diff --git a/lib/internal/modules/esm/create_dynamic_module.js b/lib/internal/modules/esm/create_dynamic_module.js
index 26ccd38be1ad6f..95ff24277aa06e 100644
--- a/lib/internal/modules/esm/create_dynamic_module.js
+++ b/lib/internal/modules/esm/create_dynamic_module.js
@@ -45,8 +45,9 @@ import.meta.done();
 
   if (imports.length)
     reflect.imports = { __proto__: null };
-  const { setCallbackForWrap } = require('internal/modules/esm/utils');
-  setCallbackForWrap(m, {
+  const { registerModule } = require('internal/modules/esm/utils');
+  registerModule(m, {
+    __proto__: null,
     initializeImportMeta: (meta, wrap) => {
       meta.exports = reflect.exports;
       if (reflect.imports)
diff --git a/lib/internal/modules/esm/loader.js b/lib/internal/modules/esm/loader.js
index 14b78f660f1782..5d1307565885de 100644
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@@ -180,9 +180,10 @@ class ModuleLoader {
   ) {
     const evalInstance = (url) => {
       const { ModuleWrap } = internalBinding('module_wrap');
-      const { setCallbackForWrap } = require('internal/modules/esm/utils');
+      const { registerModule } = require('internal/modules/esm/utils');
       const module = new ModuleWrap(url, undefined, source, 0, 0);
-      setCallbackForWrap(module, {
+      registerModule(module, {
+        __proto__: null,
         initializeImportMeta: (meta, wrap) => this.importMetaInitialize(meta, { url }),
         importModuleDynamically: (specifier, { url }, importAssertions) => {
           return this.import(specifier, url, importAssertions);
diff --git a/lib/internal/modules/esm/translators.js b/lib/internal/modules/esm/translators.js
index 80228e895fafcf..b143cd0ad34d0e 100644
--- a/lib/internal/modules/esm/translators.js
+++ b/lib/internal/modules/esm/translators.js
@@ -116,8 +116,9 @@ translators.set('module', async function moduleStrategy(url, source, isMain) {
   maybeCacheSourceMap(url, source);
   debug(`Translating StandardModule ${url}`);
   const module = new ModuleWrap(url, undefined, source, 0, 0);
-  const { setCallbackForWrap } = require('internal/modules/esm/utils');
-  setCallbackForWrap(module, {
+  const { registerModule } = require('internal/modules/esm/utils');
+  registerModule(module, {
+    __proto__: null,
     initializeImportMeta: (meta, wrap) => this.importMetaInitialize(meta, { url }),
     importModuleDynamically,
   });
diff --git a/lib/internal/modules/esm/utils.js b/lib/internal/modules/esm/utils.js
index 74756857f70044..82d892a96f1936 100644
--- a/lib/internal/modules/esm/utils.js
+++ b/lib/internal/modules/esm/utils.js
@@ -7,6 +7,11 @@ const {
   ObjectFreeze,
 } = primordials;
 
+const {
+  privateSymbols: {
+    host_defined_option_symbol,
+  },
+} = internalBinding('util');
 const {
   ERR_VM_DYNAMIC_IMPORT_CALLBACK_MISSING,
   ERR_INVALID_ARG_VALUE,
@@ -21,16 +26,8 @@ const {
   setImportModuleDynamicallyCallback,
   setInitializeImportMetaObjectCallback,
 } = internalBinding('module_wrap');
-const {
-  getModuleFromWrap,
-} = require('internal/vm/module');
 const assert = require('internal/assert');
 
-const callbackMap = new SafeWeakMap();
-function setCallbackForWrap(wrap, data) {
-  callbackMap.set(wrap, data);
-}
-
 let defaultConditions;
 function getDefaultConditions() {
   assert(defaultConditions !== undefined);
@@ -73,21 +70,75 @@ function getConditionsSet(conditions) {
   return getDefaultConditionsSet();
 }
 
