diff --git a/.eslintignore b/.eslintignore
index 46e7c9d1fd0e..f5e3671ee105 100644
--- a/.eslintignore
+++ b/.eslintignore
@@ -22,6 +22,7 @@ packages/babel-preset-env/test/debug-fixtures
 packages/babel-standalone/babel.js
 packages/babel-standalone/babel.min.js
 packages/babel-parser/test/expressions
+packages/babel-core/src/vendor
 
 eslint/*/lib
 eslint/*/node_modules
diff --git a/.gitignore b/.gitignore
index fbb484db921e..8112138dfa1a 100644
--- a/.gitignore
+++ b/.gitignore
@@ -25,6 +25,9 @@ package-lock.json
 
 /packages/babel-compat-data/build
 
+/packages/babel-core/src/vendor/*.js
+/packages/babel-core/src/vendor/*.ts
+
 /packages/babel-runtime/helpers/*.js
 !/packages/babel-runtime/helpers/toArray.js
 !/packages/babel-runtime/helpers/iterableToArray.js
diff --git a/.prettierignore b/.prettierignore
index 19e8316f03eb..a07d1de9cd44 100644
--- a/.prettierignore
+++ b/.prettierignore
@@ -2,6 +2,7 @@ package.json
 packages/babel-preset-env/data
 packages/babel-compat-data/data
 packages/babel-compat-data/scripts/data/overlapping-plugins.js
+packages/babel-core/src/vendor
 packages/*/test/fixtures/**/input.*
 packages/*/test/fixtures/**/exec.*
 packages/*/test/fixtures/**/output.*
diff --git a/Gulpfile.mjs b/Gulpfile.mjs
index ba431b72cc35..6d15d7a8e27a 100644
--- a/Gulpfile.mjs
+++ b/Gulpfile.mjs
@@ -20,6 +20,7 @@ import _rollupDts from "rollup-plugin-dts";
 const { default: rollupDts } = _rollupDts;
 import { Worker as JestWorker } from "jest-worker";
 import glob from "glob";
+import { resolve as importMetaResolve } from "import-meta-resolve";
 
 import rollupBabelSource from "./scripts/rollup-plugin-babel-source.js";
 import formatCode from "./scripts/utils/formatCode.js";
@@ -527,9 +528,54 @@ gulp.task(
 
 gulp.task("build-babel", () => buildBabel(true, /* exclude */ libBundles));
 
