$("#my-select").change(function() {
  // $(this) refers to the select element
  $("#s_value").text($(this).val());
  $("#s_text").text($(this).find("option:selected").text());
  $(this).find("option:selected").each(function() {
    // this function is called only once per change
    // $(this) refers to the selected option
    $("#o_value").text($(this).val());
    $("#o_text").text($(this).text());
  })
})

<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.11.1/jquery.min.js"></script>
<select id="my-select">
  <option value="1">Option 1</option>
  <option value="2">Option 2</option>
  <option value="3">Option 3</option>
</select>
<br>SELECTED (FROM SELECT) :
<br>Value : <span id="s_value"></span>
<br>Text : <span id="s_text"></span>
<br>
<br>SELECTED (FROM OPTION) :
<br>Value : <span id="o_value"></span>
<br>Text : <span id="o_text"></span>
<br>
<br>