-function initializeImportMetaObject(wrap, meta) {
-  if (callbackMap.has(wrap)) {
-    const { initializeImportMeta } = callbackMap.get(wrap);
+/**
+ * @callback ImportModuleDynamicallyCallback
+ * @param {string} specifier
+ * @param {ModuleWrap|ContextifyScript|Function|vm.Module} callbackReferrer
+ * @param {object} assertions
+ * @returns { Promise<void> }
+ */
+
+/**
+ * @callback InitializeImportMetaCallback
+ * @param {object} meta
+ * @param {ModuleWrap|ContextifyScript|Function|vm.Module} callbackReferrer
+ */
+
+/**
+ * @typedef {{
+ *   callbackReferrer: ModuleWrap|ContextifyScript|Function|vm.Module
+ *   initializeImportMeta? : InitializeImportMetaCallback,
+ *   importModuleDynamically? : ImportModuleDynamicallyCallback
+ * }} ModuleRegistry
+ */
+
+/**
+ * @type {WeakMap<symbol, ModuleRegistry>}
+ */
+const moduleRegistries = new SafeWeakMap();
+
+/**
+ * V8 would make sure that as long as import() can still be initiated from
+ * the referrer, the symbol referenced by |host_defined_option_symbol| should
+ * be alive, which in term would keep the settings object alive through the
+ * WeakMap, and in turn that keeps the referrer object alive, which would be
+ * passed into the callbacks.
+ * The reference goes like this:
+ * [v8::internal::Script] (via host defined options) ----1--> [idSymbol]
+ * [callbackReferrer] (via host_defined_option_symbol) ------2------^  |
+ *                                 ^----------3---- (via WeakMap)------
+ * 1+3 makes sure that as long as import() can still be initiated, the
+ * referrer wrap is still around and can be passed into the callbacks.
+ * 2 is only there so that we can get the id symbol to configure the
+ * weak map.
+ * @param {ModuleWrap|ContextifyScript|Function} referrer The referrer to
+ *   get the id symbol from. This is different from callbackReferrer which
+ *   could be set by the caller.
+ * @param {ModuleRegistry} registry
+ */
+function registerModule(referrer, registry) {
+  const idSymbol = referrer[host_defined_option_symbol];
+  // To prevent it from being GC'ed.
+  registry.callbackReferrer ??= referrer;
+  moduleRegistries.set(idSymbol, registry);
+}
+
+// The native callback
+function initializeImportMetaObject(symbol, meta) {
+  if (moduleRegistries.has(symbol)) {
+    const { initializeImportMeta, callbackReferrer } = moduleRegistries.get(symbol);
     if (initializeImportMeta !== undefined) {
-      meta = initializeImportMeta(meta, getModuleFromWrap(wrap) || wrap);
+      meta = initializeImportMeta(meta, callbackReferrer);
     }
   }
 }
 
-async function importModuleDynamicallyCallback(wrap, specifier, assertions) {
-  if (callbackMap.has(wrap)) {
-    const { importModuleDynamically } = callbackMap.get(wrap);
+// The native callback
+async function importModuleDynamicallyCallback(symbol, specifier, assertions) {
+  if (moduleRegistries.has(symbol)) {
+    const { importModuleDynamically, callbackReferrer } = moduleRegistries.get(symbol);
     if (importModuleDynamically !== undefined) {
-      return importModuleDynamically(
-        specifier, getModuleFromWrap(wrap) || wrap, assertions);
+      return importModuleDynamically(specifier, callbackReferrer, assertions);
     }
   }
   throw new ERR_VM_DYNAMIC_IMPORT_CALLBACK_MISSING();
@@ -149,7 +200,7 @@ async function initializeHooks() {
 }
 
