diff --git a/.changeset/cuddly-fans-glow.md b/.changeset/cuddly-fans-glow.md
new file mode 100644
index 000000000000..26c33ea19653
--- /dev/null
+++ b/.changeset/cuddly-fans-glow.md
@@ -0,0 +1,5 @@
+---
+"@rspack/binding": patch
+---
+
+fix: circular dependencies rebuild panic
diff --git a/crates/rspack_core/src/compiler/hmr.rs b/crates/rspack_core/src/compiler/hmr.rs
index 672180c25ed2..cdaaffebb12f 100644
--- a/crates/rspack_core/src/compiler/hmr.rs
+++ b/crates/rspack_core/src/compiler/hmr.rs
@@ -4,6 +4,7 @@ use std::{
   path::PathBuf,
 };
 
+use rayon::prelude::*;
 use rspack_error::Result;
 use rspack_fs::AsyncWritableFileSystem;
 use rspack_identifier::{IdentifierMap, IdentifierSet};
@@ -55,26 +56,23 @@ where
       compilation: &Compilation,
     ) -> (IdentifierMap<(u64, String)>, IdentifierMap<String>) {
       let modules_map = compilation
-        .module_graph
-        .modules()
-        .values()
-        .map(|module| {
-          let identifier = module.identifier();
-          (
-            identifier,
-            (
-              compilation
-                .module_graph
-                .get_module_hash(&identifier)
-                .expect("Module hash expected"),
-              compilation
-                .chunk_graph
-                .get_module_id(identifier)
-                .as_deref()
-                .expect("should has module id")
-                .to_string(),
-            ),
-          )
+        .chunk_graph
+        .chunk_graph_module_by_module_identifier
+        .par_iter()
+        .filter_map(|(identifier, cgm)| {
+          let module_hash = compilation.module_graph.get_module_hash(identifier);
+          let cid = cgm.id.as_deref();
+          if let Some(module_hash) = module_hash && let Some(cid) = cid {
+              Some((
+                  *identifier,
+                  (
+                      module_hash,
+                      cid.to_string(),
+                  ),
+              ))
+          } else {
+              None
+          }
         })
         .collect::<IdentifierMap<_>>();
 
diff --git a/packages/rspack/tests/hotCases/runtime/hmr-circular/a.js b/packages/rspack/tests/hotCases/runtime/hmr-circular/a.js
new file mode 100644
index 000000000000..c3dd29015505
--- /dev/null
+++ b/packages/rspack/tests/hotCases/runtime/hmr-circular/a.js
@@ -0,0 +1,2 @@
+import "./b";
+export default "a.js";
diff --git a/packages/rspack/tests/hotCases/runtime/hmr-circular/b.js b/packages/rspack/tests/hotCases/runtime/hmr-circular/b.js
new file mode 100644
index 000000000000..8b93e1c537f9
--- /dev/null
+++ b/packages/rspack/tests/hotCases/runtime/hmr-circular/b.js
@@ -0,0 +1,2 @@
+import "./a";
+export default "b.js";
diff --git a/packages/rspack/tests/hotCases/runtime/hmr-circular/changed-file.js b/packages/rspack/tests/hotCases/runtime/hmr-circular/changed-file.js
new file mode 100644
index 000000000000..85d22aeb8b95
--- /dev/null
+++ b/packages/rspack/tests/hotCases/runtime/hmr-circular/changed-file.js
@@ -0,0 +1,4 @@
+// TODO: remove this file after cache.
+const path = require("path");
+
+module.exports = [path.resolve(__dirname, "./entry.js")];
diff --git a/packages/rspack/tests/hotCases/runtime/hmr-circular/entry.js b/packages/rspack/tests/hotCases/runtime/hmr-circular/entry.js
new file mode 100644
index 000000000000..584a1ce00ebb
--- /dev/null
+++ b/packages/rspack/tests/hotCases/runtime/hmr-circular/entry.js
@@ -0,0 +1,4 @@
+import './a';
+export default "entry.js"
+---
+export default "new_entry.js"
diff --git a/packages/rspack/tests/hotCases/runtime/hmr-circular/index.js b/packages/rspack/tests/hotCases/runtime/hmr-circular/index.js
new file mode 100644
index 000000000000..264e04e86172
--- /dev/null
+++ b/packages/rspack/tests/hotCases/runtime/hmr-circular/index.js
@@ -0,0 +1,10 @@
+import entry from "./entry";
+
+it("should not throw error when hmr remove circular dependencies", done => {
+	expect(entry).toBe("entry.js");
+	module.hot.accept("./entry", () => {
+		expect(entry).toBe("new_entry.js");
+		done();
+	});
+	NEXT(require("../../update")(done));
+});