diff --git a/packages/core/lib/bundler/bundler.ts b/packages/core/lib/bundler/bundler.ts
index 5f313f6d..76aed18a 100644
--- a/packages/core/lib/bundler/bundler.ts
+++ b/packages/core/lib/bundler/bundler.ts
@@ -7,6 +7,7 @@ import esbuild, {
 import invariant from 'invariant';
 import ora from 'ora';
 import { getGlobalVariables } from '@react-native-esbuild/internal';
+import { HmrTransformer } from '@react-native-esbuild/hmr';
 import {
   setEnvironment,
   combineWithDefaultBundleOptions,
@@ -27,7 +28,6 @@ import type {
   BundleResult,
   BundleRequestOptions,
   PluginContext,
-  UpdatedModule,
   ReportableEvent,
   ReactNativeEsbuildPluginCreator,
 } from '../types';
@@ -42,13 +42,14 @@ import {
   getResolveExtensionsOption,
   getLoaderOption,
   getEsbuildWebConfig,
-  getHmrUpdatedModule,
+  getHmrRuntimeTransformer,
 } from './helpers';
 import { printLogo, printVersion } from './logo';
 
 export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
   public static caches = CacheStorage.getInstance();
   public static shared = SharedStorage.getInstance();
+  private static hmr = new Map<number, HmrTransformer>();
   private appLogger = new Logger('app', LogLevel.Trace);
   private buildTasks = new Map<number, BuildTask>();
   private plugins: ReactNativeEsbuildPluginCreator<unknown>[] = [];
@@ -228,8 +229,8 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
       logLevel: 'silent',
       bundle: true,
       sourcemap: true,
+      metafile: true,
       minify: bundleOptions.minify,
-      metafile: bundleOptions.metafile,
       write: mode === 'bundle',
       ...webSpecifiedOptions,
     };
@@ -260,6 +261,8 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
     data: { result: BuildResult; success: boolean },
     context: PluginContext,
   ): void {
+    invariant(data.result.metafile, 'invalid metafile');
+
     /**
      * Exit at the end of a build in bundle mode.
      *
@@ -270,9 +273,12 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
       process.exit(1);
     }
 
-    const hmrSharedValue = ReactNativeEsbuildBundler.shared.get(context.id);
+    const hmrController = ReactNativeEsbuildBundler.hmr.get(context.id);
+    const sharedStorage = ReactNativeEsbuildBundler.shared.get(context.id);
     const currentTask = this.buildTasks.get(context.id);
-    invariant(hmrSharedValue, 'invalid hmr shared value');
+
+    invariant(sharedStorage, 'invalid shared storage');
+    invariant(hmrController, 'no hmr controller');
     invariant(currentTask, 'no task');
 
     const bundleEndedAt = new Date();
@@ -280,7 +286,6 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
     const bundleSourcemapFilename = `${bundleFilename}.map`;
     const revisionId = bundleEndedAt.getTime().toString();
     const { outputFiles } = data.result;
-    let updatedModule: UpdatedModule | null = null;
 
     const findFromOutputFile = (
       filename: string,
@@ -300,12 +305,6 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
       invariant(bundleOutput, 'empty bundle output');
       invariant(bundleSourcemapOutput, 'empty sourcemap output');
 
-      updatedModule = getHmrUpdatedModule(
-        hmrSharedValue.hmr.id,
-        hmrSharedValue.hmr.path,
-        bundleOutput.text,
-      );
-
       currentTask.handler?.resolver?.({
         result: {
           source: bundleOutput.contents,
@@ -319,21 +318,41 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
       currentTask.handler?.rejecter?.(error);
     } finally {
       currentTask.status = 'resolved';
-      this.emit('build-end', {
-        revisionId,
-        id: context.id,
-        additionalData: context.additionalData,
-        updatedModule,
-      });
+      Promise.resolve(
+        sharedStorage.hmr.path
+          ? hmrController.getUpdates(
+              sharedStorage.hmr.path,
+              data.result.metafile,
+            )
+          : null,
+      )
+        .then((update) => {
+          this.emit('build-end', {
+            revisionId,
+            id: context.id,
+            additionalData: context.additionalData,
+            update,
+          });
+        })
+        .catch((error) => {
+          logger.error('unexpected error', error as Error);
+          this.emit('build-end', {
+            revisionId,
+            id: context.id,
+            additionalData: context.additionalData,
+            update: null,
+          });
+        });
     }
   }
 