 module.exports = {
-  setCallbackForWrap,
+  registerModule,
   initializeESM,
   initializeHooks,
   getDefaultConditions,
diff --git a/lib/internal/vm.js b/lib/internal/vm.js
index b14ba13e7e4cfb..ba5e2324667374 100644
--- a/lib/internal/vm.js
+++ b/lib/internal/vm.js
@@ -100,9 +100,10 @@ function internalCompileFunction(code, params, options) {
     const { importModuleDynamicallyWrap } = require('internal/vm/module');
     const wrapped = importModuleDynamicallyWrap(importModuleDynamically);
     const func = result.function;
-    const { setCallbackForWrap } = require('internal/modules/esm/utils');
-    setCallbackForWrap(result.cacheKey, {
-      importModuleDynamically: (s, _k, i) => wrapped(s, func, i),
+    const { registerModule } = require('internal/modules/esm/utils');
+    registerModule(func, {
+      __proto__: null,
+      importModuleDynamically: wrapped,
     });
   }
 
diff --git a/lib/internal/vm/module.js b/lib/internal/vm/module.js
index 3d2d25064b62cd..c77ee9b107e0ad 100644
--- a/lib/internal/vm/module.js
+++ b/lib/internal/vm/module.js
@@ -11,7 +11,6 @@ const {
   ObjectSetPrototypeOf,
   ReflectApply,
   SafePromiseAllReturnVoid,
-  SafeWeakMap,
   Symbol,
   SymbolToStringTag,
   TypeError,
@@ -69,7 +68,6 @@ const STATUS_MAP = {
 
 let globalModuleId = 0;
 const defaultModuleName = 'vm:module';
-const wrapToModuleMap = new SafeWeakMap();
 
 const kWrap = Symbol('kWrap');
 const kContext = Symbol('kContext');
@@ -120,17 +118,18 @@ class Module {
       });
     }
 
+    let registry = { __proto__: null };
     if (sourceText !== undefined) {
       this[kWrap] = new ModuleWrap(identifier, context, sourceText,
                                    options.lineOffset, options.columnOffset,
                                    options.cachedData);
-      const { setCallbackForWrap } = require('internal/modules/esm/utils');
-      setCallbackForWrap(this[kWrap], {
+      registry = {
+        __proto__: null,
         initializeImportMeta: options.initializeImportMeta,
         importModuleDynamically: options.importModuleDynamically ?
           importModuleDynamicallyWrap(options.importModuleDynamically) :
           undefined,
-      });
+      };
     } else {
       assert(syntheticEvaluationSteps);
       this[kWrap] = new ModuleWrap(identifier, context,
@@ -138,7 +137,11 @@ class Module {
                                    syntheticEvaluationSteps);
     }
 
-    wrapToModuleMap.set(this[kWrap], this);
+    // This will take precedence over the referrer as the object being
+    // passed into the callbacks.
+    registry.callbackReferrer = this;
+    const { registerModule } = require('internal/modules/esm/utils');
+    registerModule(this[kWrap], registry);
 
     this[kContext] = context;
   }
@@ -445,5 +448,4 @@ module.exports = {
   SourceTextModule,
   SyntheticModule,
   importModuleDynamicallyWrap,
-  getModuleFromWrap: (wrap) => wrapToModuleMap.get(wrap),
 };
diff --git a/lib/vm.js b/lib/vm.js
index 515c7afb4aedb9..4b9bedec3f4934 100644
--- a/lib/vm.js
+++ b/lib/vm.js
@@ -105,8 +105,9 @@ class Script extends ContextifyScript {
       validateFunction(importModuleDynamically,
                        'options.importModuleDynamically');
       const { importModuleDynamicallyWrap } = require('internal/vm/module');
-      const { setCallbackForWrap } = require('internal/modules/esm/utils');
-      setCallbackForWrap(this, {
+      const { registerModule } = require('internal/modules/esm/utils');
+      registerModule(this, {
+        __proto__: null,
         importModuleDynamically:
           importModuleDynamicallyWrap(importModuleDynamically),
       });
diff --git a/src/env-inl.h b/src/env-inl.h
index 7802304b1891ae..793dc72e0dbad8 100644
--- a/src/env-inl.h
+++ b/src/env-inl.h
@@ -393,16 +393,6 @@ inline AliasedInt32Array& Environment::stream_base_state() {
   return stream_base_state_;
 }
 
