diff --git a/packages/next/build/webpack-config.ts b/packages/next/build/webpack-config.ts
index 420a34f324074c7..9166fefdf48343e 100644
--- a/packages/next/build/webpack-config.ts
+++ b/packages/next/build/webpack-config.ts
@@ -980,6 +980,12 @@ export default async function getBaseWebpackConfig(
     },
   }
 
+  const rscCodeCondition = {
+    test: serverComponentsRegex,
+    // only apply to the pages as the begin process of rsc loaders
+    include: [dir, /next[\\/]dist[\\/]pages/],
+  }
+
   let webpackConfig: webpack.Configuration = {
     parallelism: Number(process.env.NEXT_WEBPACK_PARALLELISM) || undefined,
     externals: targetWeb
@@ -1202,32 +1208,24 @@ export default async function getBaseWebpackConfig(
             ? [
                 // RSC server compilation loaders
                 {
-                  ...codeCondition,
+                  ...rscCodeCondition,
                   use: {
                     loader: 'next-flight-server-loader',
                     options: {
-                      pageExtensions: rawPageExtensions,
+                      extensions: rawPageExtensions,
                     },
                   },
                 },
-                {
-                  test: codeCondition.test,
-                  resourceQuery: /__sc_client__/,
-                  use: {
-                    loader: 'next-flight-client-loader',
-                  },
-                },
               ]
             : [
                 // RSC client compilation loaders
                 {
-                  ...codeCondition,
-                  test: serverComponentsRegex,
+                  ...rscCodeCondition,
                   use: {
                     loader: 'next-flight-server-loader',
                     options: {
                       client: 1,
-                      pageExtensions: rawPageExtensions,
+                      extensions: rawPageExtensions,
                     },
                   },
                 },
diff --git a/packages/next/build/webpack/loaders/next-flight-client-loader.ts b/packages/next/build/webpack/loaders/next-flight-client-loader.ts
index b3f99dedcc6585d..18b370e7a98dbb0 100644
--- a/packages/next/build/webpack/loaders/next-flight-client-loader.ts
+++ b/packages/next/build/webpack/loaders/next-flight-client-loader.ts
@@ -87,7 +87,6 @@ async function parseModuleInfo(
         } = node
         // exports.xxx = xxx
         if (
-          left &&
           left.object &&
           left.type === 'MemberExpression' &&
           left.object.type === 'Identifier' &&
diff --git a/packages/next/build/webpack/loaders/next-flight-server-loader.ts b/packages/next/build/webpack/loaders/next-flight-server-loader.ts
index 29bec7106707664..b3146902f79fc38 100644
--- a/packages/next/build/webpack/loaders/next-flight-server-loader.ts
+++ b/packages/next/build/webpack/loaders/next-flight-server-loader.ts
@@ -3,14 +3,14 @@ import { buildExports } from './utils'
 
 const imageExtensions = ['jpg', 'jpeg', 'png', 'webp', 'avif']
 
-export const createClientComponentFilter = (pageExtensions: string[]) => {
+export const createClientComponentFilter = (extensions: string[]) => {
   // Special cases for Next.js APIs that are considered as client components:
   // - .client.[ext]
   // - next built-in client components
   // - .[imageExt]
   const regex = new RegExp(
     '(' +
-      `\\.client(\\.(${pageExtensions.join('|')}))?|` +
+      `\\.client(\\.(${extensions.join('|')}))?|` +
       `next/(link|image)(\\.js)?|` +
       `\\.(${imageExtensions.join('|')})` +
       ')$'
@@ -19,26 +19,40 @@ export const createClientComponentFilter = (pageExtensions: string[]) => {
   return (importSource: string) => regex.test(importSource)
 }
 
-export const createServerComponentFilter = (pageExtensions: string[]) => {
-  const regex = new RegExp(`\\.server(\\.(${pageExtensions.join('|')}))?$`)
+export const createServerComponentFilter = (extensions: string[]) => {
+  const regex = new RegExp(`\\.server(\\.(${extensions.join('|')}))?$`)
   return (importSource: string) => regex.test(importSource)
 }
 
+function createFlightServerRequest(request: string, extensions: string[]) {
+  return `next-flight-server-loader?${JSON.stringify({
+    extensions,
+  })}!${request}`
+}
+
+function hasFlightLoader(request: string, type: 'client' | 'server') {
+  return request.includes(`next-flight-${type}-loader`)
+}
+
 async function parseModuleInfo({
   resourcePath,
   source,
+  extensions,
   isClientCompilation,
   isServerComponent,
   isClientComponent,
+  resolver,
 }: {
   resourcePath: string
   source: string
   isClientCompilation: boolean
+  extensions: string[]
   isServerComponent: (name: string) => boolean
   isClientComponent: (name: string) => boolean
+  resolver: (req: string) => Promise<string>
 }): Promise<{
   source: string
-  imports: string
+  imports: string[]
   isEsm: boolean
   __N_SSP: boolean
   pageRuntime: 'edge' | 'nodejs' | null
@@ -50,7 +64,7 @@ async function parseModuleInfo({
   const { type, body } = ast
   let transformedSource = ''
   let lastIndex = 0
-  let imports = ''
+  let imports = []
   let __N_SSP = false
   let pageRuntime = null
 