+gulp.task("build-vendor", async () => {
+  const input = fileURLToPath(
+    await importMetaResolve("import-meta-resolve", import.meta.url)
+  );
+  const output = "./packages/babel-core/src/vendor/import-meta-resolve.js";
+
+  const bundle = await rollup({
+    input,
+    onwarn(warning, warn) {
+      if (warning.code === "CIRCULAR_DEPENDENCY") return;
+      warn(warning);
+    },
+    plugins: [
+      rollupCommonJs({ defaultIsModuleExports: true }),
+      rollupNodeResolve({
+        extensions: [".js", ".mjs", ".cjs", ".json"],
+        preferBuiltins: true,
+      }),
+    ],
+  });
+
+  await bundle.write({
+    file: output,
+    format: "es",
+    sourcemap: false,
+    exports: "named",
+    banner: String.raw`
+/****************************************************************************\
+ *                         NOTE FROM BABEL AUTHORS                          *
+ * This file is inlined from https://github.com/wooorm/import-meta-resolve, *
+ * because we need to compile it to CommonJS.                               *
+\****************************************************************************/
+
+/*
+${fs.readFileSync(path.join(path.dirname(input), "license"), "utf8")}*/
+`,
+  });
+
+  fs.writeFileSync(
+    output.replace(".js", ".d.ts"),
+    `export function resolve(specifier: stirng, parent: string): Promise<string>;`
+  );
+});
+
 gulp.task(
   "build",
   gulp.series(
+    "build-vendor",
     gulp.parallel("build-rollup", "build-babel", "generate-runtime-helpers"),
     gulp.parallel(
       "generate-standalone",
@@ -552,6 +598,7 @@ gulp.task("build-no-bundle-watch", () => buildBabel(false));
 gulp.task(
   "build-dev",
   gulp.series(
+    "build-vendor",
     "build-no-bundle",
     gulp.parallel(
       "generate-standalone",
diff --git a/package.json b/package.json
index 6bf7b0d3e507..8272189498f8 100644
--- a/package.json
+++ b/package.json
@@ -62,6 +62,7 @@
     "gulp-filter": "^7.0.0",
     "gulp-plumber": "^1.2.1",
     "husky": "^7.0.4",
+    "import-meta-resolve": "^1.1.1",
     "jest": "^27.4.0",
     "jest-worker": "^27.4.0",
     "lint-staged": "^9.2.0",
diff --git a/packages/babel-core/src/config/files/import-meta-resolve.ts b/packages/babel-core/src/config/files/import-meta-resolve.ts
new file mode 100644
index 000000000000..f44bf2c11cf1
--- /dev/null
+++ b/packages/babel-core/src/config/files/import-meta-resolve.ts
@@ -0,0 +1,42 @@
+import { createRequire } from "module";
+import { resolve as polyfill } from "../../vendor/import-meta-resolve";
+
+const require = createRequire(import.meta.url);
+
+let import_;
+try {
+  // Node < 13.3 doesn't support import() syntax.
+  import_ = require("./import").default;
+} catch {}
+
+// 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_ &&
+  // 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;
+}
diff --git a/packages/babel-core/src/config/files/index.ts b/packages/babel-core/src/config/files/index.ts
index 5acd74166e61..31e856027e59 100644
--- a/packages/babel-core/src/config/files/index.ts
+++ b/packages/babel-core/src/config/files/index.ts
@@ -21,9 +21,10 @@ export type {
   RelativeConfig,
   FilePackageData,
 } from "./types";
-export {
-  resolvePlugin,
-  resolvePreset,
-  loadPlugin,
-  loadPreset,
-} from "./plugins";
+export { loadPlugin, loadPreset } from "./plugins";
+
+import gensync from "gensync";
+import * as plugins from "./plugins";
+
+export const resolvePlugin = gensync(plugins.resolvePlugin).sync;
+export const resolvePreset = gensync(plugins.resolvePreset).sync;
diff --git a/packages/babel-core/src/config/files/module-types.ts b/packages/babel-core/src/config/files/module-types.ts
index 68c7049f30e3..cb19a02da21d 100644
--- a/packages/babel-core/src/config/files/module-types.ts
+++ b/packages/babel-core/src/config/files/module-types.ts
@@ -12,6 +12,8 @@ try {
   import_ = require("./import").default;
 } catch {}
 
+export const supportsESM = !!import_;
+
 export default function* loadCjsOrMjsDefault(
   filepath: string,
   asyncError: string,
diff --git a/packages/babel-core/src/config/files/plugins.ts b/packages/babel-core/src/config/files/plugins.ts
index cedcbadd4bae..4cc017d5b3f8 100644
--- a/packages/babel-core/src/config/files/plugins.ts
+++ b/packages/babel-core/src/config/files/plugins.ts
@@ -4,9 +4,12 @@
 
 import buildDebug from "debug";
 import path from "path";
-import type { Handler } from "gensync";
-import loadCjsOrMjsDefault from "./module-types";
+import gensync, { type Gensync, type Handler } from "gensync";
 import { isAsync } from "../../gensync-utils/async";
+import loadCjsOrMjsDefault, { supportsESM } from "./module-types";
+import { fileURLToPath, pathToFileURL } from "url";
+
+import getImportMetaResolve from "./import-meta-resolve";
 
 import { createRequire } from "module";
 const require = createRequire(import.meta.url);
@@ -24,22 +27,19 @@ const OTHER_PRESET_ORG_RE =
   /^(@(?!babel\/)[^/]+\/)(?![^/]*babel-preset(?:-|\/|$)|[^/]+\/)/;
 const OTHER_ORG_DEFAULT_RE = /^(@(?!babel$)[^/]+)$/;
 
