diff --git a/conans/client/graph/graph_builder.py b/conans/client/graph/graph_builder.py
index 1704247f7a6..b10b4efc4da 100644
--- a/conans/client/graph/graph_builder.py
+++ b/conans/client/graph/graph_builder.py
@@ -78,7 +78,7 @@ def _load_deps(self, node, down_reqs, dep_graph, public_deps, down_ref, down_opt
         param down_ref: ConanFileReference of who is depending on current node for this expansion
         """
         # basic node configuration
-        new_reqs, new_options = self._config_node(node, down_reqs, down_ref, down_options)
+        new_reqs, new_options = self._config_node(node, down_reqs, down_ref, down_options, aliased)
 
         self._resolve_deps(node, aliased, update, remote_name)
 
@@ -141,7 +141,7 @@ def _recurse(self, closure, new_reqs, new_options):
                         return True
         return False
 
-    def _config_node(self, node, down_reqs, down_ref, down_options):
+    def _config_node(self, node, down_reqs, down_ref, down_options, aliased):
         """ update settings and option in the current ConanFile, computing actual
         requirement values, cause they can be overridden by downstream requires
         param settings: dict of settings values => {"os": "windows"}
@@ -188,8 +188,12 @@ def _config_node(self, node, down_reqs, down_ref, down_options):
                         conanfile.requirements()
 
                 new_options = conanfile.options.deps_package_values
-                new_down_reqs = conanfile.requires.update(down_reqs, self._output, conanref,
-                                                          down_ref)
+                if aliased:
+                    for req in conanfile.requires.values():
+                        req.conan_reference = aliased.get(req.conan_reference,
+                                                          req.conan_reference)
+                new_down_reqs = conanfile.requires.update(down_reqs, self._output,
+                                                          conanref, down_ref)
         except ConanExceptionInUserConanfileMethod:
             raise
         except ConanException as e:
diff --git a/conans/test/integration/alias_test.py b/conans/test/integration/alias_test.py
index 146f6210171..2bbf7e8c667 100644
--- a/conans/test/integration/alias_test.py
+++ b/conans/test/integration/alias_test.py
@@ -8,6 +8,31 @@
 
 class ConanAliasTest(unittest.TestCase):
 
+    def alias_overriden_test(self):
+        # https://github.com/conan-io/conan/issues/3353
+        client = TestClient()
+        conanfile = """from conans import ConanFile
+class Pkg(ConanFile):
+    pass
+"""
+        client.save({"conanfile.py": conanfile})
+        client.run("export . PkgA/0.1@user/testing")
+        client.run("alias PkgA/latest@user/testing PkgA/0.1@user/testing")
+        conanfile = """from conans import ConanFile
+class Pkg(ConanFile):
+    requires = "PkgA/latest@user/testing"
+"""
+        client.save({"conanfile.py": conanfile})
+        client.run("export . PkgB/0.1@user/testing")
+        client.run("alias PkgB/latest@user/testing PkgB/0.1@user/testing")
+        conanfile = """from conans import ConanFile
+class Pkg(ConanFile):
+    requires = "PkgA/latest@user/testing", "PkgB/latest@user/testing"
+"""
+        client.save({"conanfile.py": conanfile})
+        client.run("info .")
+        self.assertNotIn("overridden", client.out)
+
     def test_alias_different_name(self):
         client = TestClient()
         error = client.run("alias myalias/1.0@user/channel lib/1.0@user/channel",