diff --git a/lib/internal/bootstrap/realm.js b/lib/internal/bootstrap/realm.js
index 3e3473b000c5..8c977b541e00 100644
--- a/lib/internal/bootstrap/realm.js
+++ b/lib/internal/bootstrap/realm.js
@@ -183,7 +183,10 @@ const {
   setInternalLoaders,
 } = internalBinding('builtins');
 
-const { ModuleWrap } = internalBinding('module_wrap');
+const {
+  ModuleWrap,
+  kEvaluationPhase,
+} = internalBinding('module_wrap');
 ObjectSetPrototypeOf(ModuleWrap.prototype, null);
 
 const getOwn = (target, property, receiver) => {
@@ -402,7 +405,7 @@ class BuiltinModule {
       });
     // Ensure immediate sync execution to capture exports now
     this.module.instantiate();
-    this.module.evaluate(-1, false);
+    this.module.evaluate(-1, false, kEvaluationPhase);
     return this.module;
   }
 
diff --git a/lib/internal/modules/esm/loader.js b/lib/internal/modules/esm/loader.js
index 489d8ff91e35..f3b8d8b1b396 100644
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@@ -692,7 +692,7 @@ class ModuleLoader {
         return module.getModuleSourceObject();
       }
       const { module } = await moduleJob.run(isEntryPoint);
-      return module.getNamespace();
+      return module.getNamespace(phase);
     }, {
       __proto__: null,
       parentURL,
diff --git a/lib/internal/modules/esm/module_job.js b/lib/internal/modules/esm/module_job.js
index c8506b42ff3f..567d3c30880f 100644
--- a/lib/internal/modules/esm/module_job.js
+++ b/lib/internal/modules/esm/module_job.js
@@ -329,7 +329,7 @@ class ModuleJobBase {
         debug(`ModuleJobBase.syncLink() ${this.url} -> ${request.specifier}`, job);
         assert(!isPromise(job));
         assert(job.module instanceof ModuleWrap);
-        if (this.shouldRunModule(request.phase)) {
+        if (this.shouldEvaluateModule(request.phase)) {
           ArrayPrototypePush(evaluationDepJobs, job);
         }
         modules[idx] = job.module;
@@ -383,7 +383,7 @@ class ModuleJobBase {
   shouldLinkModule(phase) {
     return phase >= kDeferPhase;
   }
-  shouldRunModule(phase) {
+  shouldEvaluateModule(phase) {
     return phase === kEvaluationPhase;
   }
 }
@@ -466,7 +466,7 @@ class ModuleJob extends ModuleJobBase {
       const dependencyJobPromise = this.loader.getOrCreateModuleJob(this.url, request, requestType);
       const modulePromise = PromisePrototypeThen(dependencyJobPromise, (job) => {
         debug(`ModuleJob.asyncLink() ${this.url} -> ${request.specifier}`, job);
-        if (this.shouldRunModule(request.phase)) {
+        if (this.shouldEvaluateModule(request.phase)) {
           ArrayPrototypePush(evaluationDepJobs, job);
         }
         return job.modulePromise;
@@ -521,7 +521,7 @@ class ModuleJob extends ModuleJobBase {
   }
 
   runSync(parent) {
-    assert(this.shouldRunModule(this.phase));
+    assert(this.shouldEvaluateModule(this.phase));
     assert(this.module instanceof ModuleWrap);
     let status = this.module.getStatus();
 
@@ -561,17 +561,17 @@ class ModuleJob extends ModuleJobBase {
   }
 
   async run(isEntryPoint = false) {
-    debug('ModuleJob.run()', this.module);
-    assert(this.shouldRunModule(this.phase));
+    debug('ModuleJob.run(); phase: ', this.phase, this.module);
     await this.#instantiate();
     if (isEntryPoint) {
       globalThis[entry_point_module_private_symbol] = this.module;
     }
+
     const timeout = -1;
     const breakOnSigint = false;
     setHasStartedUserESMExecution();
     try {
-      await this.module.evaluate(timeout, breakOnSigint);
+      await this.module.evaluate(timeout, breakOnSigint, this.phase);
     } catch (e) {
       explainCommonJSGlobalLikeNotDefinedError(e, this.module.url, this.module.hasTopLevelAwait);
       throw e;
@@ -641,7 +641,8 @@ class ModuleJobSync extends ModuleJobBase {
   }
 
