diff --git a/.changeset/nice-flowers-kneel.md b/.changeset/nice-flowers-kneel.md
new file mode 100644
index 0000000000..aaff9fa422
--- /dev/null
+++ b/.changeset/nice-flowers-kneel.md
@@ -0,0 +1,5 @@
+---
+"@pnpm/real-hoist": patch
+---
+
+When the same package is installed through different aliases, hoist each of the aliases.
diff --git a/packages/core/test/hoistedNodeLinker/install.ts b/packages/core/test/hoistedNodeLinker/install.ts
index c60ff099cb..e2ed494934 100644
--- a/packages/core/test/hoistedNodeLinker/install.ts
+++ b/packages/core/test/hoistedNodeLinker/install.ts
@@ -109,3 +109,18 @@ test('adding a new dependency to one of the the workspace projects', async () =>
   expect(loadJsonFile<{ version: string }>('node_modules/bar/package.json').version).toBe('100.0.0')
   expect(loadJsonFile<{ version: string }>('node_modules/is-negative/package.json').version).toBe('1.0.0')
 })
+
+test('installing the same package with alias and no alias', async () => {
+  await addDistTag('dep-of-pkg-with-1-dep', '100.0.0', 'latest')
+  prepareEmpty()
+
+  await addDependenciesToPackage(
+    {},
+    ['pkg-with-1-aliased-dep@100.0.0', 'dep-of-pkg-with-1-dep@^100.0.0'],
+    await testDefaults({ nodeLinker: 'hoisted' })
+  )
+
+  expect(loadJsonFile<{ version: string }>('node_modules/pkg-with-1-aliased-dep/package.json').version).toBe('100.0.0')
+  expect(loadJsonFile<{ version: string }>('node_modules/dep-of-pkg-with-1-dep/package.json').version).toBe('100.0.0')
+  expect(loadJsonFile<{ version: string }>('node_modules/dep/package.json').version).toBe('100.0.0')
+})
diff --git a/packages/real-hoist/src/index.ts b/packages/real-hoist/src/index.ts
index 5883760d33..fdb62f646b 100644
--- a/packages/real-hoist/src/index.ts
+++ b/packages/real-hoist/src/index.ts
@@ -45,7 +45,8 @@ function toTree (nodes: Map<string, HoisterTree>, lockfile: Lockfile, deps: Reco
   return new Set(Object.entries(deps).map(([alias, ref]) => {
     const depPath = dp.refToRelative(ref, alias)!
     if (!depPath) {
-      let node = nodes.get(ref)
+      const key = `${alias}:${ref}`
+      let node = nodes.get(key)
       if (!node) {
         node = {
           name: alias,
@@ -55,11 +56,12 @@ function toTree (nodes: Map<string, HoisterTree>, lockfile: Lockfile, deps: Reco
           dependencies: new Set(),
           peerNames: new Set(),
         }
-        nodes.set(depPath, node)
+        nodes.set(key, node)
       }
       return node
     }
-    let node = nodes.get(depPath)
+    const key = `${alias}:${depPath}`
+    let node = nodes.get(key)
     if (!node) {
       // const { name, version, peersSuffix } = nameVerFromPkgSnapshot(depPath, lockfile.packages![depPath])
       const pkgSnapshot = lockfile.packages![depPath]
@@ -75,7 +77,7 @@ function toTree (nodes: Map<string, HoisterTree>, lockfile: Lockfile, deps: Reco
           ...(pkgSnapshot.transitivePeerDependencies ?? []),
         ]),
       }
-      nodes.set(depPath, node)
+      nodes.set(key, node)
       node.dependencies = toTree(nodes, lockfile, { ...pkgSnapshot.dependencies, ...pkgSnapshot.optionalDependencies })
     }
     return node