-inline uint32_t Environment::get_next_module_id() {
-  return module_id_counter_++;
-}
-inline uint32_t Environment::get_next_script_id() {
-  return script_id_counter_++;
-}
-inline uint32_t Environment::get_next_function_id() {
-  return function_id_counter_++;
-}
-
 ShouldNotAbortOnUncaughtScope::ShouldNotAbortOnUncaughtScope(
     Environment* env)
     : env_(env) {
diff --git a/src/env.h b/src/env.h
index c02fc6bd62dd78..afe67d2237ae69 100644
--- a/src/env.h
+++ b/src/env.h
@@ -746,14 +746,6 @@ class Environment : public MemoryRetainer {
   builtins::BuiltinLoader* builtin_loader();
 
   std::unordered_multimap<int, loader::ModuleWrap*> hash_to_module_map;
-  std::unordered_map<uint32_t, loader::ModuleWrap*> id_to_module_map;
-  std::unordered_map<uint32_t, contextify::ContextifyScript*>
-      id_to_script_map;
-  std::unordered_map<uint32_t, contextify::CompiledFnEntry*> id_to_function_map;
-
-  inline uint32_t get_next_module_id();
-  inline uint32_t get_next_script_id();
-  inline uint32_t get_next_function_id();
 
   EnabledDebugList* enabled_debug_list() { return &enabled_debug_list_; }
 
diff --git a/src/env_properties.h b/src/env_properties.h
index 687422d1a4fb0b..db471d4efb8d1d 100644
--- a/src/env_properties.h
+++ b/src/env_properties.h
@@ -22,6 +22,7 @@
   V(contextify_context_private_symbol, "node:contextify:context")              \
   V(decorated_private_symbol, "node:decorated")                                \
   V(transfer_mode_private_symbol, "node:transfer_mode")                        \
+  V(host_defined_option_symbol, "node:host_defined_option_symbol")             \
   V(js_transferable_wrapper_private_symbol, "node:js_transferable_wrapper")    \
   V(napi_type_tag, "node:napi:type_tag")                                       \
   V(napi_wrapper, "node:napi:wrapper")                                         \
@@ -342,7 +343,6 @@
   V(blocklist_constructor_template, v8::FunctionTemplate)                      \
   V(contextify_global_template, v8::ObjectTemplate)                            \
   V(contextify_wrapper_template, v8::ObjectTemplate)                           \
-  V(compiled_fn_entry_template, v8::ObjectTemplate)                            \
   V(crypto_key_object_handle_constructor, v8::FunctionTemplate)                \
   V(env_proxy_template, v8::ObjectTemplate)                                    \
   V(env_proxy_ctor_template, v8::FunctionTemplate)                             \
diff --git a/src/module_wrap.cc b/src/module_wrap.cc
index b96106a39744b9..7fb192bbdcd4cc 100644
--- a/src/module_wrap.cc
+++ b/src/module_wrap.cc
@@ -38,13 +38,13 @@ using v8::MaybeLocal;
 using v8::MicrotaskQueue;
 using v8::Module;
 using v8::ModuleRequest;
-using v8::Number;
 using v8::Object;
 using v8::PrimitiveArray;
 using v8::Promise;
 using v8::ScriptCompiler;
 using v8::ScriptOrigin;
 using v8::String;
+using v8::Symbol;
 using v8::UnboundModuleScript;
 using v8::Undefined;
 using v8::Value;
@@ -55,11 +55,7 @@ ModuleWrap::ModuleWrap(Environment* env,
                        Local<String> url,
                        Local<Object> context_object,
                        Local<Value> synthetic_evaluation_step)
-    : BaseObject(env, object),
-      module_(env->isolate(), module),
-      id_(env->get_next_module_id()) {
-  env->id_to_module_map.emplace(id_, this);
-
+    : BaseObject(env, object), module_(env->isolate(), module) {
   object->SetInternalField(kURLSlot, url);
   object->SetInternalField(kSyntheticEvaluationStepsSlot,
                            synthetic_evaluation_step);
@@ -73,7 +69,6 @@ ModuleWrap::ModuleWrap(Environment* env,
 ModuleWrap::~ModuleWrap() {
   HandleScope scope(env()->isolate());
   Local<Module> module = module_.Get(env()->isolate());
-  env()->id_to_module_map.erase(id_);
   auto range = env()->hash_to_module_map.equal_range(module->GetIdentityHash());
   for (auto it = range.first; it != range.second; ++it) {
     if (it->second == this) {
@@ -102,14 +97,6 @@ ModuleWrap* ModuleWrap::GetFromModule(Environment* env,
   return nullptr;
 }
 
