diff --git a/packages/babel-core/src/config/files/import-meta-resolve.ts b/packages/babel-core/src/config/files/import-meta-resolve.ts
index 07aeffefe419..f44bf2c11cf1 100644
--- a/packages/babel-core/src/config/files/import-meta-resolve.ts
+++ b/packages/babel-core/src/config/files/import-meta-resolve.ts
@@ -11,15 +11,31 @@ try {
 
 // import.meta.resolve is only available in ESM, but this file is compiled to CJS.
 // We can extract ir using dynamic import.
-const resolveP = import_
-  ? import_("data:text/javascript,export default import.meta.resolve").then(
-      // Since import.meta.resolve is unstable and only available when
-      // using the --experimental-import-meta-resolve flag, we almost
-      // always use the polyfill for now.
-      m => m.default || polyfill,
-      () => polyfill,
-    )
-  : Promise.resolve(polyfill);
+const resolveP =
+  import_ &&
+  // Due to a Node.js/V8 bug (https://github.com/nodejs/node/issues/35889), we cannot
+  // use dynamic import when running in the default Jest environment because it
+  // uses vm.SourceTextModule.
+  // Jest defines globalThis["jest-symbol-do-not-touch"] in
+  // https://github.com/facebook/jest/blob/11d79ec096a25851124356095d60352f6ca2824e/packages/jest-util/src/installCommonGlobals.ts#L49
+  // which is called by
+  // https://github.com/facebook/jest/blob/11d79ec096a25851124356095d60352f6ca2824e/packages/jest-environment-node/src/index.ts#L85
+  //
+  // Note that our Jest runner doesn't have this problem, because it runs ESM in the default
+  // Node.js context rather than using the `vm` module.
+  //
+  // When V8 fixes this bug, we can remove this check. We usually don't have package-specific hacks,
+  // but Jest is a big Babel consumer widely used in the community and they cannot workaround
+  // this problem on their side.
+  !Object.hasOwnProperty.call(global, "jest-symbol-do-not-touch")
+    ? import_("data:text/javascript,export default import.meta.resolve").then(
+        // Since import.meta.resolve is unstable and only available when
+        // using the --experimental-import-meta-resolve flag, we almost
+        // always use the polyfill for now.
+        m => m.default || polyfill,
+        () => polyfill,
+      )
+    : Promise.resolve(polyfill);
 
 export default function getImportMetaResolve(): Promise<ImportMeta["resolve"]> {
   return resolveP;