diff --git a/packages/compiler-core/__tests__/transforms/__snapshots__/vMemo.spec.ts.snap b/packages/compiler-core/__tests__/transforms/__snapshots__/vMemo.spec.ts.snap
index 86e0b3d2fd5..eb825c9d78c 100644
--- a/packages/compiler-core/__tests__/transforms/__snapshots__/vMemo.spec.ts.snap
+++ b/packages/compiler-core/__tests__/transforms/__snapshots__/vMemo.spec.ts.snap
@@ -53,9 +53,10 @@ exports[`compiler: v-memo transform > on template v-for 1`] = `
 
 export function render(_ctx, _cache) {
   return (_openBlock(), _createElementBlock("div", null, [
-    (_openBlock(true), _createElementBlock(_Fragment, null, _renderList(_ctx.list, ({ x, y }, __, ___, _cached) => {
+    (_openBlock(true), _createElementBlock(_Fragment, null, _renderList(_ctx.list, ({ x, y }, __, ___, _cachedListItem, _cachedMap) => {
       const _memo = ([x, y === _ctx.z])
-      if (_cached && _cached.key === x && _isMemoSame(_cached, _memo)) return _cached
+      const _cached = ((_cachedMap && _cachedMap[x]) || (_cachedListItem && _cachedListItem.key === x && _cachedListItem))
+      if (_cached && _isMemoSame(_cached, _memo)) return _cached
       const _item = (_openBlock(), _createElementBlock("span", { key: x }, "foobar"))
       _item.memo = _memo
       return _item
@@ -69,9 +70,10 @@ exports[`compiler: v-memo transform > on v-for 1`] = `
 
 export function render(_ctx, _cache) {
   return (_openBlock(), _createElementBlock("div", null, [
-    (_openBlock(true), _createElementBlock(_Fragment, null, _renderList(_ctx.list, ({ x, y }, __, ___, _cached) => {
+    (_openBlock(true), _createElementBlock(_Fragment, null, _renderList(_ctx.list, ({ x, y }, __, ___, _cachedListItem, _cachedMap) => {
       const _memo = ([x, y === _ctx.z])
-      if (_cached && _cached.key === x && _isMemoSame(_cached, _memo)) return _cached
+      const _cached = ((_cachedMap && _cachedMap[x]) || (_cachedListItem && _cachedListItem.key === x && _cachedListItem))
+      if (_cached && _isMemoSame(_cached, _memo)) return _cached
       const _item = (_openBlock(), _createElementBlock("div", { key: x }, [
         _createElementVNode("span", null, "foobar")
       ]))
diff --git a/packages/compiler-core/src/transforms/vFor.ts b/packages/compiler-core/src/transforms/vFor.ts
index 0dca0ba9ab4..4c42d060642 100644
--- a/packages/compiler-core/src/transforms/vFor.ts
+++ b/packages/compiler-core/src/transforms/vFor.ts
@@ -220,14 +220,29 @@ export const transformFor: NodeTransform = createStructuralDirectiveTransform(
         if (memo) {
           const loop = createFunctionExpression(
             createForLoopParams(forNode.parseResult, [
-              createSimpleExpression(`_cached`),
+              createSimpleExpression(`_cachedListItem`),
+              createSimpleExpression(`_cachedMap`),
             ]),
           )
           loop.body = createBlockStatement([
             createCompoundExpression([`const _memo = (`, memo.exp!, `)`]),
+            createCompoundExpression([
+              `const _cached = (`,
+              ...(keyExp
+                ? [`(_cachedMap && _cachedMap[`, keyExp!, `]) || `]
+                : []),
+              `(_cachedListItem`,
+              ...(keyExp
+                ? [
+                    ` && _cachedListItem.key === `,
+                    keyExp,
+                    ` && _cachedListItem`,
+                  ]
+                : []),
+              `))`,
+            ]),
             createCompoundExpression([
               `if (_cached`,
-              ...(keyExp ? [` && _cached.key === `, keyExp] : []),
               ` && ${context.helperString(
                 IS_MEMO_SAME,
               )}(_cached, _memo)) return _cached`,
diff --git a/packages/runtime-core/__tests__/helpers/withMemo.spec.ts b/packages/runtime-core/__tests__/helpers/withMemo.spec.ts
index 32f89b1d8e9..c6c9fa3e32f 100644
--- a/packages/runtime-core/__tests__/helpers/withMemo.spec.ts
+++ b/packages/runtime-core/__tests__/helpers/withMemo.spec.ts
@@ -226,6 +226,35 @@ describe('v-memo', () => {
     expect(el.innerHTML).toBe(`<div>2</div><div>2</div><div>2</div>`)
   })
 
