diff --git a/_internal/types.ts b/_internal/types.ts
index 249c91565..cb94a8fc5 100644
--- a/_internal/types.ts
+++ b/_internal/types.ts
@@ -266,7 +266,7 @@ export type MutatorOptions<Data = any> = {
     | boolean
     | ((result: any, currentData: Data | undefined) => Data)
   optimisticData?: Data | ((currentData?: Data) => Data)
-  rollbackOnError?: boolean
+  rollbackOnError?: boolean | ((error: unknown) => boolean)
   throwOnError?: boolean
 }
 
diff --git a/_internal/utils/mutate.ts b/_internal/utils/mutate.ts
index eaa513837..d07d2d45a 100644
--- a/_internal/utils/mutate.ts
+++ b/_internal/utils/mutate.ts
@@ -55,10 +55,16 @@ export async function internalMutate<Data>(
   )
 
   let populateCache = options.populateCache
+
+  const rollbackOnErrorOption = options.rollbackOnError
   let optimisticData = options.optimisticData
 
   const revalidate = options.revalidate !== false
-  const rollbackOnError = options.rollbackOnError !== false
+  const rollbackOnError = (error: unknown): boolean => {
+    return typeof rollbackOnErrorOption === 'function'
+      ? rollbackOnErrorOption(error)
+      : rollbackOnErrorOption !== false
+  }
   const throwOnError = options.throwOnError
 
   // If the second argument is a key filter, return the mutation results for all
@@ -126,7 +132,8 @@ export async function internalMutate<Data>(
     // that is going to be overridden by a `committedData`, or get reverted back.
     // `committedData` is the validated value that comes from a fetch or mutation.
     const displayedData = state.data
-    const committedData = isUndefined(state._c) ? displayedData : state._c
+    const currentData = state._c
+    const committedData = isUndefined(currentData) ? displayedData : currentData
 
     // Do optimistic data update.
     if (hasOptimisticData) {
@@ -162,7 +169,7 @@ export async function internalMutate<Data>(
       if (beforeMutationTs !== MUTATION[key][0]) {
         if (error) throw error
         return data
-      } else if (error && hasOptimisticData && rollbackOnError) {
+      } else if (error && hasOptimisticData && rollbackOnError(error)) {
         // Rollback. Always populate the cache in this case but without
         // transforming the data.
         populateCache = true
diff --git a/test/use-swr-local-mutation.test.tsx b/test/use-swr-local-mutation.test.tsx
index 7e30cf20c..1a3c328d2 100644
--- a/test/use-swr-local-mutation.test.tsx
+++ b/test/use-swr-local-mutation.test.tsx
@@ -1337,7 +1337,7 @@ describe('useSWR - local mutation', () => {
     expect(renderedData).toEqual([undefined, 'foo', 'bar', 'baz', 'qux', 'baz'])
   })
 
-  it('should not rollback optimistic updates if `rollbackOnError`', async () => {
+  it('should not rollback optimistic updates if `rollbackOnError` is disabled', async () => {
     const key = createKey()
     const renderedData = []
     let mutate
@@ -1362,17 +1362,36 @@ describe('useSWR - local mutation', () => {
 
     try {
       await executeWithoutBatching(() =>
-        mutate(createResponse(new Error('baz'), { delay: 20 }), {
-          optimisticData: 'bar',
+        mutate(createResponse(new Error('baz-1'), { delay: 20 }), {
+          optimisticData: 'bar-1',
           rollbackOnError: false
         })
       )
     } catch (e) {
-      expect(e.message).toEqual('baz')
+      expect(e.message).toEqual('baz-1')
+    }
+
+    await sleep(30)
+    expect(renderedData).toEqual([undefined, 0, 'bar-1', 1])
+
+    let rollbackErrorMessage
+    try {
+      await executeWithoutBatching(() =>
+        mutate(createResponse(new Error('baz-2'), { delay: 20 }), {
+          optimisticData: 'bar-2',
+          rollbackOnError: error => {
+            rollbackErrorMessage = error.message
+            return false
+          }
+        })
+      )
+    } catch (e) {
+      expect(e.message).toEqual('baz-2')
     }
 
     await sleep(30)
-    expect(renderedData).toEqual([undefined, 0, 'bar', 1])
+    expect(renderedData).toEqual([undefined, 0, 'bar-1', 1, 'bar-2', 2])
+    expect(rollbackErrorMessage).toEqual('baz-2')
   })
 
   it('should support transforming the result with `populateCache` before writing back', async () => {