diff --git a/packages/playground/html/__tests__/html.spec.ts b/packages/playground/html/__tests__/html.spec.ts
index ed1ae6e91ad71e..4d06ee7463cffd 100644
--- a/packages/playground/html/__tests__/html.spec.ts
+++ b/packages/playground/html/__tests__/html.spec.ts
@@ -94,3 +94,37 @@ describe('nested w/ query', () => {
 
   testPage(true)
 })
+
+if (isBuild) {
+  describe('inline entry', () => {
+    const _countTags = (selector) => page.$$eval(selector, (t) => t.length)
+    const countScriptTags = _countTags.bind(this, 'script[type=module]')
+    const countPreloadTags = _countTags.bind(this, 'link[rel=modulepreload]')
+
+    test('is inlined', async () => {
+      await page.goto(viteTestUrl + '/inline/shared-1.html?v=1')
+      expect(await countScriptTags()).toBeGreaterThan(1)
+      expect(await countPreloadTags()).toBe(0)
+    })
+
+    test('is not inlined', async () => {
+      await page.goto(viteTestUrl + '/inline/unique.html?v=1')
+      expect(await countScriptTags()).toBe(1)
+      expect(await countPreloadTags()).toBeGreaterThan(0)
+    })
+
+    test('execution order when inlined', async () => {
+      await page.goto(viteTestUrl + '/inline/shared-2.html?v=1')
+      expect((await page.textContent('#output')).trim()).toBe(
+        'dep1 common dep2 dep3 shared'
+      )
+    })
+
+    test('execution order when not inlined', async () => {
+      await page.goto(viteTestUrl + '/inline/unique.html?v=1')
+      expect((await page.textContent('#output')).trim()).toBe(
+        'dep1 common dep2 unique'
+      )
+    })
+  })
+}
diff --git a/packages/playground/html/inline/common.js b/packages/playground/html/inline/common.js
new file mode 100644
index 00000000000000..d6f029f0558e6b
--- /dev/null
+++ b/packages/playground/html/inline/common.js
@@ -0,0 +1,8 @@
+import './dep1'
+import './dep2'
+
+export function log(name) {
+    document.getElementById('output').innerHTML += name + ' '
+}
+
+log('common')
diff --git a/packages/playground/html/inline/dep1.js b/packages/playground/html/inline/dep1.js
new file mode 100644
index 00000000000000..826758fcea26dd
--- /dev/null
+++ b/packages/playground/html/inline/dep1.js
@@ -0,0 +1,3 @@
+import { log } from './common'
+
+log('dep1')
diff --git a/packages/playground/html/inline/dep2.js b/packages/playground/html/inline/dep2.js
new file mode 100644
index 00000000000000..8e1189ab87967d
--- /dev/null
+++ b/packages/playground/html/inline/dep2.js
@@ -0,0 +1,3 @@
+import { log } from './common'
+
+log('dep2')
diff --git a/packages/playground/html/inline/dep3.js b/packages/playground/html/inline/dep3.js
new file mode 100644
index 00000000000000..fd73e87b5184d5
--- /dev/null
+++ b/packages/playground/html/inline/dep3.js
@@ -0,0 +1,4 @@
+import './dep2'
+import { log } from './common'
+
+log('dep3')
diff --git a/packages/playground/html/inline/module-graph.dot b/packages/playground/html/inline/module-graph.dot
new file mode 100644
index 00000000000000..38e98c98b4e0f6
--- /dev/null
+++ b/packages/playground/html/inline/module-graph.dot
@@ -0,0 +1,16 @@
+digraph Module {
+    common -> { dep1, dep2 } [style=dashed,color=grey]
+    dep1 -> common
+    dep2 -> common
+    dep3 -> { dep2, common }
+
+    subgraph shared {
+        shared [style=filled]
+        shared -> { dep3, common }
+    }
+
+    subgraph unique {
+        unique [style=filled]
+        unique -> { common, dep2 }
+    }
+}
diff --git a/packages/playground/html/inline/shared-1.html b/packages/playground/html/inline/shared-1.html
new file mode 100644
index 00000000000000..69e8b612a3f75d
--- /dev/null
+++ b/packages/playground/html/inline/shared-1.html
@@ -0,0 +1,2 @@
+<pre id="output"></pre>
+<script type="module" src="./shared.js"></script>
diff --git a/packages/playground/html/inline/shared-2.html b/packages/playground/html/inline/shared-2.html
new file mode 100644
index 00000000000000..69e8b612a3f75d
--- /dev/null
+++ b/packages/playground/html/inline/shared-2.html
@@ -0,0 +1,2 @@
+<pre id="output"></pre>
+<script type="module" src="./shared.js"></script>
diff --git a/packages/playground/html/inline/shared.js b/packages/playground/html/inline/shared.js
new file mode 100644
index 00000000000000..531a2786543146
--- /dev/null
+++ b/packages/playground/html/inline/shared.js
@@ -0,0 +1,4 @@
+import './dep3'
+import { log } from './common'
+
+log('shared')
diff --git a/packages/playground/html/inline/unique.html b/packages/playground/html/inline/unique.html
new file mode 100644
index 00000000000000..96a7b67adf90d5
--- /dev/null
+++ b/packages/playground/html/inline/unique.html
@@ -0,0 +1,2 @@
+<pre id="output"></pre>
+<script type="module" src="./unique.js"></script>
diff --git a/packages/playground/html/inline/unique.js b/packages/playground/html/inline/unique.js
new file mode 100644
index 00000000000000..df15756c072268
--- /dev/null
+++ b/packages/playground/html/inline/unique.js
@@ -0,0 +1,4 @@
+import { log } from './common'
+import './dep2'
+
+log('unique')
diff --git a/packages/playground/html/vite.config.js b/packages/playground/html/vite.config.js
index ba56b2f2555bd9..61ee5107d819c4 100644
--- a/packages/playground/html/vite.config.js
+++ b/packages/playground/html/vite.config.js
@@ -8,7 +8,10 @@ module.exports = {
     rollupOptions: {
       input: {
         main: resolve(__dirname, 'index.html'),
-        nested: resolve(__dirname, 'nested/index.html')
+        nested: resolve(__dirname, 'nested/index.html'),
+        inline1: resolve(__dirname, 'inline/shared-1.html'),
+        inline2: resolve(__dirname, 'inline/shared-2.html'),
+        inline3: resolve(__dirname, 'inline/unique.html'),
       }
     }
   },
diff --git a/packages/vite/src/node/plugins/html.ts b/packages/vite/src/node/plugins/html.ts
index 21f8bff0b406dc..8da6800cd03ba5 100644
--- a/packages/vite/src/node/plugins/html.ts
+++ b/packages/vite/src/node/plugins/html.ts
@@ -273,30 +273,43 @@ export function buildHtmlPlugin(config: ResolvedConfig): Plugin {
       }
     },
 