-  private async getOrCreateBundleTask(
+  private async getOrSetupTask(
     bundleOptions: BundleOptions,
     additionalData?: BundlerAdditionalData,
   ): Promise<BuildTask> {
     const targetTaskId = this.identifyTaskByBundleOptions(bundleOptions);
 
+    // Build Task
     if (!this.buildTasks.has(targetTaskId)) {
       logger.debug(`bundle task not registered (id: ${targetTaskId})`);
       const buildOptions = await this.getBuildOptionsForBundler(
@@ -354,6 +373,22 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
       logger.debug(`bundle task is now watching (id: ${targetTaskId})`);
     }
 
+    // HMR Controller
+    if (!ReactNativeEsbuildBundler.hmr.has(targetTaskId)) {
+      ReactNativeEsbuildBundler.hmr.set(
+        targetTaskId,
+        new HmrTransformer(
+          this.root,
+          getHmrRuntimeTransformer(
+            targetTaskId,
+            this.root,
+            this.config,
+            bundleOptions,
+          ),
+        ),
+      );
+    }
+
     // eslint-disable-next-line @typescript-eslint/no-non-null-assertion -- Already `set()` if not exist.
     return this.buildTasks.get(targetTaskId)!;
   }
@@ -440,7 +475,7 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
       throw new Error('serve mode is only available on web platform');
     }
 
-    const buildTask = await this.getOrCreateBundleTask(
+    const buildTask = await this.getOrSetupTask(
       combineWithDefaultBundleOptions(bundleOptions),
       additionalData,
     );
@@ -456,7 +491,7 @@ export class ReactNativeEsbuildBundler extends BundlerEventEmitter {
     additionalData?: BundlerAdditionalData,
   ): Promise<BundleResult> {
     this.throwIfNotInitialized();
-    const buildTask = await this.getOrCreateBundleTask(
+    const buildTask = await this.getOrSetupTask(
       combineWithDefaultBundleOptions(bundleOptions),
       additionalData,
     );
diff --git a/packages/core/lib/bundler/events/index.ts b/packages/core/lib/bundler/events/index.ts
index 5c10747e..27473fe6 100644
--- a/packages/core/lib/bundler/events/index.ts
+++ b/packages/core/lib/bundler/events/index.ts
@@ -1,9 +1,9 @@
 import EventEmitter from 'node:events';
+import type { BundleUpdate } from '@react-native-esbuild/hmr';
 import type {
   BundlerAdditionalData,
   BuildStatus,
   ReportableEvent,
-  UpdatedModule,
 } from '../../types';
 
 export class BundlerEventEmitter extends EventEmitter {
@@ -47,7 +47,7 @@ export interface BundlerEventPayload {
   'build-end': {
     id: number;
     revisionId: string;
-    updatedModule: UpdatedModule | null;
+    update: BundleUpdate | null;
     additionalData?: BundlerAdditionalData;
   };
   'build-status-change': BuildStatus & {
diff --git a/packages/core/lib/bundler/helpers/hmr.ts b/packages/core/lib/bundler/helpers/hmr.ts
index 5459f90d..e3255aa3 100644
--- a/packages/core/lib/bundler/helpers/hmr.ts
+++ b/packages/core/lib/bundler/helpers/hmr.ts
@@ -1,25 +1,48 @@
 import {
-  getModuleCodeFromBundle,
-  isReactRefreshRegistered,
-} from '@react-native-esbuild/hmr';
-import type { UpdatedModule } from '../../types';
+  AsyncTransformPipeline,
+  swcPresets,
+} from '@react-native-esbuild/transformer';
+import type { BundleOptions } from '@react-native-esbuild/config';
+import type { Config } from '../../types';
 