-export function resolvePlugin(name: string, dirname: string): string | null {
-  return resolveStandardizedName("plugin", name, dirname);
+export function* resolvePlugin(name: string, dirname: string): Handler<string> {
+  return yield* resolveStandardizedName("plugin", name, dirname);
 }
 
-export function resolvePreset(name: string, dirname: string): string | null {
-  return resolveStandardizedName("preset", name, dirname);
+export function* resolvePreset(name: string, dirname: string): Handler<string> {
+  return yield* resolveStandardizedName("preset", name, dirname);
 }
 
 export function* loadPlugin(
   name: string,
   dirname: string,
 ): Handler<{ filepath: string; value: unknown }> {
-  const filepath = resolvePlugin(name, dirname);
-  if (!filepath) {
-    throw new Error(`Plugin ${name} not found relative to ${dirname}`);
-  }
+  const filepath = yield* resolvePlugin(name, dirname);
 
   const value = yield* requireModule("plugin", filepath);
   debug("Loaded plugin %o from %o.", name, dirname);
@@ -51,10 +51,7 @@ export function* loadPreset(
   name: string,
   dirname: string,
 ): Handler<{ filepath: string; value: unknown }> {
-  const filepath = resolvePreset(name, dirname);
-  if (!filepath) {
-    throw new Error(`Preset ${name} not found relative to ${dirname}`);
-  }
+  const filepath = yield* resolvePreset(name, dirname);
 
   const value = yield* requireModule("preset", filepath);
 
@@ -93,62 +90,111 @@ function standardizeName(type: "plugin" | "preset", name: string) {
   );
 }
 
-function resolveStandardizedName(
+type Result<T> = { error: Error; value: null } | { error: null; value: T };
+
+function* resolveAlternativesHelper(
   type: "plugin" | "preset",
   name: string,
-  dirname: string = process.cwd(),
-) {
+): Iterator<string, string, Result<string>> {
   const standardizedName = standardizeName(type, name);
+  const { error, value } = yield standardizedName;
+  if (!error) return value;
+
+  // @ts-ignore
+  if (error.code !== "MODULE_NOT_FOUND") throw error;
 
+  if (standardizedName !== name && !(yield name).error) {
+    error.message += `\n- If you want to resolve "${name}", use "module:${name}"`;
+  }
+
+  if (!(yield standardizeName(type, "@babel/" + name)).error) {
+    error.message += `\n- Did you mean "@babel/${name}"?`;
+  }
+
+  const oppositeType = type === "preset" ? "plugin" : "preset";
+  if (!(yield standardizeName(oppositeType, name)).error) {
+    error.message += `\n- Did you accidentally pass a ${oppositeType} as a ${type}?`;
+  }
+
+  throw error;
+}
+
+function tryRequireResolve(
+  id: Parameters<RequireResolve>[0],
+  { paths: [dirname] }: Parameters<RequireResolve>[1],
+): Result<string> {
   try {
-    return require.resolve(standardizedName, {
-      paths: [dirname],
-    });
-  } catch (e) {
-    if (e.code !== "MODULE_NOT_FOUND") throw e;
-
-    if (standardizedName !== name) {
-      let resolvedOriginal = false;
-      try {
-        require.resolve(name, {
-          paths: [dirname],
-        });
-        resolvedOriginal = true;
-      } catch {}
-
-      if (resolvedOriginal) {
-        e.message += `\n- If you want to resolve "${name}", use "module:${name}"`;
-      }
-    }
+    return { error: null, value: require.resolve(id, { paths: [dirname] }) };
+  } catch (error) {
+    return { error, value: null };
+  }
+}
 