@@ -61,6 +75,16 @@ async function parseModuleInfo({
     switch (node.type) {
       case 'ImportDeclaration':
         const importSource = node.source.value
+        const resolvedPath = await resolver(importSource)
+        const isNodeModuleImport = resolvedPath.includes('/node_modules/')
+
+        // matching node_module package but excluding react cores since react is required to be shared
+        const isReactImports = [
+          'react',
+          'react/jsx-runtime',
+          'react/jsx-dev-runtime',
+        ].includes(importSource)
+
         if (!isClientCompilation) {
           // Server compilation for .server.js.
           if (isServerComponent(importSource)) {
@@ -73,45 +97,37 @@ async function parseModuleInfo({
           )
 
           if (isClientComponent(importSource)) {
-            // A client component. It should be loaded as module reference.
             transformedSource += importDeclarations
-            transformedSource += JSON.stringify(`${importSource}?__sc_client__`)
-            imports += `require(${JSON.stringify(importSource)})\n`
+            transformedSource += JSON.stringify(
+              `next-flight-client-loader!${importSource}`
+            )
+            imports.push(importSource)
           } else {
-            // FIXME
-            // case: 'react'
-            // Avoid module resolution error like Cannot find `./?__rsc_server__` in react/package.json
-
-            // cases: 'react/jsx-runtime', 'react/jsx-dev-runtime'
-            // This is a special case to avoid the Duplicate React error.
-            // Since we already include React in the SSR runtime,
-            // here we can't create a new module with the ?__rsc_server__ query.
-            if (
-              ['react', 'react/jsx-runtime', 'react/jsx-dev-runtime'].includes(
-                importSource
-              )
-            ) {
-              continue
-            }
-
-            // A shared component. It should be handled as a server
-            // component.
+            // A shared component. It should be handled as a server component.
+            const serverImportSource = isReactImports
+              ? importSource
+              : createFlightServerRequest(importSource, extensions)
             transformedSource += importDeclarations
-            transformedSource += JSON.stringify(`${importSource}?__sc_server__`)
+            transformedSource += JSON.stringify(serverImportSource)
+
+            // TODO: support handling RSC components from node_modules
+            if (!isNodeModuleImport) {
+              imports.push(importSource)
+            }
           }
         } else {
           // For the client compilation, we skip all modules imports but
-          // always keep client components in the bundle. All client components
+          // always keep client/shared components in the bundle. All client components
           // have to be imported from either server or client components.
           if (
-            !(
-              isClientComponent(importSource) || isServerComponent(importSource)
-            )
+            isServerComponent(importSource) ||
+            hasFlightLoader(importSource, 'server') ||
+            // TODO: support handling RSC components from node_modules
+            isNodeModuleImport
           ) {
             continue
           }
-
-          imports += `require(${JSON.stringify(importSource)})\n`
+          imports.push(importSource)
         }
 
         lastIndex = node.source.span.end
@@ -158,23 +174,33 @@ export default async function transformSource(
   this: any,
   source: string
 ): Promise<string> {
-  const { client: isClientCompilation, pageExtensions } = this.getOptions()
-  const { resourcePath, resourceQuery } = this
+  const { client: isClientCompilation, extensions } = this.getOptions()
+  const { resourcePath, resolve: resolveFn, context } = this
+
+  const resolver = (req: string): Promise<string> => {
+    return new Promise((resolve, reject) => {
+      resolveFn(context, req, (err: any, result: string) => {
+        if (err) return reject(err)
+        resolve(result)
+      })
+    })
+  }
 
   if (typeof source !== 'string') {
     throw new Error('Expected source to have been transformed to a string.')
   }
 