-export const getHmrUpdatedModule = (
-  id: string | null,
-  path: string | null,
-  bundleCode: string,
-): UpdatedModule | null => {
-  const updatedCode =
-    id && path ? getModuleCodeFromBundle(bundleCode, id) : null;
+const DUMMY_ESBUILD_ARGS = {
+  namespace: '',
+  suffix: '',
+  pluginData: undefined,
+} as const;
 
-  return updatedCode
-    ? {
-        code: updatedCode,
-        id: id ?? '',
-        path: path ?? '',
-        mode: isReactRefreshRegistered(updatedCode)
-          ? 'hot-reload'
-          : 'full-reload',
-      }
-    : null;
+export const getHmrRuntimeTransformer = (
+  id: number,
+  root: string,
+  config: Config,
+  bundleOptions: BundleOptions,
+): ((code: string, path: string) => Promise<string>) => {
+  const {
+    stripFlowPackageNames = [],
+    fullyTransformPackageNames = [],
+    additionalTransformRules,
+  } = config.transformer ?? {};
+  const additionalBabelRules = additionalTransformRules?.babel ?? [];
+  const additionalSwcRules = additionalTransformRules?.swc ?? [];
+
+  const transformPipeline = new AsyncTransformPipeline.builder({
+    ...bundleOptions,
+    id,
+    root,
+  })
+    .setSwcPreset(swcPresets.getReactNativeRuntimePreset())
+    .setFullyTransformPackages(fullyTransformPackageNames)
+    .setStripFlowPackages(stripFlowPackageNames)
+    .setAdditionalBabelTransformRules(additionalBabelRules)
+    .setAdditionalSwcTransformRules(additionalSwcRules)
+    .build();
+
+  return (code: string, path: string) => {
+    return transformPipeline
+      .transform(code, {
+        ...DUMMY_ESBUILD_ARGS,
+        path,
+      })
+      .then((result) => result.code);
+  };
 };
diff --git a/packages/core/lib/bundler/plugins/metafilePlugin/metafilePlugin.ts b/packages/core/lib/bundler/plugins/metafilePlugin/metafilePlugin.ts
index 70bb8c1b..96e17ab1 100644
--- a/packages/core/lib/bundler/plugins/metafilePlugin/metafilePlugin.ts
+++ b/packages/core/lib/bundler/plugins/metafilePlugin/metafilePlugin.ts
@@ -12,18 +12,16 @@ export const createMetafilePlugin: ReactNativeEsbuildPluginCreator = (
   name: NAME,
   setup: (build): void => {
     build.onEnd(async (result: BuildResult) => {
-      const { metafile } = result;
+      if (!(context.metafile && result.metafile)) return;
+
       const filename = path.join(
         context.root,
         `metafile-${context.platform}-${new Date().getTime().toString()}.json`,
       );
-
-      if (metafile) {
-        logger.debug('writing esbuild metafile', { destination: filename });
-        await fs.writeFile(filename, JSON.stringify(metafile), {
-          encoding: 'utf-8',
-        });
-      }
+      logger.debug('writing esbuild metafile', { destination: filename });
+      await fs.writeFile(filename, JSON.stringify(result.metafile), {
+        encoding: 'utf-8',
+      });
     });
   },
 });
diff --git a/packages/core/lib/types.ts b/packages/core/lib/types.ts
index 04be84d3..f997c69c 100644
--- a/packages/core/lib/types.ts
+++ b/packages/core/lib/types.ts
@@ -173,12 +173,6 @@ export interface BundlerSharedData {
 }
 
 export type BundlerAdditionalData = Record<string, unknown>;
-export interface UpdatedModule {
-  id: string;
-  path: string;
-  code: string;
-  mode: 'hot-reload' | 'full-reload';
-}
 