-    let resolvedBabel = false;
-    try {
-      require.resolve(standardizeName(type, "@babel/" + name), {
-        paths: [dirname],
-      });
-      resolvedBabel = true;
-    } catch {}
-
-    if (resolvedBabel) {
-      e.message += `\n- Did you mean "@babel/${name}"?`;
+async function tryImportMetaResolve(
+  id: Parameters<ImportMeta["resolve"]>[0],
+  options: Parameters<ImportMeta["resolve"]>[1],
+): Promise<Result<string>> {
+  const importMetaResolve = await getImportMetaResolve();
+  try {
+    return { error: null, value: await importMetaResolve(id, options) };
+  } catch (error) {
+    return { error, value: null };
+  }
+}
+
+function resolveStandardizedNameForRequrie(
+  type: "plugin" | "preset",
+  name: string,
+  dirname: string,
+) {
+  const it = resolveAlternativesHelper(type, name);
+  let res = it.next();
+  while (!res.done) {
+    res = it.next(tryRequireResolve(res.value, { paths: [dirname] }));
+  }
+  return res.value;
+}
+async function resolveStandardizedNameForImport(
+  type: "plugin" | "preset",
+  name: string,
+  dirname: string,
+) {
+  const parentUrl = pathToFileURL(
+    path.join(dirname, "./babel-virtual-resolve-base.js"),
+  ).href;
+
+  const it = resolveAlternativesHelper(type, name);
+  let res = it.next();
+  while (!res.done) {
+    res = it.next(await tryImportMetaResolve(res.value, parentUrl));
+  }
+  return fileURLToPath(res.value);
+}
+
+const resolveStandardizedName: Gensync<
+  (type: "plugin" | "preset", name: string, dirname?: string) => string
+> = gensync({
+  sync(type, name, dirname = process.cwd()) {
+    return resolveStandardizedNameForRequrie(type, name, dirname);
+  },
+  async async(type, name, dirname = process.cwd()) {
+    if (!supportsESM) {
+      return resolveStandardizedNameForRequrie(type, name, dirname);
     }
 
-    let resolvedOppositeType = false;
-    const oppositeType = type === "preset" ? "plugin" : "preset";
     try {
-      require.resolve(standardizeName(oppositeType, name), {
-        paths: [dirname],
-      });
-      resolvedOppositeType = true;
-    } catch {}
-
-    if (resolvedOppositeType) {
-      e.message += `\n- Did you accidentally pass a ${oppositeType} as a ${type}?`;
+      return await resolveStandardizedNameForImport(type, name, dirname);
+    } catch (e) {
+      try {
+        return resolveStandardizedNameForRequrie(type, name, dirname);
+      } catch (e2) {
+        if (e.type === "MODULE_NOT_FOUND") throw e;
+        if (e2.type === "MODULE_NOT_FOUND") throw e2;
+        throw e;
+      }
     }
-
-    throw e;
-  }
-}
+  },
+});
 
