diff --git a/packages/vite/src/node/server/hmr.ts b/packages/vite/src/node/server/hmr.ts
index 42badca778b453..e72b1ebdf05338 100644
--- a/packages/vite/src/node/server/hmr.ts
+++ b/packages/vite/src/node/server/hmr.ts
@@ -144,13 +144,21 @@ export function updateModules(
   let needFullReload = false
 
   for (const mod of modules) {
-    moduleGraph.invalidateModule(mod, invalidatedModules, timestamp, true)
+    const boundaries: { boundary: ModuleNode; acceptedVia: ModuleNode }[] = []
+    const hasDeadEnd = propagateUpdate(mod, traversedModules, boundaries)
+
+    moduleGraph.invalidateModule(
+      mod,
+      invalidatedModules,
+      timestamp,
+      true,
+      boundaries.map((b) => b.boundary),
+    )
+
     if (needFullReload) {
       continue
     }
 
-    const boundaries: { boundary: ModuleNode; acceptedVia: ModuleNode }[] = []
-    const hasDeadEnd = propagateUpdate(mod, traversedModules, boundaries)
     if (hasDeadEnd) {
       needFullReload = true
       continue
diff --git a/packages/vite/src/node/server/moduleGraph.ts b/packages/vite/src/node/server/moduleGraph.ts
index 804e38bc2c3cc7..9bc413ad4af8af 100644
--- a/packages/vite/src/node/server/moduleGraph.ts
+++ b/packages/vite/src/node/server/moduleGraph.ts
@@ -121,6 +121,7 @@ export class ModuleGraph {
     seen: Set<ModuleNode> = new Set(),
     timestamp: number = Date.now(),
     isHmr: boolean = false,
+    hmrBoundaries: ModuleNode[] = [],
   ): void {
     if (seen.has(mod)) {
       return
@@ -139,6 +140,11 @@ export class ModuleGraph {
     mod.ssrTransformResult = null
     mod.ssrModule = null
     mod.ssrError = null
+
+    // Fix #3033
+    if (hmrBoundaries.includes(mod)) {
+      return
+    }
     mod.importers.forEach((importer) => {
       if (!importer.acceptedHmrDeps.has(mod)) {
         this.invalidateModule(importer, seen, timestamp, isHmr)
diff --git a/playground/hmr/__tests__/hmr.spec.ts b/playground/hmr/__tests__/hmr.spec.ts
index a7fbbad80ae90e..a80f711dbdcd2a 100644
--- a/playground/hmr/__tests__/hmr.spec.ts
+++ b/playground/hmr/__tests__/hmr.spec.ts
@@ -786,4 +786,14 @@ if (import.meta.hot) {
     )
     await untilUpdated(() => el.textContent(), '2')
   })
+
+  test('issue-3033', async () => {
+    await page.goto(viteTestUrl + '/issue-3033/index.html')
+    const el = await page.$('.issue-3033')
+    expect(await el.textContent()).toBe('c')
+    editFile('issue-3033/c.js', (code) =>
+      code.replace(`export const c = 'c'`, `export const c = 'cc'`),
+    )
+    await untilUpdated(() => el.textContent(), 'cc')
+  })
 }
diff --git a/playground/hmr/issue-3033/a.js b/playground/hmr/issue-3033/a.js
new file mode 100644
index 00000000000000..a559b739d9f253
--- /dev/null
+++ b/playground/hmr/issue-3033/a.js
@@ -0,0 +1,5 @@
+import { b } from './b'
+
+export const a = {
+  b,
+}
diff --git a/playground/hmr/issue-3033/b.js b/playground/hmr/issue-3033/b.js
new file mode 100644
index 00000000000000..4f5a135418728c
--- /dev/null
+++ b/playground/hmr/issue-3033/b.js
@@ -0,0 +1,7 @@
+import { c } from './c'
+
+const b = {
+  c,
+}
+
+export { b }
diff --git a/playground/hmr/issue-3033/c.js b/playground/hmr/issue-3033/c.js
new file mode 100644
index 00000000000000..18ebe62aa9f0a7
--- /dev/null
+++ b/playground/hmr/issue-3033/c.js
@@ -0,0 +1,12 @@
+import './b'
+
+export const c = 'c'
+
+function render(content) {
+  document.querySelector('.issue-3033').textContent = content
+}
+render(c)
+
+import.meta.hot?.accept((nextExports) => {
+  render(nextExports.c)
+})
diff --git a/playground/hmr/issue-3033/index.html b/playground/hmr/issue-3033/index.html
new file mode 100644
index 00000000000000..aa40111b26c214
--- /dev/null
+++ b/playground/hmr/issue-3033/index.html
@@ -0,0 +1,2 @@
+<script type="module" src="index.js"></script>
+<div class="issue-3033"></div>
diff --git a/playground/hmr/issue-3033/index.js b/playground/hmr/issue-3033/index.js
new file mode 100644
index 00000000000000..604c0a3518932b
--- /dev/null
+++ b/playground/hmr/issue-3033/index.js
@@ -0,0 +1,3 @@
+import { a } from './a'
+
+console.log(a)