   async run(isEntryPoint = false) {
-    assert(this.shouldRunModule(this.phase));
+    assert(this.shouldEvaluateModule(this.phase));
+    // This path is hit by a require'd module that is imported again.
     const status = this.module.getStatus();
     debug('ModuleJobSync.run()', status, this.module);
     // If the module was previously required and errored, reject from import() again.
@@ -676,7 +677,7 @@ class ModuleJobSync extends ModuleJobBase {
         const { callAndPauseOnStart } = internalBinding('inspector');
         this.evaluationPromise = callAndPauseOnStart(this.module.evaluate, this.module, timeout, breakOnSigint);
       } else {
-        this.evaluationPromise = this.module.evaluate(timeout, breakOnSigint);
+        this.evaluationPromise = this.module.evaluate(timeout, breakOnSigint, this.phase);
       }
       await this.evaluationPromise;
       this.evaluationPromise = undefined;
@@ -704,7 +705,7 @@ class ModuleJobSync extends ModuleJobBase {
 
   runSync(parent) {
     debug('ModuleJobSync.runSync()', this.module);
-    assert(this.shouldRunModule(this.phase));
+    assert(this.shouldEvaluateModule(this.phase));
     // TODO(joyeecheung): Reject graphs with top-level await _before_ instantiation, so that the
     // async graph error supersedes instantiation (mismatch export) errors in the graph.
     this.instantiateSync();
diff --git a/lib/internal/modules/esm/utils.js b/lib/internal/modules/esm/utils.js
index 9e27a2db1ebc..d4d3baf9d986 100644
--- a/lib/internal/modules/esm/utils.js
+++ b/lib/internal/modules/esm/utils.js
@@ -25,6 +25,7 @@ const {
 
 const {
   ModuleWrap,
+  kEvaluationPhase,
   setImportModuleDynamicallyCallback,
   setInitializeImportMetaObjectCallback,
 } = internalBinding('module_wrap');
@@ -383,7 +384,7 @@ function compileSourceTextModule(url, source, type, context = kEmptyObject) {
     const modules = requests.map(({ specifier }) => getBuiltinModuleWrapForEmbedder(specifier));
     wrap.link(modules);
     wrap.instantiate();
-    wrap.evaluate(-1, false);
+    wrap.evaluate(-1, false, kEvaluationPhase);
   }
   return wrap;
 }
diff --git a/src/module_wrap.cc b/src/module_wrap.cc
index 9892f38d96bd..6505d11c219d 100644
--- a/src/module_wrap.cc
+++ b/src/module_wrap.cc
@@ -564,6 +564,17 @@ ModulePhase to_phase_constant(ModuleImportPhase phase) {
   }
 }
 
+ModuleImportPhase to_module_import_phase(ModulePhase phase) {
+  switch (phase) {
+    case kEvaluationPhase:
+      return ModuleImportPhase::kEvaluation;
+    case kDeferPhase:
+      return ModuleImportPhase::kDefer;
+    default:
+      UNREACHABLE();
+  }
+}
+
 static Local<Object> createImportAttributesContainer(
     Realm* realm,
     Isolate* isolate,
@@ -774,8 +785,8 @@ void ModuleWrap::Evaluate(const FunctionCallbackInfo<Value>& args) {
   if (contextify_context != nullptr)
       microtask_queue = contextify_context->microtask_queue();
 
-  // module.evaluate(timeout, breakOnSigint)
-  CHECK_EQ(args.Length(), 2);
+  // module.evaluate(timeout, breakOnSigint, phase)
+  CHECK_EQ(args.Length(), 3);
 
   CHECK(args[0]->IsNumber());
   int64_t timeout;
@@ -786,6 +797,9 @@ void ModuleWrap::Evaluate(const FunctionCallbackInfo<Value>& args) {
   CHECK(args[1]->IsBoolean());
   bool break_on_sigint = args[1]->IsTrue();
 
+  CHECK(args[2]->IsNumber());
+  ModulePhase phase = static_cast<ModulePhase>(args[2].As<Int32>()->Value());
+
   ShouldNotAbortOnUncaughtScope no_abort_scope(realm->env());
   TryCatchScope try_catch(realm->env());
 