-ModuleWrap* ModuleWrap::GetFromID(Environment* env, uint32_t id) {
-  auto module_wrap_it = env->id_to_module_map.find(id);
-  if (module_wrap_it == env->id_to_module_map.end()) {
-    return nullptr;
-  }
-  return module_wrap_it->second;
-}
-
 // new ModuleWrap(url, context, source, lineOffset, columnOffset)
 // new ModuleWrap(url, context, exportNames, syntheticExecutionFunction)
 void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
@@ -154,8 +141,8 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
 
   Local<PrimitiveArray> host_defined_options =
       PrimitiveArray::New(isolate, HostDefinedOptions::kLength);
-  host_defined_options->Set(isolate, HostDefinedOptions::kType,
-                            Number::New(isolate, ScriptType::kModule));
+  Local<Symbol> id_symbol = Symbol::New(isolate, url);
+  host_defined_options->Set(isolate, HostDefinedOptions::kID, id_symbol);
 
   ShouldNotAbortOnUncaughtScope no_abort_scope(env);
   TryCatchScope try_catch(env);
@@ -235,6 +222,11 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
     return;
   }
 
+  if (that->SetPrivate(context, env->host_defined_option_symbol(), id_symbol)
+          .IsNothing()) {
+    return;
+  }
+
   // Use the extras object as an object whose GetCreationContext() will be the
   // original `context`, since the `Context` itself strictly speaking cannot
   // be stored in an internal field.
@@ -249,9 +241,6 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
 
   env->hash_to_module_map.emplace(module->GetIdentityHash(), obj);
 
-  host_defined_options->Set(isolate, HostDefinedOptions::kID,
-                            Number::New(isolate, obj->id()));
-
   that->SetIntegrityLevel(context, IntegrityLevel::kFrozen);
   args.GetReturnValue().Set(that);
 }
@@ -586,35 +575,16 @@ static MaybeLocal<Promise> ImportModuleDynamically(
 
   Local<Value> object;
 
-  int type = options->Get(context, HostDefinedOptions::kType)
-                 .As<Number>()
-                 ->Int32Value(context)
-                 .ToChecked();
-  uint32_t id = options->Get(context, HostDefinedOptions::kID)
-                    .As<Number>()
-                    ->Uint32Value(context)
-                    .ToChecked();
-  if (type == ScriptType::kScript) {
-    contextify::ContextifyScript* wrap = env->id_to_script_map.find(id)->second;
-    object = wrap->object();
-  } else if (type == ScriptType::kModule) {
-    ModuleWrap* wrap = ModuleWrap::GetFromID(env, id);
-    object = wrap->object();
-  } else if (type == ScriptType::kFunction) {
-    auto it = env->id_to_function_map.find(id);
-    CHECK_NE(it, env->id_to_function_map.end());
-    object = it->second->object();
-  } else {
-    UNREACHABLE();
-  }
+  Local<Symbol> id =
+      options->Get(context, HostDefinedOptions::kID).As<Symbol>();
 
   Local<Object> assertions =
     createImportAssertionContainer(env, isolate, import_assertions);
 
   Local<Value> import_args[] = {
-    object,
-    Local<Value>(specifier),
-    assertions,
+      id,
+      Local<Value>(specifier),
+      assertions,
   };
 