-    async generateBundle(_, bundle) {
+    async generateBundle(options, bundle) {
       const analyzedChunk: Map<OutputChunk, number> = new Map()
-      const getPreloadLinksForChunk = (
+      const getImportedChunks = (
         chunk: OutputChunk,
         seen: Set<string> = new Set()
-      ): HtmlTagDescriptor[] => {
-        const tags: HtmlTagDescriptor[] = []
+      ): OutputChunk[] => {
+        const chunks: OutputChunk[] = []
         chunk.imports.forEach((file) => {
           const importee = bundle[file]
           if (importee?.type === 'chunk' && !seen.has(file)) {
             seen.add(file)
-            tags.push({
-              tag: 'link',
-              attrs: {
-                rel: 'modulepreload',
-                href: toPublicPath(file, config)
-              }
-            })
-            tags.push(...getPreloadLinksForChunk(importee, seen))
+
+            // post-order traversal
+            chunks.push(...getImportedChunks(importee, seen))
+            chunks.push(importee)
           }
         })
-        return tags
+        return chunks
       }
 
+      const toScriptTag = (chunk: OutputChunk): HtmlTagDescriptor => ({
+        tag: 'script',
+        attrs: {
+          type: 'module',
+          crossorigin: true,
+          src: toPublicPath(chunk.fileName, config)
+        }
+      })
+
+      const toPreloadTag = (chunk: OutputChunk): HtmlTagDescriptor => ({
+        tag: 'link',
+        attrs: {
+          rel: 'modulepreload',
+          href: toPublicPath(chunk.fileName, config)
+        }
+      })
+
       const getCssTagsForChunk = (
         chunk: OutputChunk,
         seen: Set<string> = new Set()
@@ -343,23 +356,25 @@ export function buildHtmlPlugin(config: ResolvedConfig): Plugin {
             chunk.isEntry &&
             chunk.facadeModuleId === id
         ) as OutputChunk | undefined
+        let canInlineEntry = false
 
         // inject chunk asset links
         if (chunk) {
-          const assetTags = [
-            // js entry chunk for this page
-            {
-              tag: 'script',
-              attrs: {
-                type: 'module',
-                crossorigin: true,
-                src: toPublicPath(chunk.fileName, config)
-              }
-            },
-            // preload for imports
-            ...getPreloadLinksForChunk(chunk),
-            ...getCssTagsForChunk(chunk)
-          ]
+          // an entry chunk can be inlined if
+          //  - it's an ES module (e.g. not generated by the legacy plugin)
+          //  - it contains no meaningful code other than import statments
+          if (options.format === 'es' && isEntirelyImport(chunk.code)) {
+            canInlineEntry = true
+          }
+
+          // when not inlined, inject <script> for entry and modulepreload its dependencies
+          // when inlined, discard entry chunk and inject <script> for everything in post-order
+          const imports = getImportedChunks(chunk)
+          const assetTags = canInlineEntry
+            ? imports.map(toScriptTag)
+            : [toScriptTag(chunk), ...imports.map(toPreloadTag)]
+
+          assetTags.push(...getCssTagsForChunk(chunk))
 
           result = injectToHead(result, assetTags)
         }
@@ -390,6 +405,11 @@ export function buildHtmlPlugin(config: ResolvedConfig): Plugin {
           chunk
         })
 
+        if (chunk && canInlineEntry) {
+          // all imports from entry have been inlined to html, prevent rollup from outputting it
+          delete bundle[chunk.fileName]
+        }
+
         this.emitFile({
           type: 'asset',
           fileName: shortEmitName,
@@ -523,6 +543,14 @@ export async function applyHtmlTransforms(
   return html
 }
 
+const importRE = /\bimport\s*("[^"]*[^\\]"|'[^']*[^\\]');*/g
+const commentRE = /\/\*[\s\S]*?\*\/|\/\/.*$/gm
+function isEntirelyImport(code: string) {
+  // only consider "side-effect" imports, which match <script type=module> semantics exactly
+  // the regexes will remove too little in some exotic cases, but false-negatives are alright
+  return !code.replace(importRE, '').replace(commentRE, '').trim().length
+}
+
 function toPublicPath(filename: string, config: ResolvedConfig) {
   return isExternalUrl(filename) ? filename : config.base + filename
 }