@@ -800,7 +814,13 @@ void ModuleWrap::Evaluate(const FunctionCallbackInfo<Value>& args) {
                                      isolate, &received_signal)
                                : std::nullopt;
 
-    result = module->Evaluate(context);
+    CHECK_NE(phase, kSourcePhase);
+    if (phase == kDeferPhase) {
+      result = module->EvaluateForImportDefer(context);
+    } else {
+      CHECK_EQ(phase, kEvaluationPhase);
+      result = module->Evaluate(context);
+    }
 
     Local<Value> res;
     if (result.ToLocal(&res) && microtask_queue) {
@@ -954,12 +974,19 @@ void ModuleWrap::GetNamespace(const FunctionCallbackInfo<Value>& args) {
   ModuleWrap* obj;
   ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
 
+  ModulePhase phase = kEvaluationPhase;
+  if (args.Length() > 0) {
+    CHECK(args[0]->IsInt32());
+    phase = static_cast<ModulePhase>(args[0].As<Int32>()->Value());
+  }
+
   Local<Module> module = obj->module_.Get(isolate);
   if (module->GetStatus() < Module::kInstantiated) {
     return THROW_ERR_MODULE_NOT_INSTANTIATED(realm->env());
   }
 
-  Local<Value> result = module->GetModuleNamespace();
+  Local<Value> result =
+      module->GetModuleNamespace(to_module_import_phase(phase));
   args.GetReturnValue().Set(result);
 }
 
diff --git a/test/es-module/test-defer-dynamic-import.mjs b/test/es-module/test-defer-dynamic-import.mjs
new file mode 100644
index 000000000000..06d54179196d
--- /dev/null
+++ b/test/es-module/test-defer-dynamic-import.mjs
@@ -0,0 +1,22 @@
+// Flags: --js-defer-import-eval
+
+// Tests that defer import of a dynamically imported module
+// defers the execution of the module until any of its properties
+// is accessed for the first time.
+
+import * as common from '../common/index.mjs';
+import * as assert from 'assert';
+
+globalThis.eval_list ||= [];
+
+console.log('main module loading...');
+
+await import.defer('../fixtures/es-modules/module-deferred-eval.mjs').then((module) => {
+  // Check that the module has been evaluated exactly once.
+  assert.strictEqual(globalThis.eval_list.length, 1);
+  assert.strictEqual(module.foo, 42);
+  assert.partialDeepStrictEqual(['defer-1'], globalThis.eval_list);
+
+  // Clean-up
+  delete globalThis.eval_list;
+}).then(common.mustCall());
diff --git a/test/parallel/test-internal-module-wrap.js b/test/parallel/test-internal-module-wrap.js
index 2b7bcf009d14..424d8ee87d5b 100644
--- a/test/parallel/test-internal-module-wrap.js
+++ b/test/parallel/test-internal-module-wrap.js
@@ -4,7 +4,10 @@ const common = require('../common');
 const assert = require('assert');
 
 const { internalBinding } = require('internal/test/binding');
-const { ModuleWrap } = internalBinding('module_wrap');
+const {
+  ModuleWrap,
+  kEvaluationPhase,
+} = internalBinding('module_wrap');
 
 async function testModuleWrap() {
   const unlinked = new ModuleWrap('unlinked', undefined, 'export * from "bar";', 0, 0);
@@ -43,7 +46,7 @@ async function testModuleWrap() {
   assert.strictEqual(bar.hasAsyncGraph, false);
   assert.strictEqual(foo.hasAsyncGraph, false);
 
-  assert.strictEqual(await foo.evaluate(-1, false), undefined);
+  assert.strictEqual(await foo.evaluate(-1, false, kEvaluationPhase), undefined);
   assert.strictEqual(foo.getNamespace().five, 5);
 
   // Check that the module requests are the same after linking, instantiate, and evaluation.
@@ -68,7 +71,7 @@ async function testAsyncGraph() {
   assert.strictEqual(bar.hasAsyncGraph, true);
   assert.strictEqual(foo.hasAsyncGraph, true);
 
-  const evalPromise = foo.evaluate(-1, false);
+  const evalPromise = foo.evaluate(-1, false, kEvaluationPhase);
   assert.throws(() => foo.getNamespace().five, ReferenceError);
   assert.strictEqual(await evalPromise, undefined);
   assert.strictEqual(foo.getNamespace().five, 5);