diff --git a/packages/core/src/core/rsbuild.ts b/packages/core/src/core/rsbuild.ts
index 218adef..44ca371 100644
--- a/packages/core/src/core/rsbuild.ts
+++ b/packages/core/src/core/rsbuild.ts
@@ -19,6 +19,47 @@ const isMultiCompiler = <
   return 'compilers' in compiler && Array.isArray(compiler.compilers);
 };
 
+const autoExternalNodeModules: (
+  data: Rspack.ExternalItemFunctionData,
+  callback: (
+    err?: Error,
+    result?: Rspack.ExternalItemValue,
+    type?: Rspack.ExternalsType,
+  ) => void,
+) => void = ({ context, request, dependencyType, getResolve }, callback) => {
+  if (!request || request.startsWith('node:')) {
+    return callback();
+  }
+
+  const doExternal = () => {
+    callback(
+      undefined,
+      `${dependencyType === 'commonjs' ? 'commonjs' : 'module-import'} ${request}`,
+    );
+  };
+  if (/node_modules/.test(request)) {
+    return doExternal();
+  }
+
+  const resolver = getResolve?.();
+
+  if (!resolver) {
+    return callback();
+  }
+
+  resolver(context!, request!, (err, resolvePath) => {
+    if (err) {
+      // ignore resolve error
+      return callback();
+    }
+
+    if (resolvePath && /node_modules/.test(resolvePath!)) {
+      return doExternal();
+    }
+    return callback();
+  });
+};
+
 class TestFileWatchPlugin {
   private contextToWatch: string | null = null;
 
@@ -49,6 +90,8 @@ export const prepareRsbuild = async (
   setupFiles: Record<string, string>,
 ): Promise<RsbuildInstance> => {
   RsbuildLogger.level = isDebug() ? 'verbose' : 'error';
+  // TODO: find a better way to test outputs
+  const writeToDisk = process.env.DEBUG_RSTEST_OUTPUTS === 'true';
 
   const rsbuildInstance = await createRsbuild({
     rsbuildConfig: {
@@ -60,20 +103,25 @@ export const prepareRsbuild = async (
       environments: {
         [name]: {
           dev: {
-            writeToDisk: false,
+            writeToDisk,
           },
           output: {
             sourceMap: {
               js: 'source-map',
             },
-            externals: {
-              '@rstest/core': 'global @rstest/core',
-            },
+            externals: [
+              {
+                '@rstest/core': 'global @rstest/core',
+              },
+              autoExternalNodeModules,
+            ],
             target: 'node',
           },
           tools: {
             rspack: (config) => {
               config.output ??= {};
+              config.output.iife = false;
+              config.externalsPresets = { node: true };
               config.output.devtoolModuleFilenameTemplate =
                 '[absolute-resource-path]';
 
diff --git a/packages/core/src/pool/index.ts b/packages/core/src/pool/index.ts
index 2ab8168..fad1d0f 100644
--- a/packages/core/src/pool/index.ts
+++ b/packages/core/src/pool/index.ts
@@ -79,7 +79,12 @@ export const runInPool = async ({
     isolate,
     maxWorkers,
     minWorkers,
-    execArgv: [...(poolOptions?.execArgv ?? []), ...execArgv],
+    execArgv: [
+      ...(poolOptions?.execArgv ?? []),
+      ...execArgv,
+      '--experimental-vm-modules',
+      '--experimental-import-meta-resolve',
+    ],
     env: {
       NODE_ENV: 'test',
       // enable diff color by default
diff --git a/packages/core/src/runtime/worker/index.ts b/packages/core/src/runtime/worker/index.ts
index 174d059..d1a1cfb 100644
--- a/packages/core/src/runtime/worker/index.ts
+++ b/packages/core/src/runtime/worker/index.ts
@@ -64,7 +64,7 @@ const runInPool = async ({
     for (const { filePath, originPath } of setupEntries) {
       const setupCodeContent = assetFiles[filePath]!;
 
-      loadModule({
+      await loadModule({
         codeContent: setupCodeContent,
         distPath: filePath,
         originPath: originPath,
@@ -73,7 +73,7 @@ const runInPool = async ({
       });
     }
 
