.md"></a>', '<a href="/path/raw/README.md"></a>'),
-        ('<a href="../README.md"></a>', '<a href="/path/README.md"></a>'),
+        ('<a href="./README.md?raw=1"></a>', '<a href="/path/raw/README.md?raw=1"></a>'),
+        ('<a href="./README.md"></a>', '<a href="/path/README.md"></a>'),
+        ('<a href="../README.md"></a>', '<a href="/README.md"></a>'),
 
     ])
 def test_relative_links(src_html, expected_html):
-    assert relative_links(src_html, '/path/raw/file.md') == expected_html
+    server_paths = {'raw': '/path/raw/file.md', 'standard': '/path/file.md'}
+    assert relative_links(src_html, server_paths=server_paths) == expected_html