Problem: Site is multilingual, and I use translation for select list values. It works fine on the input data form (edit mode), but on "view", the saved values are shown in English and not in site's language.
Solution:
1. Go to the content type's Manage Display tab.
2. Change the Format value, next to the select list fields from 'Default' to 'Default translated'

I found the solution here: https://drupal.org/node/1101128