diff --git a/.changeset/fuzzy-trains-switch.md b/.changeset/fuzzy-trains-switch.md
new file mode 100644
index 00000000..025c0a85
--- /dev/null
+++ b/.changeset/fuzzy-trains-switch.md
@@ -0,0 +1,5 @@
+---
+"microbundle": patch
+---
+
+When using `--target node`, resolve "node" conditional Package Export keys, otherwise resolve "browser" keys.
diff --git a/src/index.js b/src/index.js
index 47448a08..162b76bb 100644
--- a/src/index.js
+++ b/src/index.js
@@ -487,6 +487,7 @@ function createConfig(options, entry, format, writeMeta) {
 					nodeResolve({
 						mainFields: ['module', 'jsnext', 'main'],
 						browser: options.target !== 'node',
+						exportConditions: [options.target === 'node' ? 'node' : 'browser'],
 						// defaults + .jsx
 						extensions: ['.mjs', '.js', '.jsx', '.json', '.node'],
 						preferBuiltins: options.target === 'node',