diff --git a/__tests__/installer.test.ts b/__tests__/installer.test.ts
index 004362d0d..f3eb8db9e 100644
--- a/__tests__/installer.test.ts
+++ b/__tests__/installer.test.ts
@@ -913,4 +913,31 @@ describe('setup-node', () => {
       }
     );
   });
+
+  describe('latest alias syntax from cache', () => {
+    it.each(['latest', 'current', 'node'])(
+      'download the %s version if alias is provided',
+      async inputVersion => {
+        // Arrange
+        inputs['node-version'] = inputVersion;
+        const expectedVersion = nodeTestDist[0];
+
+        os.platform = 'darwin';
+        os.arch = 'x64';
+
+        const toolPath = path.normalize(
+          `/cache/node/${expectedVersion.version}/x64`
+        );
+        findSpy.mockReturnValue(toolPath);
+
+        // Act
+        await main.run();
+
+        // assert
+        expect(logSpy).toHaveBeenCalledWith(`Found in cache @ ${toolPath}`);
+
+        expect(logSpy).toHaveBeenCalledWith('getting latest node version...');
+      }
+    );
+  });
 });
diff --git a/dist/setup/index.js b/dist/setup/index.js
index ecf999142..8a4d83b59 100644
--- a/dist/setup/index.js
+++ b/dist/setup/index.js
@@ -62343,6 +62343,7 @@ function getNode(versionSpec, stable, checkLatest, auth, arch = os.arch()) {
     return __awaiter(this, void 0, void 0, function* () {
         // Store manifest data to avoid multiple calls
         let manifest;
+        let nodeVersions;
         let osPlat = os.platform();
         let osArch = translateArchToDistUrl(arch);
         if (isLtsAlias(versionSpec)) {
@@ -62351,6 +62352,11 @@ function getNode(versionSpec, stable, checkLatest, auth, arch = os.arch()) {
             manifest = yield getManifest(auth);
             versionSpec = resolveLtsAliasFromManifest(versionSpec, stable, manifest);
         }
+        if (isLatestSyntax(versionSpec)) {
+            nodeVersions = yield getVersionsFromDist();
+            versionSpec = yield queryDistForMatch(versionSpec, arch, nodeVersions);
+            core.info(`getting latest node version...`);
+        }
         if (checkLatest) {
             core.info('Attempt to resolve the latest version from manifest...');
             const resolvedVersion = yield resolveVersionFromManifest(versionSpec, stable, auth, osArch, manifest);
@@ -62402,7 +62408,7 @@ function getNode(versionSpec, stable, checkLatest, auth, arch = os.arch()) {
             // Download from nodejs.org
             //
             if (!downloadPath) {
-                info = yield getInfoFromDist(versionSpec, arch);
+                info = yield getInfoFromDist(versionSpec, arch, nodeVersions);
                 if (!info) {
                     throw new Error(`Unable to find Node version '${versionSpec}' for platform ${osPlat} and architecture ${osArch}.`);
                 }
@@ -62502,12 +62508,11 @@ function getInfoFromManifest(versionSpec, stable, auth, osArch = translateArchTo
         return info;
     });
 }
-function getInfoFromDist(versionSpec, arch = os.arch()) {
+function getInfoFromDist(versionSpec, arch = os.arch(), nodeVersions) {
     return __awaiter(this, void 0, void 0, function* () {
         let osPlat = os.platform();
         let osArch = translateArchToDistUrl(arch);
-        let version;
-        version = yield queryDistForMatch(versionSpec, arch);
+        let version = yield queryDistForMatch(versionSpec, arch, nodeVersions);
         if (!version) {
             return null;
         }
@@ -62566,7 +62571,7 @@ function evaluateVersions(versions, versionSpec) {
     }
     return version;
 }
-function queryDistForMatch(versionSpec, arch = os.arch()) {
+function queryDistForMatch(versionSpec, arch = os.arch(), nodeVersions) {
     return __awaiter(this, void 0, void 0, function* () {
         let osPlat = os.platform();
         let osArch = translateArchToDistUrl(arch);
@@ -62585,11 +62590,12 @@ function queryDistForMatch(versionSpec, arch = os.arch()) {
             default:
                 throw new Error(`Unexpected OS '${osPlat}'`);
         }
+        if (!nodeVersions) {
+            core.debug('No dist manifest cached');
+            nodeVersions = yield getVersionsFromDist();
+        }
         let versions = [];
-        let nodeVersions = yield getVersionsFromDist();
-        if (versionSpec === 'current' ||
-            versionSpec === 'latest' ||
-            versionSpec === 'node') {
+        if (isLatestSyntax(versionSpec)) {
             core.info(`getting latest node version...`);
             return nodeVersions[0].version;
         }
@@ -62688,6 +62694,9 @@ function parseNodeVersionFile(contents) {
     return nodeVersion;
 }
 exports.parseNodeVersionFile = parseNodeVersionFile;
+function isLatestSyntax(versionSpec) {
+    return ['current', 'latest', 'node'].includes(versionSpec);
+}
 