 export interface PluginContext extends BundleOptions {
   id: number;
diff --git a/packages/dev-server/lib/server/ReactNativeAppServer.ts b/packages/dev-server/lib/server/ReactNativeAppServer.ts
index f6a15481..15ac00e7 100644
--- a/packages/dev-server/lib/server/ReactNativeAppServer.ts
+++ b/packages/dev-server/lib/server/ReactNativeAppServer.ts
@@ -147,18 +147,15 @@ export class ReactNativeAppServer extends DevServer {
     };
 
     this.bundler.on('build-start', hmr.updateStart);
-    this.bundler.on(
-      'build-end',
-      ({ revisionId, updatedModule, additionalData }) => {
-        // `additionalData` can be `{ disableRefresh: true }` by `serve-asset-middleware`.
-        if (!additionalData?.disableRefresh) {
-          updatedModule?.mode === 'hot-reload'
-            ? hmr.hotReload(revisionId, updatedModule.code)
-            : hmr.liveReload(revisionId);
-        }
-        hmr.updateDone();
-      },
-    );
+    this.bundler.on('build-end', ({ revisionId, update, additionalData }) => {
+      // `additionalData` can be `{ disableRefresh: true }` by `serve-asset-middleware`.
+      if (!additionalData?.disableRefresh) {
+        update?.fullyReload
+          ? hmr.liveReload(revisionId)
+          : hmr.hotReload(revisionId, update.code);
+      }
+      hmr.updateDone();
+    });
 
     this.server.on('upgrade', (request, socket, head) => {
       if (!request.url) return;
diff --git a/packages/dev-server/lib/server/ReactNativeWebServer.ts b/packages/dev-server/lib/server/ReactNativeWebServer.ts
index f727e3e1..d6bd4015 100644
--- a/packages/dev-server/lib/server/ReactNativeWebServer.ts
+++ b/packages/dev-server/lib/server/ReactNativeWebServer.ts
@@ -102,16 +102,13 @@ export class ReactNativeWebServer extends DevServer {
 
     const { server: hmrServer, ...hmr } = createHmrMiddlewareForWeb();
 
-    this.bundler.on(
-      'build-end',
-      ({ revisionId, updatedModule, additionalData }) => {
-        if (!additionalData?.disableRefresh) {
-          updatedModule?.mode === 'hot-reload'
-            ? hmr.hotReload(revisionId, updatedModule.code)
-            : hmr.liveReload(revisionId);
-        }
-      },
-    );
+    this.bundler.on('build-end', ({ revisionId, update, additionalData }) => {
+      if (!additionalData?.disableRefresh) {
+        update?.fullyReload
+          ? hmr.liveReload(revisionId)
+          : hmr.hotReload(revisionId, update.code);
+      }
+    });
 