   Local<Value> result;
@@ -658,7 +628,13 @@ void ModuleWrap::HostInitializeImportMetaObjectCallback(
   Local<Object> wrap = module_wrap->object();
   Local<Function> callback =
       env->host_initialize_import_meta_object_callback();
-  Local<Value> args[] = { wrap, meta };
+  Local<Value> id;
+  if (!wrap->GetPrivate(context, env->host_defined_option_symbol())
+           .ToLocal(&id)) {
+    return;
+  }
+  DCHECK(id->IsSymbol());
+  Local<Value> args[] = {id, meta};
   TryCatchScope try_catch(env);
   USE(callback->Call(
         context, Undefined(env->isolate()), arraysize(args), args));
diff --git a/src/module_wrap.h b/src/module_wrap.h
index a3d3386763af85..b96d629f3e5ae4 100644
--- a/src/module_wrap.h
+++ b/src/module_wrap.h
@@ -26,9 +26,8 @@ enum ScriptType : int {
 };
 
 enum HostDefinedOptions : int {
-  kType = 8,
-  kID = 9,
-  kLength = 10,
+  kID = 8,
+  kLength = 9,
 };
 
 class ModuleWrap : public BaseObject {
@@ -55,9 +54,7 @@ class ModuleWrap : public BaseObject {
     tracker->TrackField("resolve_cache", resolve_cache_);
   }
 
-  inline uint32_t id() { return id_; }
   v8::Local<v8::Context> context() const;
-  static ModuleWrap* GetFromID(node::Environment*, uint32_t id);
 
   SET_MEMORY_INFO_NAME(ModuleWrap)
   SET_SELF_SIZE(ModuleWrap)
@@ -109,7 +106,6 @@ class ModuleWrap : public BaseObject {
   contextify::ContextifyContext* contextify_context_ = nullptr;
   bool synthetic_ = false;
   bool linked_ = false;
-  uint32_t id_;
 };
 
 }  // namespace loader
diff --git a/src/node_contextify.cc b/src/node_contextify.cc
index a557f5bd9f3b35..5ec80a7b6666cb 100644
--- a/src/node_contextify.cc
+++ b/src/node_contextify.cc
@@ -60,7 +60,6 @@ using v8::MicrotasksPolicy;
 using v8::Name;
 using v8::NamedPropertyHandlerConfiguration;
 using v8::Nothing;
-using v8::Number;
 using v8::Object;
 using v8::ObjectTemplate;
 using v8::PrimitiveArray;
@@ -73,11 +72,11 @@ using v8::Script;
 using v8::ScriptCompiler;
 using v8::ScriptOrigin;
 using v8::String;
+using v8::Symbol;
 using v8::Uint32;
 using v8::UnboundScript;
 using v8::Value;
 using v8::WeakCallbackInfo;
-using v8::WeakCallbackType;
 
 // The vm module executes code in a sandboxed environment with a different
 // global object than the rest of the code. This is achieved by applying
@@ -817,10 +816,9 @@ void ContextifyScript::New(const FunctionCallbackInfo<Value>& args) {
 
   Local<PrimitiveArray> host_defined_options =
       PrimitiveArray::New(isolate, loader::HostDefinedOptions::kLength);
-  host_defined_options->Set(isolate, loader::HostDefinedOptions::kType,
-                            Number::New(isolate, loader::ScriptType::kScript));
-  host_defined_options->Set(isolate, loader::HostDefinedOptions::kID,
-                            Number::New(isolate, contextify_script->id()));
+  Local<Symbol> id_symbol = Symbol::New(isolate, filename);
+  host_defined_options->Set(
+      isolate, loader::HostDefinedOptions::kID, id_symbol);
 
   ScriptOrigin origin(isolate,
                       filename,
@@ -864,6 +862,12 @@ void ContextifyScript::New(const FunctionCallbackInfo<Value>& args) {
     new_cached_data.reset(ScriptCompiler::CreateCodeCache(v8_script));
   }
 