-  const isServerComponent = createServerComponentFilter(pageExtensions)
-  const isClientComponent = createClientComponentFilter(pageExtensions)
+  const isServerComponent = createServerComponentFilter(extensions)
+  const isClientComponent = createClientComponentFilter(extensions)
+  const hasAppliedFlightServerLoader = this.loaders.some((loader: any) => {
+    return hasFlightLoader(loader.path, 'server')
+  })
+  const isServerExt = isServerComponent(resourcePath)
 
   if (!isClientCompilation) {
     // We only apply the loader to server components, or shared components that
     // are imported by a server component.
-    if (
-      !isServerComponent(resourcePath) &&
-      resourceQuery !== '?__sc_server__'
-    ) {
+    if (!isServerExt && !hasAppliedFlightServerLoader) {
       return source
     }
   }
@@ -188,9 +214,11 @@ export default async function transformSource(
   } = await parseModuleInfo({
     resourcePath,
     source,
+    extensions,
     isClientCompilation,
     isServerComponent,
     isClientComponent,
+    resolver,
   })
 
   /**
@@ -208,8 +236,12 @@ export default async function transformSource(
   const rscExports: any = {
     __next_rsc__: `{
       __webpack_require__,
-      _: () => {\n${imports}\n},
-      server: ${isServerComponent(resourcePath) ? 'true' : 'false'}
+      _: () => {
+        ${imports
+          .map((importSource) => `require('${importSource}');`)
+          .join('\n')}
+      },
+      server: ${isServerExt ? 'true' : 'false'}
     }`,
   }
 
diff --git a/test/integration/react-streaming-and-server-components/app/components/nav.server.js b/test/integration/react-streaming-and-server-components/app/components/nav.js
similarity index 100%
rename from test/integration/react-streaming-and-server-components/app/components/nav.server.js
rename to test/integration/react-streaming-and-server-components/app/components/nav.js
diff --git a/test/integration/react-streaming-and-server-components/app/pages/external-imports.server.js b/test/integration/react-streaming-and-server-components/app/pages/external-imports.server.js
index 40a41e569a75e15..78698b9fa948917 100644
--- a/test/integration/react-streaming-and-server-components/app/pages/external-imports.server.js
+++ b/test/integration/react-streaming-and-server-components/app/pages/external-imports.server.js
@@ -1,11 +1,9 @@
-import moment from 'moment'
 import nonIsomorphicText from 'non-isomorphic-text'
 
 export default function Page() {
   return (
     <div>
-      <div>date:{moment().toString()}</div>
-      <div>{nonIsomorphicText()}</div>
+      <div>date:{nonIsomorphicText()}</div>
     </div>
   )
 }
diff --git a/test/integration/react-streaming-and-server-components/app/pages/index.server.js b/test/integration/react-streaming-and-server-components/app/pages/index.server.js
index 7ca7e5e30855df4..9383793d9513f12 100644
--- a/test/integration/react-streaming-and-server-components/app/pages/index.server.js
+++ b/test/integration/react-streaming-and-server-components/app/pages/index.server.js
@@ -1,4 +1,4 @@
-import Nav from '../components/nav.server'
+import Nav from '../components/nav'
 
 const envVar = process.env.ENV_VAR_TEST
 const headerKey = 'x-next-test-client'
diff --git a/test/integration/react-streaming-and-server-components/app/pages/next-api/link.server.js b/test/integration/react-streaming-and-server-components/app/pages/next-api/link.server.js
index 1162cea6f999ca3..5e8a81e35c34993 100644
--- a/test/integration/react-streaming-and-server-components/app/pages/next-api/link.server.js
+++ b/test/integration/react-streaming-and-server-components/app/pages/next-api/link.server.js
@@ -1,5 +1,5 @@
 import Link from 'next/link'
-import Nav from '../../components/nav.server'
+import Nav from '../../components/nav'
 
 export default function LinkPage({ router }) {
   const { query } = router
diff --git a/test/integration/react-streaming-and-server-components/app/pages/streaming-rsc.server.js b/test/integration/react-streaming-and-server-components/app/pages/streaming-rsc.server.js
index 7d7c0cacce37be5..e308d0eb4f9968d 100644
--- a/test/integration/react-streaming-and-server-components/app/pages/streaming-rsc.server.js
+++ b/test/integration/react-streaming-and-server-components/app/pages/streaming-rsc.server.js
@@ -1,5 +1,5 @@
 import { Suspense } from 'react'
-import Nav from '../components/nav.server'
+import Nav from '../components/nav'
 
 let result
 let promise
diff --git a/test/integration/react-streaming-and-server-components/test/rsc.js b/test/integration/react-streaming-and-server-components/test/rsc.js
index 767c0543bc286f8..a7cc18df86b7f54 100644
--- a/test/integration/react-streaming-and-server-components/test/rsc.js
+++ b/test/integration/react-streaming-and-server-components/test/rsc.js
@@ -192,7 +192,7 @@ export default function (context, { runtime, env }) {
         .readFileSync(join(distServerDir, 'external-imports.js'))
         .toString()
 
-      expect(bundle).not.toContain('moment')
+      expect(bundle).not.toContain('non-isomorphic-text')
     })
   }