-    loadModule({
+    await loadModule({
       codeContent,
       distPath: filePath,
       originPath,
diff --git a/packages/core/src/runtime/worker/loadModule.ts b/packages/core/src/runtime/worker/loadModule.ts
index 705a13b..fba6ff4 100644
--- a/packages/core/src/runtime/worker/loadModule.ts
+++ b/packages/core/src/runtime/worker/loadModule.ts
@@ -1,4 +1,5 @@
 import { createRequire as createNativeRequire } from 'node:module';
+import { pathToFileURL } from 'node:url';
 import vm from 'node:vm';
 import path from 'pathe';
 import { logger } from '../../utils/logger';
@@ -87,6 +88,20 @@ export const loadModule = ({
     filename: distPath,
     lineOffset: 0,
     columnOffset: -codeDefinition.length,
+    importModuleDynamically: async (
+      specifier,
+      _referencer,
+      importAttributes,
+    ) => {
+      const dependencyAsset = import.meta.resolve(
+        specifier,
+        pathToFileURL(originPath),
+      );
+
+      // @ts-expect-error
+      const res = await import(dependencyAsset, importAttributes);
+      return res;
+    },
   });
   fn(...Object.values(context));
 
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 1a688d1..859616d 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -156,6 +156,18 @@ importers:
         specifier: workspace:*
         version: link:../../packages/core
 
+  tests/externals:
+    devDependencies:
+      '@rstest/core':
+        specifier: workspace:*
+        version: link:../../packages/core
+      picocolors:
+        specifier: ^1.1.1
+        version: 1.1.1
+      strip-ansi:
+        specifier: ^7.1.0
+        version: 7.1.0
+
   tests/lifecycle:
     devDependencies:
       '@rstest/core':
diff --git a/tests/externals/fixtures/index.test.ts b/tests/externals/fixtures/index.test.ts
new file mode 100644
index 0000000..cd17f46
--- /dev/null
+++ b/tests/externals/fixtures/index.test.ts
@@ -0,0 +1,16 @@
+import { expect, it } from '@rstest/core';
+import stripAnsi from 'strip-ansi';
+
+it('should load esm correctly', () => {
+  expect(stripAnsi('\u001B[4mUnicorn\u001B[0m')).toBe('Unicorn');
+});
+
+it('should load esm dynamic correctly', async () => {
+  const { default: stripAnsi } = await import('strip-ansi');
+  expect(stripAnsi('\u001B[4mUnicorn\u001B[0m')).toBe('Unicorn');
+});
+
+it('should load cjs with require correctly', () => {
+  const picocolors = require('picocolors');
+  expect(picocolors.green).toBeDefined();
+});
diff --git a/tests/externals/index.test.ts b/tests/externals/index.test.ts
new file mode 100644
index 0000000..09e55e1
--- /dev/null
+++ b/tests/externals/index.test.ts
@@ -0,0 +1,34 @@
+import fs from 'node:fs';
+import { dirname, join } from 'node:path';
+import { fileURLToPath } from 'node:url';
+import { describe, expect, it } from '@rstest/core';
+import { runRstestCli } from '../scripts/';
+
+const __filename = fileURLToPath(import.meta.url);
+const __dirname = dirname(__filename);
+
+describe('test externals', () => {
+  it('should external node_modules by default', async () => {
+    process.env.DEBUG_RSTEST_OUTPUTS = 'true';
+    const { cli } = await runRstestCli({
+      command: 'rstest',
+      args: ['run', './fixtures/index.test.ts'],
+      options: {
+        nodeOptions: {
+          cwd: __dirname,
+        },
+      },
+    });
+
+    await cli.exec;
+    expect(cli.exec.process?.exitCode).toBe(0);
+
+    const outputPath = join(__dirname, 'dist/fixtures/index.test.ts.js');
+
+    expect(fs.existsSync(outputPath)).toBeTruthy();
+    const content = fs.readFileSync(outputPath, 'utf-8');
+
+    expect(content).toContain('require("picocolors")');
+    expect(content).toContain('import("strip-ansi")');
+  });
+});
diff --git a/tests/externals/package.json b/tests/externals/package.json
new file mode 100644
index 0000000..9d3be4a
--- /dev/null
+++ b/tests/externals/package.json
@@ -0,0 +1,10 @@
+{
+  "private": true,
+  "name": "@rstest/tests-externals",
+  "version": "1.0.0",
+  "devDependencies": {
+    "@rstest/core": "workspace:*",
+    "picocolors": "^1.1.1",
+    "strip-ansi": "^7.1.0"
+  }
+}