     const symbolicateMiddleware = createSymbolicateMiddleware(
       { bundler, devServerOptions: this.devServerOptions },
diff --git a/packages/hmr/lib/HmrTransformer.ts b/packages/hmr/lib/HmrTransformer.ts
new file mode 100644
index 00000000..95bd27ac
--- /dev/null
+++ b/packages/hmr/lib/HmrTransformer.ts
@@ -0,0 +1,116 @@
+import fs from 'node:fs/promises';
+import type { Metafile } from 'esbuild';
+import { getReloadByDevSettingsProxy } from '@react-native-esbuild/internal';
+import { logger } from './shared';
+import type { BundleMeta, BundleUpdate } from './types';
+
+export class HmrTransformer {
+  constructor(
+    private root: string,
+    private transformer: (code: string, path: string) => Promise<string>,
+  ) {}
+
+  public async getUpdates(
+    modulePath: string,
+    metafile: Metafile,
+  ): Promise<BundleUpdate> {
+    try {
+      const code = await this.transformRuntime(modulePath, metafile);
+      return {
+        id: '',
+        code: this.wrapSafetyWithReload(code),
+        path: modulePath,
+        fullyReload: false,
+      };
+    } catch (error) {
+      logger.error('unable to get updates', error as Error);
+      return {
+        id: '',
+        code: '',
+        path: modulePath,
+        fullyReload: true,
+      };
+    }
+  }
+
+  private async transformRuntime(
+    modulePath: string,
+    metafile: Metafile,
+  ): Promise<string> {
+    // Indexing parent modules.
+    const bundleMeta = this.createBundleMeta(metafile);
+    const reverseDependencies = this.getReverseDependencies(
+      modulePath,
+      bundleMeta,
+    );
+
+    const transformedCodes = await Promise.all(
+      [modulePath, ...reverseDependencies].map(async (modulePath) => {
+        const rawCode = await fs.readFile(modulePath, 'utf-8');
+        const code = await this.transformer(rawCode, modulePath);
+        return code;
+      }),
+    );
+
+    return transformedCodes.join('\n');
+  }
+
+  /**
+   * Enhance `esbuild.Metafile` to `BundleMeta`.
+   *
+   * Add `parents` property into each module info.
+   * This property will be used as indexed value for explore parent modules.
+   */
+  private createBundleMeta(metafile: Metafile): BundleMeta {
+    const bundleMeta = metafile as BundleMeta;
+    Object.entries(bundleMeta.inputs).forEach(([filename, moduleInfo]) => {
+      moduleInfo.imports.forEach(({ path }) => {
+        const moduleInfo = bundleMeta.inputs[path];
+
+        // eslint-disable-next-line @typescript-eslint/no-unnecessary-condition -- can be `undefined`.
+        if (!moduleInfo) {
+          logger.warn(`${path} is not exist in metafile`);
+          return;
+        }
+
+        if (!bundleMeta.inputs[path].parents) {
+          bundleMeta.inputs[path].parents = new Set();
+        }
+
+        // eslint-disable-next-line @typescript-eslint/no-non-null-assertion -- after if statement.
+        bundleMeta.inputs[path].parents!.add(filename);
+      });
+    });
+    return bundleMeta;
+  }
+
+  private getReverseDependencies(
+    modulePath: string,
+    bundleMeta: BundleMeta,
+    dependencies: string[] = [],
+    depth = 0,
+  ): string[] {
+    if (bundleMeta.inputs[modulePath].parents) {
+      // eslint-disable-next-line @typescript-eslint/no-non-null-assertion -- after if statement.
+      bundleMeta.inputs[modulePath].parents!.forEach((parentModule) => {
+        const line = new Array(depth * 2).fill('-').join('');
+        logger.debug(`+--${line} ${parentModule}`);
+
+        dependencies = this.getReverseDependencies(parentModule, bundleMeta, [
+          ...dependencies,
+          parentModule,
+        ]);
+      });
+    }
+    return dependencies;
+  }
+
+  private wrapSafetyWithReload(code: string): string {
+    return `try {
+      ${code}
+    } catch (error) {
+      console.error('[HMR] unable to accept updated module');
+      ${getReloadByDevSettingsProxy()}
+    }`;
+  }
+}
diff --git a/packages/hmr/lib/index.ts b/packages/hmr/lib/index.ts
index c7b0888a..455b3262 100644
--- a/packages/hmr/lib/index.ts
+++ b/packages/hmr/lib/index.ts
@@ -54,5 +54,6 @@ export const isReactRefreshRegistered = (code: string): boolean =>
 
 export * from './server';
 export * from './constants';
+export { HmrTransformer } from './HmrTransformer';
 export type * from './types';
 export type { HmrServer } from './server/HmrServer';
diff --git a/packages/hmr/lib/types.ts b/packages/hmr/lib/types.ts
index c152559f..b7846eff 100644
--- a/packages/hmr/lib/types.ts
+++ b/packages/hmr/lib/types.ts
@@ -1,3 +1,4 @@
+import type { Metafile, ImportKind } from 'esbuild';
 import type * as RefreshRuntime from 'react-refresh/runtime';
 
