diff --git a/CHANGELOG.md b/CHANGELOG.md
index f30c724de98c..ee22740c1367 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,6 +10,7 @@
 - `[expect]` Stop modifying the sample in `expect.objectContaining()` ([#10711](https://github.com/facebook/jest/pull/10711))
 - `[jest-circus, jest-jasmine2]` fix: don't assume `stack` is always a string ([#10697](https://github.com/facebook/jest/pull/10697))
 - `[jest-config]` Fix bug introduced in watch mode by PR [#10678](https://github.com/facebook/jest/pull/10678/files#r511037803) ([#10692](https://github.com/facebook/jest/pull/10692))
+- `[jest-config]` Throw correct error for missing preset modules ([#10737](https://github.com/facebook/jest/pull/10737))
 - `[jest-resolve-dependencies]` Resolve mocks as dependencies ([#10713](https://github.com/facebook/jest/pull/10713))
 - `[jest-runtime]` Handle file URLs in dynamic imports ([#10744](https://github.com/facebook/jest/pull/10744))
 
diff --git a/packages/jest-config/src/__tests__/normalize.test.js b/packages/jest-config/src/__tests__/normalize.test.js
index 89ee1bdb2daa..efd348a2bc48 100644
--- a/packages/jest-config/src/__tests__/normalize.test.js
+++ b/packages/jest-config/src/__tests__/normalize.test.js
@@ -954,7 +954,7 @@ describe('preset', () => {
         return '/node_modules/react-native-js-preset/jest-preset.js';
       }
 
-      if (name === 'doesnt-exist') {
+      if (name.includes('doesnt-exist')) {
         return null;
       }
 
diff --git a/packages/jest-config/src/normalize.ts b/packages/jest-config/src/normalize.ts
index e5598f5a29ff..ce1915d33daf 100644
--- a/packages/jest-config/src/normalize.ts
+++ b/packages/jest-config/src/normalize.ts
@@ -133,14 +133,15 @@ const setupPreset = (
   );
 
   try {
+    if (!presetModule) {
+      throw new Error(`Cannot find module '${presetPath}'`);
+    }
+
     // Force re-evaluation to support multiple projects
     try {
-      if (presetModule) {
-        delete require.cache[require.resolve(presetModule)];
-      }
+      delete require.cache[require.resolve(presetModule)];
     } catch {}
 
-    // @ts-expect-error: `presetModule` can be null?
     preset = require(presetModule);
   } catch (error) {
     if (error instanceof SyntaxError || error instanceof TypeError) {