+  if (contextify_script->object()
+          ->SetPrivate(context, env->host_defined_option_symbol(), id_symbol)
+          .IsNothing()) {
+    return;
+  }
+
   if (StoreCodeCacheResult(env,
                            args.This(),
                            compile_options,
@@ -1116,17 +1120,11 @@ bool ContextifyScript::EvalMachine(Local<Context> context,
 }
 
 ContextifyScript::ContextifyScript(Environment* env, Local<Object> object)
-    : BaseObject(env, object),
-      id_(env->get_next_script_id()) {
+    : BaseObject(env, object) {
   MakeWeak();
-  env->id_to_script_map.emplace(id_, this);
-}
-
-
-ContextifyScript::~ContextifyScript() {
-  env()->id_to_script_map.erase(id_);
 }
 
+ContextifyScript::~ContextifyScript() {}
 
 void ContextifyContext::CompileFunction(
     const FunctionCallbackInfo<Value>& args) {
@@ -1196,18 +1194,12 @@ void ContextifyContext::CompileFunction(
       data + cached_data_buf->ByteOffset(), cached_data_buf->ByteLength());
   }
 
-  // Get the function id
-  uint32_t id = env->get_next_function_id();
-
   // Set host_defined_options
   Local<PrimitiveArray> host_defined_options =
       PrimitiveArray::New(isolate, loader::HostDefinedOptions::kLength);
+  Local<Symbol> id_symbol = Symbol::New(isolate, filename);
   host_defined_options->Set(
-      isolate,
-      loader::HostDefinedOptions::kType,
-      Number::New(isolate, loader::ScriptType::kFunction));
-  host_defined_options->Set(
-      isolate, loader::HostDefinedOptions::kID, Number::New(isolate, id));
+      isolate, loader::HostDefinedOptions::kID, id_symbol);
 
   ScriptOrigin origin(isolate,
                       filename,
@@ -1272,21 +1264,14 @@ void ContextifyContext::CompileFunction(
     }
     return;
   }
-
-  Local<Object> cache_key;
-  if (!env->compiled_fn_entry_template()->NewInstance(
-           context).ToLocal(&cache_key)) {
+  if (fn->SetPrivate(context, env->host_defined_option_symbol(), id_symbol)
+          .IsNothing()) {
     return;
   }
-  CompiledFnEntry* entry = new CompiledFnEntry(env, cache_key, id, fn);
-  env->id_to_function_map.emplace(id, entry);
 
   Local<Object> result = Object::New(isolate);
   if (result->Set(parsing_context, env->function_string(), fn).IsNothing())
     return;
-  if (result->Set(parsing_context, env->cache_key_string(), cache_key)
-          .IsNothing())
-    return;
   if (result
           ->Set(parsing_context,
                 env->source_map_url_string(),
@@ -1311,25 +1296,6 @@ void ContextifyContext::CompileFunction(
   args.GetReturnValue().Set(result);
 }
 
-void CompiledFnEntry::WeakCallback(
-    const WeakCallbackInfo<CompiledFnEntry>& data) {
-  CompiledFnEntry* entry = data.GetParameter();
-  delete entry;
-}
-
-CompiledFnEntry::CompiledFnEntry(Environment* env,
-                                 Local<Object> object,
-                                 uint32_t id,
-                                 Local<Function> fn)
-    : BaseObject(env, object), id_(id), fn_(env->isolate(), fn) {
-  fn_.SetWeak(this, WeakCallback, v8::WeakCallbackType::kParameter);
-}
-
-CompiledFnEntry::~CompiledFnEntry() {
-  env()->id_to_function_map.erase(id_);
-  fn_.ClearWeak();
-}
-
 static void StartSigintWatchdog(const FunctionCallbackInfo<Value>& args) {
   int ret = SigintWatchdogHelper::GetInstance()->Start();
   args.GetReturnValue().Set(ret == 0);
@@ -1381,14 +1347,6 @@ void CreatePerIsolateProperties(IsolateData* isolate_data,
   SetMethodNoSideEffect(
       isolate, target, "watchdogHasPendingSigint", WatchdogHasPendingSigint);
 