 /* eslint-disable no-var -- allow */
@@ -84,3 +85,28 @@ export interface HmrModule {
   sourceMappingURL: string | null;
   sourceURL: string | null;
 }
+
+export type BundleMeta = Metafile & {
+  inputs: Metafile['inputs'] &
+    Record<
+      string,
+      {
+        bytes: number;
+        imports: {
+          path: string;
+          kind: ImportKind;
+          external?: boolean;
+          original?: string;
+        }[];
+        parents?: Set<string>;
+        format?: 'cjs' | 'esm';
+      }
+    >;
+};
+
+export interface BundleUpdate {
+  id: string;
+  path: string;
+  code: string;
+  fullyReload: boolean;
+}
diff --git a/packages/hmr/package.json b/packages/hmr/package.json
index fda733a3..588d16b5 100644
--- a/packages/hmr/package.json
+++ b/packages/hmr/package.json
@@ -48,6 +48,7 @@
     "esbuild": "^0.19.3"
   },
   "dependencies": {
+    "@react-native-esbuild/internal": "workspace:^",
     "@react-native-esbuild/utils": "workspace:*",
     "react-refresh": "^0.14.0",
     "ws": "^8.14.2"
diff --git a/packages/plugins/lib/reactNativeRuntimeTransformPlugin/reactNativeRuntimeTransformPlugin.ts b/packages/plugins/lib/reactNativeRuntimeTransformPlugin/reactNativeRuntimeTransformPlugin.ts
index 05e10c33..c3b195cd 100644
--- a/packages/plugins/lib/reactNativeRuntimeTransformPlugin/reactNativeRuntimeTransformPlugin.ts
+++ b/packages/plugins/lib/reactNativeRuntimeTransformPlugin/reactNativeRuntimeTransformPlugin.ts
@@ -120,8 +120,7 @@ export const createReactNativeRuntimeTransformPlugin: ReactNativeEsbuildPluginCr
       };
     };
 
-    let transformPipeline: AsyncTransformPipeline;
-    const transformPipelineBuilder = new AsyncTransformPipeline.builder(context)
+    const transformPipeline = new AsyncTransformPipeline.builder(context)
       .setSwcPreset(swcPresets.getReactNativeRuntimePreset())
       .setInjectScripts(injectScriptPaths)
       .setFullyTransformPackages(fullyTransformPackageNames)
@@ -129,11 +128,8 @@ export const createReactNativeRuntimeTransformPlugin: ReactNativeEsbuildPluginCr
       .setAdditionalBabelTransformRules(additionalBabelRules)
       .setAdditionalSwcTransformRules(additionalSwcRules)
       .onStart(onBeforeTransform)
-      .onEnd(onAfterTransform);
-
-    build.onStart(() => {
-      transformPipeline = transformPipelineBuilder.build();
-    });
+      .onEnd(onAfterTransform)
+      .build();
 
     build.onLoad({ filter: /\.(?:[mc]js|[tj]sx?)$/ }, async (args) => {
       const rawCode = await fs.readFile(args.path, { encoding: 'utf-8' });
diff --git a/yarn.lock b/yarn.lock
index 6e2c4b2e..d8c7816b 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -4379,6 +4379,7 @@ __metadata:
   version: 0.0.0-use.local
   resolution: "@react-native-esbuild/hmr@workspace:packages/hmr"
   dependencies:
+    "@react-native-esbuild/internal": "workspace:^"
     "@react-native-esbuild/utils": "workspace:*"
     "@swc/helpers": ^0.5.2
     "@types/react-refresh": ^0.14.3
@@ -4388,7 +4389,7 @@ __metadata:
   languageName: unknown
   linkType: soft
 
-"@react-native-esbuild/internal@workspace:*, @react-native-esbuild/internal@workspace:packages/internal":
+"@react-native-esbuild/internal@workspace:*, @react-native-esbuild/internal@workspace:^, @react-native-esbuild/internal@workspace:packages/internal":
   version: 0.0.0-use.local
   resolution: "@react-native-esbuild/internal@workspace:packages/internal"
   dependencies: