diff --git a/packages/vitest/src/node/reporters/blob.ts b/packages/vitest/src/node/reporters/blob.ts
index e2e89ce47985..32dd65948bd7 100644
--- a/packages/vitest/src/node/reporters/blob.ts
+++ b/packages/vitest/src/node/reporters/blob.ts
@@ -1,5 +1,6 @@
 import type { File } from '@vitest/runner'
 import type { SerializedError } from '@vitest/utils'
+import type { DevEnvironment, EnvironmentModuleNode } from 'vite'
 import type { Vitest } from '../core'
 import type { TestProject } from '../project'
 import type { Reporter } from '../types/reporter'
@@ -54,27 +55,40 @@ export class BlobReporter implements Reporter {
         : '.vitest-reports/blob.json'
     }
 
-    const modules = this.ctx.projects.map<MergeReportModuleKeys>(
-      (project) => {
-        return [
-          project.name,
-          [...project.vite.moduleGraph.idToModuleMap.entries()].map<SerializedModuleNode | null>((mod) => {
-            if (!mod[1].file) {
-              return null
-            }
-            return [mod[0], mod[1].file, mod[1].url]
-          }).filter(x => x != null),
-        ]
-      },
-    )
+    const environmentModules: MergeReportEnvironmentModules = {}
+    this.ctx.projects.forEach((project) => {
+      const serializedProject: MergeReportEnvironmentModules[string] = {
+        environments: {},
+        external: [],
+      }
+      Object.entries(project.vite.environments).forEach(([environmentName, environment]) => {
+        serializedProject.environments[environmentName] = serializeEnvironmentModuleGraph(
+          environment,
+        )
+      })
+
+      if (project.browser?.vite.environments.client) {
+        serializedProject.browser = serializeEnvironmentModuleGraph(
+          project.browser.vite.environments.client,
+        )
+      }
+
+      for (const [id, value] of project._resolver.externalizeCache.entries()) {
+        if (typeof value === 'string') {
+          serializedProject.external.push([id, value])
+        }
+      }
+
+      environmentModules[project.name] = serializedProject
+    })
 
     const report = [
       this.ctx.version,
       files,
       errors,
-      modules,
       coverage,
       executionTime,
+      environmentModules,
     ] satisfies MergeReport
 
     const reportFile = resolve(this.ctx.config.root, outputFile)
@@ -112,7 +126,7 @@ export async function readBlobs(
       )
     }
     const content = await readFile(fullPath, 'utf-8')
-    const [version, files, errors, moduleKeys, coverage, executionTime] = parse(
+    const [version, files, errors, coverage, executionTime, environmentModules] = parse(
       content,
     ) as MergeReport
     if (!version) {
@@ -120,7 +134,7 @@ export async function readBlobs(
         `vitest.mergeReports() expects all paths in "${blobsDirectory}" to be files generated by the blob reporter, but "${filename}" is not a valid blob file`,
       )
     }
-    return { version, files, errors, moduleKeys, coverage, file: filename, executionTime }
+    return { version, files, errors, coverage, file: filename, executionTime, environmentModules }
   })
   const blobs = await Promise.all(promises)
 
@@ -143,28 +157,38 @@ export async function readBlobs(
     )
   }
 
-  // fake module graph - it is used to check if module is imported, but we don't use values inside
+  // Restore module graph
   const projects = Object.fromEntries(
     projectsArray.map(p => [p.name, p]),
   )
 
+  for (const project of projectsArray) {
+    if (project.isBrowserEnabled()) {
+      await project._initBrowserServer()
+    }
+  }
+
   blobs.forEach((blob) => {
-    blob.moduleKeys.forEach(([projectName, moduleIds]) => {
+    Object.entries(blob.environmentModules).forEach(([projectName, modulesByProject]) => {
       const project = projects[projectName]
       if (!project) {
         return
       }
-      moduleIds.forEach(([moduleId, file, url]) => {
-        const moduleNode = project.vite.moduleGraph.createFileOnlyEntry(file)
-        moduleNode.url = url
-        moduleNode.id = moduleId
-        moduleNode.transformResult = {
-          // print error checks that transformResult is set
-          code: ' ',
-          map: null,
-        }
-        project.vite.moduleGraph.idToModuleMap.set(moduleId, moduleNode)
+
+      modulesByProject.external.forEach(([id, externalized]) => {
+        project._resolver.externalizeCache.set(id, externalized)
       })
+
+      Object.entries(modulesByProject.environments).forEach(([environmentName, moduleGraph]) => {
+        const environment = project.vite.environments[environmentName]
+        deserializeEnvironmentModuleGraph(environment, moduleGraph)
+      })
+
+      const browserModuleGraph = modulesByProject.browser
+      if (browserModuleGraph) {
+        const browserEnvironment = project.browser!.vite.environments.client
+        deserializeEnvironmentModuleGraph(browserEnvironment, browserModuleGraph)
+      }
     })
   })
 
@@ -198,18 +222,107 @@ type MergeReport = [
   vitestVersion: string,
   files: File[],
   errors: unknown[],
-  modules: MergeReportModuleKeys[],
   coverage: unknown,
   executionTime: number,
+  environmentModules: MergeReportEnvironmentModules,
 ]
 
-type SerializedModuleNode = [
-  id: string,
-  file: string,
-  url: string,
-]
+interface MergeReportEnvironmentModules {
+  [projectName: string]: {
+    environments: {
+      [environmentName: string]: SerializedEnvironmentModuleGraph
+    }
+    browser?: SerializedEnvironmentModuleGraph
+    external: [id: string, externalized: string][]
+  }
+}
 
-type MergeReportModuleKeys = [
-  projectName: string,
-  modules: SerializedModuleNode[],
+type SerializedEnvironmentModuleNode = [
+  id: number,
+  file: number,
+  url: number,
+  importedIds: number[],
 ]
+
+interface SerializedEnvironmentModuleGraph {
+  idTable: string[]
+  modules: SerializedEnvironmentModuleNode[]
+}
+
+function serializeEnvironmentModuleGraph(
+  environment: DevEnvironment,
+): SerializedEnvironmentModuleGraph {
+  const idTable: string[] = []
+  const idMap = new Map<string, number>()
+
+  const getIdIndex = (id: string) => {
+    const existing = idMap.get(id)
+    if (existing != null) {
+      return existing
+    }
+    const next = idTable.length
+    idMap.set(id, next)
+    idTable.push(id)
+    return next
+  }
+
+  const modules: SerializedEnvironmentModuleNode[] = []
+  for (const [id, mod] of environment.moduleGraph.idToModuleMap.entries()) {
+    if (!mod.file) {
+      continue
+    }
+
+    const importedIds: number[] = []
+    for (const importedNode of mod.importedModules) {
+      if (importedNode.id) {
+        importedIds.push(getIdIndex(importedNode.id))
+      }
+    }
+
+    modules.push([
+      getIdIndex(id),
+      getIdIndex(mod.file),
+      getIdIndex(mod.url),
+      importedIds,
+    ])
+  }
+
+  return {
+    idTable,
+    modules,
+  }
+}
+
+function deserializeEnvironmentModuleGraph(
+  environment: DevEnvironment,
+  serialized: SerializedEnvironmentModuleGraph,
+): void {
+  const nodesById = new Map<string, EnvironmentModuleNode>()
+
+  serialized.modules.forEach(([id, file, url]) => {
+    const moduleId = serialized.idTable[id]
+    const filePath = serialized.idTable[file]
+    const urlPath = serialized.idTable[url]
+    const moduleNode = environment.moduleGraph.createFileOnlyEntry(filePath)
+    moduleNode.url = urlPath
+    moduleNode.id = moduleId
+    moduleNode.transformResult = {
+      // print error checks that transformResult is set
+      code: ' ',
+      map: null,
+    }
+    environment.moduleGraph.idToModuleMap.set(moduleId, moduleNode)
+    nodesById.set(moduleId, moduleNode)
+  })
+
+  serialized.modules.forEach(([id, _file, _url, importedIds]) => {
+    const moduleId = serialized.idTable[id]
+    const moduleNode = nodesById.get(moduleId)!
+    importedIds.forEach((importedIdIndex) => {
+      const importedId = serialized.idTable[importedIdIndex]
+      const importedNode = nodesById.get(importedId)!
+      moduleNode.importedModules.add(importedNode)
+      importedNode.importers.add(moduleNode)
+    })
+  })
+}
diff --git a/packages/vitest/src/node/resolver.ts b/packages/vitest/src/node/resolver.ts
index 09443df349ae..94670766646d 100644
--- a/packages/vitest/src/node/resolver.ts
+++ b/packages/vitest/src/node/resolver.ts
@@ -12,7 +12,7 @@ import { isWindows } from '../utils/env'
 export class VitestResolver {
   public readonly options: ExternalizeOptions
   private externalizeConcurrentCache = new Map<string, Promise<string | false | undefined>>()
-  private externalizeCache = new Map<string, string | false | undefined>()
+  public externalizeCache: Map<string, string | false | undefined> = new Map()
 
   constructor(cacheDir: string, config: ResolvedConfig) {
     // sorting to make cache consistent
diff --git a/test/cli/fixtures/reporters/merge-reports-module-graph/basic.test.ts b/test/cli/fixtures/reporters/merge-reports-module-graph/basic.test.ts
new file mode 100644
index 000000000000..c567ed10f00b
--- /dev/null
+++ b/test/cli/fixtures/reporters/merge-reports-module-graph/basic.test.ts
@@ -0,0 +1,8 @@
+import { test, expect } from 'vitest'
+import { formatHello } from './sub/format'
+import { hello } from './util'
+
+test('passes', () => {
+  expect(hello()).toBe('Hello, graph!')
+  expect(formatHello()).toBe('Hello, graph!')
+})
diff --git a/test/cli/fixtures/reporters/merge-reports-module-graph/second.test.ts b/test/cli/fixtures/reporters/merge-reports-module-graph/second.test.ts
new file mode 100644
index 000000000000..b08172727353
--- /dev/null
+++ b/test/cli/fixtures/reporters/merge-reports-module-graph/second.test.ts
@@ -0,0 +1,11 @@
+import { test, expect } from 'vitest'
+import { hello } from './util'
+import * as obug from "obug"
+
+test('also passes', () => {
+  expect(hello()).toBe('Hello, graph!')
+})
+
+test('external', () => {
+  expect(obug).toBeTypeOf('object')
+})
diff --git a/test/cli/fixtures/reporters/merge-reports-module-graph/sub/format.ts b/test/cli/fixtures/reporters/merge-reports-module-graph/sub/format.ts
new file mode 100644
index 000000000000..f653729ee14b
--- /dev/null
+++ b/test/cli/fixtures/reporters/merge-reports-module-graph/sub/format.ts
@@ -0,0 +1,5 @@
+import { getSubject } from './subject'
+
+export function formatHello() {
+  return `Hello, ${getSubject()}!`
+}
diff --git a/test/cli/fixtures/reporters/merge-reports-module-graph/sub/subject.ts b/test/cli/fixtures/reporters/merge-reports-module-graph/sub/subject.ts
new file mode 100644
index 000000000000..7a7bc073b1c3
--- /dev/null
+++ b/test/cli/fixtures/reporters/merge-reports-module-graph/sub/subject.ts
@@ -0,0 +1,3 @@
+export function getSubject() {
+  return 'graph'
+}
diff --git a/test/cli/fixtures/reporters/merge-reports-module-graph/util.ts b/test/cli/fixtures/reporters/merge-reports-module-graph/util.ts
new file mode 100644
index 000000000000..49981c185118
--- /dev/null
+++ b/test/cli/fixtures/reporters/merge-reports-module-graph/util.ts
@@ -0,0 +1,5 @@
+import { getSubject } from './sub/subject'
+
+export function hello() {
+  return `Hello, ${getSubject()}!`
+}
diff --git a/test/cli/fixtures/reporters/merge-reports-module-graph/vitest.config.js b/test/cli/fixtures/reporters/merge-reports-module-graph/vitest.config.js
new file mode 100644
index 000000000000..94a64e2f78ac
--- /dev/null
+++ b/test/cli/fixtures/reporters/merge-reports-module-graph/vitest.config.js
@@ -0,0 +1,3 @@
+import { defineConfig } from "vitest/config"
+
+export default defineConfig({})
diff --git a/test/cli/test/reporters/merge-reports.test.ts b/test/cli/test/reporters/merge-reports.test.ts
index e52f6c0e2129..2f445b5c20f9 100644
--- a/test/cli/test/reporters/merge-reports.test.ts
+++ b/test/cli/test/reporters/merge-reports.test.ts
@@ -1,11 +1,14 @@
 import type { File, Test } from '@vitest/runner/types'
+import type { TestUserConfig, Vitest } from 'vitest/node'
 import { rmSync } from 'node:fs'
 import { resolve } from 'node:path'
 import { runVitest } from '#test-utils'
+import { playwright } from '@vitest/browser-playwright'
 import { createFileTask } from '@vitest/runner/utils'
 import { beforeEach, expect, test } from 'vitest'
 import { version } from 'vitest/package.json'
 import { writeBlob } from 'vitest/src/node/reporters/blob.js'
+import { getModuleGraph } from '../../../../packages/vitest/src/utils/graph'
 
 // always relative to CWD because it's used only from the CLI,
 // so we need to correctly resolve it here
@@ -254,7 +257,7 @@ test('total and merged execution times are shown', async () => {
     file.tasks.push(createTest('some test', file))
 
     await writeBlob(
-      [version, [file], [], [], undefined, 1500 * index],
+      [version, [file], [], undefined, 1500 * index, {}],
       resolve(`./fixtures/reporters/merge-reports/.vitest-reports/blob-${index}-2.json`),
     )
   }
@@ -272,6 +275,179 @@ test('total and merged execution times are shown', async () => {
   expect(stdout).toContain('Per blob  1.50s 3.00s')
 })
 
+test.for([
+  'node',
+  'browser',
+])('module graph and html reporter $0', async (mode) => {
+  const root = resolve('./fixtures/reporters/merge-reports-module-graph')
+  const reportsDir = resolve(root, '.vitest-reports')
+  rmSync(reportsDir, { force: true, recursive: true })
+
+  const baseConfig: TestUserConfig = {
+    root,
+  }
+  if (mode === 'browser') {
+    baseConfig.browser = {
+      enabled: true,
+      provider: playwright(),
+      instances: [
+        {
+          browser: 'chromium',
+        },
+      ],
+      headless: true,
+    }
+  }
+
+  const result = await runVitest({
+    ...baseConfig,
+    reporters: ['blob'],
+  })
+  expect.assert(result.ctx)
+  const generatedModuleGraphJson = await getSerializedModuleGraph(result.ctx)
+  if (mode === 'browser') {
+    expect(generatedModuleGraphJson).toMatchInlineSnapshot(`
+      "{
+        "<root>/basic.test.ts": {
+          "graph": {
+            "<root>/sub/subject.ts": [],
+            "<root>/sub/format.ts": [
+              "<root>/sub/subject.ts"
+            ],
+            "<root>/util.ts": [
+              "<root>/sub/subject.ts"
+            ],
+            "<root>/basic.test.ts": [
+              "<root>/sub/format.ts",
+              "<root>/util.ts"
+            ]
+          },
+          "externalized": [],
+          "inlined": [
+            "<root>/basic.test.ts",
+            "<root>/sub/format.ts",
+            "<root>/sub/subject.ts",
+            "<root>/util.ts"
+          ]
+        },
+        "<root>/second.test.ts": {
+          "graph": {
+            "<root>/sub/subject.ts": [],
+            "<root>/util.ts": [
+              "<root>/sub/subject.ts"
+            ],
+            "<root>/second.test.ts": [
+              "<root>/util.ts",
+              "<optimized-deps>/obug.js"
+            ]
+          },
+          "externalized": [
+            "<optimized-deps>/obug.js?v=<hash>"
+          ],
+          "inlined": [
+            "<root>/second.test.ts",
+            "<root>/util.ts",
+            "<root>/sub/subject.ts"
+          ]
+        }
+      }"
+    `)
+  }
+  else {
+    expect(generatedModuleGraphJson).toMatchInlineSnapshot(`
+      "{
+        "<root>/basic.test.ts": {
+          "graph": {
+            "<root>/sub/subject.ts": [],
+            "<root>/sub/format.ts": [
+              "<root>/sub/subject.ts"
+            ],
+            "<root>/util.ts": [
+              "<root>/sub/subject.ts"
+            ],
+            "<root>/basic.test.ts": [
+              "<root>/sub/format.ts",
+              "<root>/util.ts"
+            ]
+          },
+          "externalized": [],
+          "inlined": [
+            "<root>/basic.test.ts",
+            "<root>/sub/format.ts",
+            "<root>/sub/subject.ts",
+            "<root>/util.ts"
+          ]
+        },
+        "<root>/second.test.ts": {
+          "graph": {
+            "<root>/sub/subject.ts": [],
+            "<root>/util.ts": [
+              "<root>/sub/subject.ts"
+            ],
+            "<root>/second.test.ts": [
+              "<root>/util.ts",
+              "<node_modules>/obug/dist/node.js"
+            ]
+          },
+          "externalized": [
+            "<node_modules>/obug/dist/node.js"
+          ],
+          "inlined": [
+            "<root>/second.test.ts",
+            "<root>/util.ts",
+            "<root>/sub/subject.ts"
+          ]
+        }
+      }"
+    `)
+  }
+
+  const result2 = await runVitest({
+    ...baseConfig,
+    mergeReports: reportsDir,
+  })
+  expect(result2.stderr).toMatchInlineSnapshot(`""`)
+  expect.assert(result2.ctx)
+  const restoredModuleGraphJson = await getSerializedModuleGraph(result2.ctx)
+  expect(restoredModuleGraphJson).toBe(generatedModuleGraphJson)
+
+  const result3 = await runVitest({
+    ...baseConfig,
+    mergeReports: resolve(root, '.vitest-reports'),
+    reporters: ['html'],
+  })
+  expect(result3.stderr).toMatchInlineSnapshot(`""`)
+  expect(result3.stdout).toMatchInlineSnapshot(`
+    " HTML  Report is generated
+           You can run npx vite preview --outDir html to see the test results.
+    "
+  `)
+})
+
+async function getSerializedModuleGraph(ctx: Vitest) {
+  const files = ctx.state.getFiles().slice().sort((a, b) => a.filepath.localeCompare(b.filepath))
+  const moduleGraphs = Object.fromEntries(
+    await Promise.all(
+      files.map(async (file) => {
+        const projectName = file.projectName || ''
+        const project = ctx.getProjectByName(projectName)
+        const graph = await getModuleGraph(
+          ctx,
+          projectName,
+          file.filepath,
+          project.config.browser.enabled,
+        )
+        return [file.filepath, graph] as const
+      }),
+    ),
+  )
+  return JSON.stringify(moduleGraphs, null, 2)
+    .replaceAll(ctx.config.root, '<root>')
+    .replace(/"[^"\n]*\/node_modules\//g, '"<node_modules>/')
+    .replace(/<node_modules>\/\.vite\/vitest\/[a-f0-9]{40}\/deps\/([^"?]+)/g, '<optimized-deps>/$1')
+    .replace(/\?v=[a-f0-9]+/g, '?v=<hash>')
+}
+
 function trimReporterOutput(report: string) {
   const rows = report
     .replace(/\d+ms/g, '<time>')