-  {
-    Local<FunctionTemplate> tpl = FunctionTemplate::New(isolate);
-    tpl->SetClassName(FIXED_ONE_BYTE_STRING(isolate, "CompiledFnEntry"));
-    tpl->InstanceTemplate()->SetInternalFieldCount(
-        CompiledFnEntry::kInternalFieldCount);
-
-    isolate_data->set_compiled_fn_entry_template(tpl->InstanceTemplate());
-  }
   SetMethod(isolate, target, "measureMemory", MeasureMemory);
 }
 
diff --git a/src/node_contextify.h b/src/node_contextify.h
index 2bcc15b5f55ad3..1098a7745257ac 100644
--- a/src/node_contextify.h
+++ b/src/node_contextify.h
@@ -151,32 +151,8 @@ class ContextifyScript : public BaseObject {
                           v8::MicrotaskQueue* microtask_queue,
                           const v8::FunctionCallbackInfo<v8::Value>& args);
 
-  inline uint32_t id() { return id_; }
-
  private:
   v8::Global<v8::UnboundScript> script_;
-  uint32_t id_;
-};
-
-class CompiledFnEntry final : public BaseObject {
- public:
-  SET_NO_MEMORY_INFO()
-  SET_MEMORY_INFO_NAME(CompiledFnEntry)
-  SET_SELF_SIZE(CompiledFnEntry)
-
-  CompiledFnEntry(Environment* env,
-                  v8::Local<v8::Object> object,
-                  uint32_t id,
-                  v8::Local<v8::Function> fn);
-  ~CompiledFnEntry();
-
-  bool IsNotIndicativeOfMemoryLeakAtExit() const override { return true; }
-
- private:
-  uint32_t id_;
-  v8::Global<v8::Function> fn_;
-
-  static void WeakCallback(const v8::WeakCallbackInfo<CompiledFnEntry>& data);
 };
 
 v8::Maybe<bool> StoreCodeCacheResult(
diff --git a/test/es-module/test-dynamic-import-script-lifetime.js b/test/es-module/test-dynamic-import-script-lifetime.js
new file mode 100644
index 00000000000000..7ccea887109e05
--- /dev/null
+++ b/test/es-module/test-dynamic-import-script-lifetime.js
@@ -0,0 +1,32 @@
+// Flags: --expose-gc --experimental-vm-modules
+
+'use strict';
+
+// This tests that vm.Script would not get GC'ed while the script can still
+// initiate dynamic import.
+// See https://github.com/nodejs/node/issues/43205.
+
+require('../common');
+const vm = require('vm');
+
+const code = `
+new Promise(resolve => {
+  setTimeout(() => {
+    gc();  // vm.Script should not be GC'ed while the script is alive.
+    resolve();
+  }, 1);
+}).then(() => import('foo'));`;
+
+// vm.runInThisContext creates a vm.Script underneath, which should not be GC'ed
+// while import() can still be initiated.
+vm.runInThisContext(code, {
+  async importModuleDynamically() {
+    const m = new vm.SyntheticModule(['bar'], () => {
+      m.setExport('bar', 1);
+    });
+
+    await m.link(() => {});
+    await m.evaluate();
+    return m;
+  }
+});
diff --git a/test/es-module/test-vm-compile-function-leak.js b/test/es-module/test-vm-compile-function-leak.js
new file mode 100644
index 00000000000000..ff061cdaec7a01
--- /dev/null
+++ b/test/es-module/test-vm-compile-function-leak.js
@@ -0,0 +1,19 @@
+// Flags: --max-old-space-size=16 --trace-gc
+'use strict';
+
+// This tests that vm.compileFunction with dynamic import callback does not leak.
+// See https://github.com/nodejs/node/issues/44211
+require('../common');
+const vm = require('vm');
+let count = 0;
+
+function main() {
+  // Try to reach the maximum old space size.
+  vm.compileFunction(`"${Math.random().toString().repeat(512)}"`, [], {
+    async importModuleDynamically() {},
+  });
+  if (count++ < 2048) {
+    setTimeout(main, 1);
+  }
+}
+main();