diff --git a/src/index.js b/src/index.js
index 78a9d9db..636d03a1 100644
--- a/src/index.js
+++ b/src/index.js
@@ -258,6 +258,21 @@ function ncc (
     }));
   }
 
+  const tsCompilerOptions = {
+    module: 'esnext',
+    target: 'esnext',
+    ...fullTsconfig.compilerOptions,
+    allowSyntheticDefaultImports: true,
+    noEmit: false,
+    outDir: '//'
+  };
+
+  if (esm && emitsNonEsmModule(tsCompilerOptions.module)) {
+    // ESM builds need TypeScript to preserve imports so webpack can resolve
+    // dependencies with "import" conditions instead of "require" conditions.
+    tsCompilerOptions.module = 'esnext';
+  }
+
   const compiler = webpack({
     entry,
     cache: cache === false ? undefined : {
@@ -365,14 +380,7 @@ function ncc (
             options: {
               transpileOnly,
               compiler: eval('__dirname + "/typescript.js"'),
-              compilerOptions: {
-                module: 'esnext',
-                target: 'esnext',
-                ...fullTsconfig.compilerOptions,
-                allowSyntheticDefaultImports: true,
-                noEmit: false,
-                outDir: '//'
-              }
+              compilerOptions: tsCompilerOptions
             }
           }]
         },
@@ -635,6 +643,17 @@ function ncc (
   }
 }
 
+function emitsNonEsmModule(moduleKind) {
+  if (typeof moduleKind === 'string') {
+    return ['commonjs', 'amd', 'umd', 'system'].includes(moduleKind.toLowerCase());
+  }
+
+  // Values match TypeScript's ModuleKind enum:
+  // CommonJS=1, AMD=2, UMD=3, System=4.
+  // https://github.com/microsoft/TypeScript/blob/v5.2.2/src/compiler/types.ts#L7255-L7260
+  return moduleKind >= 1 && moduleKind <= 4;
+}
+
 // this could be rewritten with actual FS apis / globs, but this is simpler
 function getFlatFiles(mfsData, output, getAssetMeta, tsconfig, curBase = "") {
   for (const path of Object.keys(mfsData)) {
diff --git a/test/unit/ts-esm-import-condition/input.ts b/test/unit/ts-esm-import-condition/input.ts
new file mode 100644
index 00000000..0ccbf64c
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/input.ts
@@ -0,0 +1,3 @@
+import { value } from 'esm-only-condition-package';
+
+console.log(value);
diff --git a/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.d.ts b/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.d.ts
new file mode 100644
index 00000000..a5987fbd
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.d.ts
@@ -0,0 +1 @@
+export declare const value: string;
diff --git a/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.js b/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.js
new file mode 100644
index 00000000..f02f7dbc
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.js
@@ -0,0 +1 @@
+export const value = 'from-esm-only-package';
diff --git a/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/package.json b/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/package.json
new file mode 100644
index 00000000..95c48dc2
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/package.json
@@ -0,0 +1,12 @@
+{
+  "name": "esm-only-condition-package",
+  "version": "1.0.0",
+  "type": "module",
+  "types": "./index.d.ts",
+  "exports": {
+    ".": {
+      "types": "./index.d.ts",
+      "import": "./index.js"
+    }
+  }
+}
diff --git a/test/unit/ts-esm-import-condition/opt.json b/test/unit/ts-esm-import-condition/opt.json
new file mode 100644
index 00000000..a63f21dd
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/opt.json
@@ -0,0 +1,3 @@
+{
+  "esm": true
+}
diff --git a/test/unit/ts-esm-import-condition/output-coverage.js b/test/unit/ts-esm-import-condition/output-coverage.js
new file mode 100644
index 00000000..ac1139e1
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/output-coverage.js
@@ -0,0 +1,13 @@
+/******/ /* webpack/runtime/compat */
+/******/ 
+/******/ if (typeof __nccwpck_require__ !== 'undefined') __nccwpck_require__.ab = new URL('.', import.meta.url).pathname.slice(import.meta.url.match(/^file:\/\/\/\w:/) ? 1 : 0, -1) + "/";
+/******/ 
+/************************************************************************/
+var __webpack_exports__ = {};
+
+;// CONCATENATED MODULE: ./test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.js
+const value = 'from-esm-only-package';
+
+;// CONCATENATED MODULE: ./test/unit/ts-esm-import-condition/input.ts
+
+console.log(value);
diff --git a/test/unit/ts-esm-import-condition/output.js b/test/unit/ts-esm-import-condition/output.js
new file mode 100644
index 00000000..ac1139e1
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/output.js
@@ -0,0 +1,13 @@
+/******/ /* webpack/runtime/compat */
+/******/ 
+/******/ if (typeof __nccwpck_require__ !== 'undefined') __nccwpck_require__.ab = new URL('.', import.meta.url).pathname.slice(import.meta.url.match(/^file:\/\/\/\w:/) ? 1 : 0, -1) + "/";
+/******/ 
+/************************************************************************/
+var __webpack_exports__ = {};
+
+;// CONCATENATED MODULE: ./test/unit/ts-esm-import-condition/node_modules/esm-only-condition-package/index.js
+const value = 'from-esm-only-package';
+
+;// CONCATENATED MODULE: ./test/unit/ts-esm-import-condition/input.ts
+
+console.log(value);
diff --git a/test/unit/ts-esm-import-condition/tsconfig.json b/test/unit/ts-esm-import-condition/tsconfig.json
new file mode 100644
index 00000000..e8073242
--- /dev/null
+++ b/test/unit/ts-esm-import-condition/tsconfig.json
@@ -0,0 +1,7 @@
+{
+  "compilerOptions": {
+    "module": "commonjs",
+    "moduleResolution": "node",
+    "target": "es2020"
+  }
+}