 
 /***/ }),
diff --git a/src/installer.ts b/src/installer.ts
index 5b87d29a0..cd4619ea0 100644
--- a/src/installer.ts
+++ b/src/installer.ts
@@ -37,6 +37,7 @@ export async function getNode(
 ) {
   // Store manifest data to avoid multiple calls
   let manifest: INodeRelease[] | undefined;
+  let nodeVersions: INodeVersion[] | undefined;
   let osPlat: string = os.platform();
   let osArch: string = translateArchToDistUrl(arch);
 
@@ -49,6 +50,12 @@ export async function getNode(
     versionSpec = resolveLtsAliasFromManifest(versionSpec, stable, manifest);
   }
 
+  if (isLatestSyntax(versionSpec)) {
+    nodeVersions = await getVersionsFromDist();
+    versionSpec = await queryDistForMatch(versionSpec, arch, nodeVersions);
+    core.info(`getting latest node version...`);
+  }
+
   if (checkLatest) {
     core.info('Attempt to resolve the latest version from manifest...');
     const resolvedVersion = await resolveVersionFromManifest(
@@ -119,7 +126,7 @@ export async function getNode(
     // Download from nodejs.org
     //
     if (!downloadPath) {
-      info = await getInfoFromDist(versionSpec, arch);
+      info = await getInfoFromDist(versionSpec, arch, nodeVersions);
       if (!info) {
         throw new Error(
           `Unable to find Node version '${versionSpec}' for platform ${osPlat} and architecture ${osArch}.`
@@ -265,14 +272,18 @@ async function getInfoFromManifest(
 
 async function getInfoFromDist(
   versionSpec: string,
-  arch: string = os.arch()
+  arch: string = os.arch(),
+  nodeVersions?: INodeVersion[]
 ): Promise<INodeVersionInfo | null> {
   let osPlat: string = os.platform();
   let osArch: string = translateArchToDistUrl(arch);
 
-  let version: string;
+  let version: string = await queryDistForMatch(
+    versionSpec,
+    arch,
+    nodeVersions
+  );
 
-  version = await queryDistForMatch(versionSpec, arch);
   if (!version) {
     return null;
   }
@@ -349,7 +360,8 @@ function evaluateVersions(versions: string[], versionSpec: string): string {
 
 async function queryDistForMatch(
   versionSpec: string,
-  arch: string = os.arch()
+  arch: string = os.arch(),
+  nodeVersions?: INodeVersion[]
 ): Promise<string> {
   let osPlat: string = os.platform();
   let osArch: string = translateArchToDistUrl(arch);
@@ -370,14 +382,14 @@ async function queryDistForMatch(
       throw new Error(`Unexpected OS '${osPlat}'`);
   }
 
+  if (!nodeVersions) {
+    core.debug('No dist manifest cached');
+    nodeVersions = await getVersionsFromDist();
+  }
+
   let versions: string[] = [];
-  let nodeVersions = await getVersionsFromDist();
 
-  if (
-    versionSpec === 'current' ||
-    versionSpec === 'latest' ||
-    versionSpec === 'node'
-  ) {
+  if (isLatestSyntax(versionSpec)) {
     core.info(`getting latest node version...`);
     return nodeVersions[0].version;
   }
@@ -482,3 +494,7 @@ export function parseNodeVersionFile(contents: string): string {
   }
   return nodeVersion;
 }
+
+function isLatestSyntax(versionSpec): boolean {
+  return ['current', 'latest', 'node'].includes(versionSpec);
+}