+  test('on v-for /w should memo keyd vnode', async () => {
+    const runner = vitest.fn()
+    const [el, vm] = mount({
+      template: `<div v-for="item in list" :key="item.id" v-memo="[item.id]">
+          {{item.id}}{{ runner() }}
+        </div>`,
+      data: () => ({
+        list: [{ id: 1 }, { id: 2 }, { id: 3 }],
+      }),
+      methods: {
+        runner,
+      },
+    })
+    expect(el.innerHTML).toBe(`<div>1</div><div>2</div><div>3</div>`)
+    expect(runner).toHaveBeenCalledTimes(3)
+
+    vm.list = [{ id: 1 }, { id: 3 }]
+    await nextTick()
+    // should not re evaluate runner
+    expect(el.innerHTML).toBe(`<div>1</div><div>3</div>`)
+    expect(runner).toHaveBeenCalledTimes(3)
+
+    vm.list = [{ id: 1 }, { id: 3 }, { id: 2 }]
+    await nextTick()
+    // should only evaluate the new item
+    expect(el.innerHTML).toBe(`<div>1</div><div>3</div><div>2</div>`)
+    expect(runner).toHaveBeenCalledTimes(4)
+  })
+
   test('v-memo dependency is NaN should be equal', async () => {
     const [el, vm] = mount({
       template: `<div v-memo="[x]">{{ y }}</div>`,
@@ -238,4 +267,24 @@ describe('v-memo', () => {
     await nextTick()
     expect(el.innerHTML).toBe(`<div>0</div>`)
   })
+
+  test('should cache results correctly when use v-memo on the v-for element', async () => {
+    const runner = vi.fn()
+    const [_, vm] = mount({
+      template: `<template v-for="item in list" :key="item" v-memo="[item]">
+          {{item.id}}{{ runner() }}
+        </template>`,
+      data: () => ({
+        list: new Array(10).fill(0).map((_, i) => i),
+      }),
+      methods: {
+        runner,
+      },
+    })
+    expect(runner).toHaveBeenCalledTimes(10)
+
+    vm.list[5] = -1
+    await nextTick()
+    expect(runner).toHaveBeenCalledTimes(11)
+  })
 })
diff --git a/packages/runtime-core/src/helpers/renderList.ts b/packages/runtime-core/src/helpers/renderList.ts
index bbcbcc13044..fff10c95a92 100644
--- a/packages/runtime-core/src/helpers/renderList.ts
+++ b/packages/runtime-core/src/helpers/renderList.ts
@@ -1,4 +1,4 @@
-import type { VNode, VNodeChild } from '../vnode'
+import { type VNode, type VNodeChild, isVNode } from '../vnode'
 import {
   isReactive,
   isShallow,
@@ -59,11 +59,20 @@ export function renderList<T>(
 export function renderList(
   source: any,
   renderItem: (...args: any[]) => VNodeChild,
-  cache?: any[],
+  cache?: {
+    list: any[]
+    map: Record<string | number | symbol, VNode>
+  }[],
   index?: number,
 ): VNodeChild[] {
   let ret: VNodeChild[]
-  const cached = (cache && cache[index!]) as VNode[] | undefined
+  const retMap: Record<string | number | symbol, VNode> = {}
+  const cachedList = (cache && cache[index!] && cache[index!].list) as
+    | VNode[]
+    | undefined
+  const cachedMap = (cache && cache[index!] && cache[index!].map) as
+    | Record<string | number | symbol, VNode>
+    | undefined
   const sourceIsArray = isArray(source)
 
   if (sourceIsArray || isString(source)) {
@@ -75,12 +84,17 @@ export function renderList(
     }
     ret = new Array(source.length)
     for (let i = 0, l = source.length; i < l; i++) {
-      ret[i] = renderItem(
+      const item = renderItem(
         needsWrap ? toReactive(source[i]) : source[i],
         i,
         undefined,
-        cached && cached[i],
+        cachedList && cachedList[i],
+        cachedMap,
       )
+      if (isVNode(item) && item!.key != null) {
+        retMap[item!.key] = item!
+      }
+      ret[i] = item
     }
   } else if (typeof source === 'number') {
     if (__DEV__ && !Number.isInteger(source)) {
@@ -88,19 +102,49 @@ export function renderList(
     }
     ret = new Array(source)
     for (let i = 0; i < source; i++) {
-      ret[i] = renderItem(i + 1, i, undefined, cached && cached[i])
+      const item = renderItem(
+        i + 1,
+        i,
+        undefined,
+        cachedList && cachedList[i],
+        cachedMap,
+      )
+      if (isVNode(item) && item.key != null) {
+        retMap[item.key] = item
+      }
+      ret[i] = item
     }
   } else if (isObject(source)) {
     if (source[Symbol.iterator as any]) {
-      ret = Array.from(source as Iterable<any>, (item, i) =>
-        renderItem(item, i, undefined, cached && cached[i]),
-      )
+      ret = Array.from(source as Iterable<any>, (sourceItem, i) => {
+        const item = renderItem(
+          sourceItem,
+          i,
+          undefined,
+          cachedList && cachedList[i],
+          cachedMap,
+        )
+        if (isVNode(item) && item.key != null) {
+          retMap[item.key] = item
+        }
+        return item
+      })
     } else {
       const keys = Object.keys(source)
       ret = new Array(keys.length)
       for (let i = 0, l = keys.length; i < l; i++) {
         const key = keys[i]
-        ret[i] = renderItem(source[key], key, i, cached && cached[i])
+        const item = renderItem(
+          source[key],
+          key,
+          i,
+          cachedList && cachedList[i],
+          cachedMap,
+        )
+        if (isVNode(item) && item.key != null) {
+          retMap[item.key] = item
+        }
+        ret[i] = item
       }
     }
   } else {
@@ -108,7 +152,10 @@ export function renderList(
   }
 
   if (cache) {
-    cache[index!] = ret
+    cache[index!] = {
+      list: ret,
+      map: retMap,
+    }
   }
   return ret
 }