diff --git a/src/import.ts b/src/import.ts
index 393c54c..5121f3d 100644
--- a/src/import.ts
+++ b/src/import.ts
@@ -35,7 +35,7 @@ export async function importModule(filepath: string, options?: ImportModuleOptio
     // commonjs
     obj = require(moduleFilePath);
     debug('[importModule] require %o => %o', filepath, obj);
-    if (obj?.__esModule === true && obj?.default) {
+    if (obj?.__esModule === true && 'default' in obj) {
       // 兼容 cjs 模拟 esm 的导出格式
       // {
       //   __esModule: true,
@@ -72,7 +72,7 @@ export async function importModule(filepath: string, options?: ImportModuleOptio
       obj = obj.default;
     }
     if (options?.importDefaultOnly) {
-      if (obj.default) {
+      if ('default' in obj) {
         obj = obj.default;
       }
     }
diff --git a/test/fixtures/cjs/module-exports-null.js b/test/fixtures/cjs/module-exports-null.js
new file mode 100644
index 0000000..b894a23
--- /dev/null
+++ b/test/fixtures/cjs/module-exports-null.js
@@ -0,0 +1 @@
+module.exports = null;
diff --git a/test/fixtures/esm/export-default-null.js b/test/fixtures/esm/export-default-null.js
new file mode 100644
index 0000000..7646bbd
--- /dev/null
+++ b/test/fixtures/esm/export-default-null.js
@@ -0,0 +1 @@
+export default null;
diff --git a/test/import.test.ts b/test/import.test.ts
index 085e3c5..6d2e3cb 100644
--- a/test/import.test.ts
+++ b/test/import.test.ts
@@ -83,5 +83,29 @@ describe('test/import.test.ts', () => {
       assert.equal(obj.foo, 'bar');
       assert.equal(obj.one, 1);
     });
+
+    it('should support module.exports = null', async () => {
+      assert.equal(await importModule(getFilepath('cjs/module-exports-null.js'), {
+        importDefaultOnly: true,
+      }), null);
+      assert.equal(await importModule(getFilepath('cjs/module-exports-null'), {
+        importDefaultOnly: true,
+      }), null);
+      assert.equal((await importModule(getFilepath('cjs/module-exports-null'), {
+        importDefaultOnly: false,
+      })).default, null);
+    });
+
+    it('should support export default null', async () => {
+      assert.equal(await importModule(getFilepath('esm/export-default-null.js'), {
+        importDefaultOnly: true,
+      }), null);
+      assert.equal(await importModule(getFilepath('esm/export-default-null'), {
+        importDefaultOnly: true,
+      }), null);
+      assert.equal((await importModule(getFilepath('esm/export-default-null.js'), {
+        importDefaultOnly: false,
+      })).default, null);
+    });
   });
 });