diff --git a/CHANGELOG b/CHANGELOG
index ec187aaa..81dab067 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -33,6 +33,9 @@ Bug Fixes
 
 * Fix statement splitting (issue845).
 * Fix a late-binding closure bug in `TokenList.token_not_matching`.
+* Recognize ``ROW_FORMAT`` as a keyword so that ``ALTER TABLE ... ROW_FORMAT=...``
+  no longer merges the table name and the option into a single identifier
+  (issue773).
 * Recognize ``MATERIALIZED`` as a keyword so it is parsed and formatted
   consistently in ``CREATE MATERIALIZED VIEW`` statements (issue752).
 
diff --git a/sqlparse/keywords.py b/sqlparse/keywords.py
index 631aa2e0..586487d4 100644
--- a/sqlparse/keywords.py
+++ b/sqlparse/keywords.py
@@ -489,6 +489,7 @@
     'ROUTINE_SCHEMA': tokens.Keyword,
     'ROWS': tokens.Keyword,
     'ROW_COUNT': tokens.Keyword,
+    'ROW_FORMAT': tokens.Keyword,
     'RULE': tokens.Keyword,
 
     'SAVE_POINT': tokens.Keyword,
diff --git a/tests/test_regressions.py b/tests/test_regressions.py
index 2265f363..a4629378 100644
--- a/tests/test_regressions.py
+++ b/tests/test_regressions.py
@@ -454,6 +454,21 @@ def test_primary_key_issue740():
     assert p.tokens[0].ttype == T.Keyword
 
 
+def test_alter_table_row_format_issue773():
+    # ROW_FORMAT is a keyword (like ENGINE), so it must not be absorbed into
+    # the preceding table name as if it were an alias.
+    p = sqlparse.parse('ALTER TABLE mytable ROW_FORMAT=Dynamic')[0]
+    row_format = p.token_next_by(m=(T.Keyword, 'ROW_FORMAT'))[1]
+    assert row_format is not None
+    # The table name should be parsed as a standalone identifier.
+    assert isinstance(p.tokens[4], sql.Identifier)
+    assert p.tokens[4].get_real_name() == 'mytable'
+    assert p.tokens[4].get_alias() is None
+    # Sanity check: ENGINE (already a keyword) behaves the same way.
+    e = sqlparse.parse('ALTER TABLE mytable ENGINE=InnoDB')[0]
+    assert e.tokens[4].get_real_name() == 'mytable'
+
+
 def test_materialized_view_issue752():
     p = sqlparse.parse('CREATE MATERIALIZED VIEW v AS SELECT 1')[0]
     assert p.tokens[2].ttype == T.Keyword