 if (!process.env.BABEL_8_BREAKING) {
   // eslint-disable-next-line no-var
diff --git a/packages/babel-core/src/vendor/.gitkeep b/packages/babel-core/src/vendor/.gitkeep
new file mode 100644
index 000000000000..e69de29bb2d1
diff --git a/packages/babel-core/src/vendor/import-meta-resolve.d.ts b/packages/babel-core/src/vendor/import-meta-resolve.d.ts
new file mode 100644
index 000000000000..ac3a5b55ffca
--- /dev/null
+++ b/packages/babel-core/src/vendor/import-meta-resolve.d.ts
@@ -0,0 +1 @@
+export function resolve(specifier: stirng, parent: string): Promise<string>;
\ No newline at end of file
diff --git a/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/import.mjs b/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/import.mjs
new file mode 100644
index 000000000000..d1a9f08d5cf9
--- /dev/null
+++ b/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/import.mjs
@@ -0,0 +1,9 @@
+export default function ({ types: t }) {
+  return {
+    visitor: {
+      Program(path) {
+        path.pushContainer("body", t.stringLiteral("ESM"));
+      },
+    },
+  };
+}
diff --git a/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/package.json b/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/package.json
new file mode 100644
index 000000000000..555516994e16
--- /dev/null
+++ b/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/package.json
@@ -0,0 +1,7 @@
+{
+  "name": "babel-plugin-dual",
+  "exports": {
+    "import": "./import.mjs",
+    "require": "./require.cjs"
+  }
+}
diff --git a/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/require.cjs b/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/require.cjs
new file mode 100644
index 000000000000..38d728eb033f
--- /dev/null
+++ b/packages/babel-core/test/fixtures/resolution/pkg-exports/node_modules/babel-plugin-dual/require.cjs
@@ -0,0 +1,9 @@
+module.exports = function ({ types: t }) {
+  return {
+    visitor: {
+      Program(path) {
+        path.pushContainer("body", t.stringLiteral("CJS"));
+      },
+    },
+  };
+};
diff --git a/packages/babel-core/test/resolution.js b/packages/babel-core/test/resolution.js
index b8a204f9687c..09b5d1770b50 100644
--- a/packages/babel-core/test/resolution.js
+++ b/packages/babel-core/test/resolution.js
@@ -463,4 +463,30 @@ describe("addon resolution", function () {
       });
     }).toThrow(/Cannot (?:find|resolve) module 'babel-plugin-foo'/);
   });
+
+  const nodeGte12 = parseInt(process.versions.node, 10) >= 12 ? it : it.skip;
+
+  nodeGte12("should respect package.json#exports", async function () {
+    process.chdir("pkg-exports");
+
+    expect(
+      babel.transformSync("", {
+        filename: "filename.js",
+        babelrc: false,
+        configFile: false,
+        plugins: ["babel-plugin-dual"],
+      }).code,
+    ).toBe(`"CJS"`);
+
+    expect(
+      (
+        await babel.transformAsync("", {
+          filename: "filename.js",
+          babelrc: false,
+          configFile: false,
+          plugins: ["babel-plugin-dual"],
+        })
+      ).code,
+    ).toBe(`"ESM"`);
+  });
 });
diff --git a/yarn.lock b/yarn.lock
index 066d1ef8c551..4f5bc94eba7e 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -5866,6 +5866,7 @@ __metadata:
     gulp-filter: ^7.0.0
     gulp-plumber: ^1.2.1
     husky: ^7.0.4
+    import-meta-resolve: ^1.1.1
     jest: ^27.4.0
     jest-worker: ^27.4.0
     lint-staged: ^9.2.0
@@ -6281,6 +6282,15 @@ __metadata:
   languageName: node
   linkType: hard
 
+"builtins@npm:^4.0.0":
+  version: 4.0.0
+  resolution: "builtins@npm:4.0.0"
+  dependencies:
+    semver: ^7.0.0
+  checksum: 3c8b3b96ed88dd8e21286a3590292862ad62a59085bbcd77a4470848fed0f59fcd67f366afdf9ca8d7e77abce7ccf336bf662c12ead949294aa03bc563a57a1c
+  languageName: node
+  linkType: hard
+
 "cacache@npm:^12.0.2":
   version: 12.0.4
   resolution: "cacache@npm:12.0.4"
@@ -9627,6 +9637,15 @@ fsevents@^1.2.7:
   languageName: node
   linkType: hard
 
+"import-meta-resolve@npm:^1.1.1":
+  version: 1.1.1
+  resolution: "import-meta-resolve@npm:1.1.1"
+  dependencies:
+    builtins: ^4.0.0
+  checksum: 2024161e169c45ed25a9f51d984a432a9cc342c35737f9410266bab237ca2f756c1f80c15e2297df83c92f585743d5105291f2ad24094a513f804c6023ea1472
+  languageName: node
+  linkType: hard
+
 "imurmurhash@npm:^0.1.4":
   version: 0.1.4
   resolution: "imurmurhash@npm:0.1.4"
@@ -13813,7 +13832,7 @@ fsevents@^1.2.7:
   languageName: node
   linkType: hard
 
-"semver@npm:^7.2.1, semver@npm:^7.3.2, semver@npm:^7.3.5":
+"semver@npm:^7.0.0, semver@npm:^7.2.1, semver@npm:^7.3.2, semver@npm:^7.3.5":
   version: 7.3.5
   resolution: "semver@npm:7.3.5"
   dependencies: