diff --git a/lib/mix/lib/mix/task.compiler.ex b/lib/mix/lib/mix/task.compiler.ex
index 5ad6b97dd8e..ba49f7f4ebf 100644
--- a/lib/mix/lib/mix/task.compiler.ex
+++ b/lib/mix/lib/mix/task.compiler.ex
@@ -55,7 +55,7 @@ defmodule Mix.Task.Compiler do
 
         * `:app` - app which modules have been compiled.
 
-        * `:build_scm` - the SCM module of the compiled project.
+        * `:scm` - the SCM module of the compiled project.
 
         * `:modules_diff` - information about the compiled modules. The
           value is a map with keys: `:added`, `:changed`, `:removed`,
@@ -68,6 +68,21 @@ defmodule Mix.Task.Compiler do
           with `System.pid/0` to determine if compilation happened in
           the same OS process as the listener.
 
+    * `{:dep_compiled, info}` - delivered after a dependency is compiled.
+      `info` is a map with the following keys:
+
+        * `:app` - the dependency app.
+
+        * `:scm` - the SCM module of the dependency.
+
+        * `:manager` - the dependency project management, possible values:
+          `:rebar3`, `:mix`, `:make`, `nil`.
+
+        * `:os_pid` - the operating system PID of the process that run
+          the compilation. The value is a string and it can be compared
+          with `System.pid/0` to determine if compilation happened in
+          the same OS process as the listener.
+
   Note that the listener starts before any of the project apps are started.
   """
 
@@ -222,7 +237,7 @@ defmodule Mix.Task.Compiler do
     lazy_message = fn ->
       info = %{
         app: config[:app],
-        build_scm: config[:build_scm],
+        scm: config[:build_scm],
         modules_diff: lazy_modules_diff.(),
         os_pid: System.pid()
       }
diff --git a/lib/mix/lib/mix/tasks/deps.compile.ex b/lib/mix/lib/mix/tasks/deps.compile.ex
index 89bed61743e..3049f0670eb 100644
--- a/lib/mix/lib/mix/tasks/deps.compile.ex
+++ b/lib/mix/lib/mix/tasks/deps.compile.ex
@@ -106,6 +106,23 @@ defmodule Mix.Tasks.Deps.Compile do
               false
           end
 
+        if compiled? do
+          build_path = Mix.Project.build_path(config)
+
+          lazy_message = fn ->
+            info = %{
+              app: dep.app,
+              scm: dep.scm,
+              manager: dep.manager,
+              os_pid: System.pid()
+            }
+
+            {:dep_compiled, info}
+          end
+
+          Mix.Sync.PubSub.broadcast(build_path, lazy_message)
+        end
+
         # We should touch fetchable dependencies even if they
         # did not compile otherwise they will always be marked
         # as stale, even when there is nothing to do.
diff --git a/lib/mix/lib/mix/tasks/deps.loadpaths.ex b/lib/mix/lib/mix/tasks/deps.loadpaths.ex
index 03fa0093d4e..1f6566216a9 100644
--- a/lib/mix/lib/mix/tasks/deps.loadpaths.ex
+++ b/lib/mix/lib/mix/tasks/deps.loadpaths.ex
@@ -29,6 +29,19 @@ defmodule Mix.Tasks.Deps.Loadpaths do
 
   @impl true
   def run(args) do
+    # Note that we need to ensure the dependencies are compiled first,
+    # before we can start the pub/sub listeners, since those come from
+    # the dependencies. Theoretically, between compiling dependencies
+    # and starting the listeners, there may be a concurrent compilation
+    # of the dependencies, which we would miss, and we would already
+    # have modules from our compilation loaded. To avoid this race
+    # condition we start the pub/sub beforehand and we accumulate all
+    # events until the listeners are started. Alternatively we could
+    # use a lock around compilation and sterning the listeners, however
+    # the added benefit of the current approach is that we consistently
+    # receive events for all dependency compilations. Also, if we ever
+    # decide to start the listeners later (e.g. after loadspaths), the
+    # accumulation approach still works.
     Mix.PubSub.start()
 
     if "--no-archives-check" not in args do
diff --git a/lib/mix/test/fixtures/compile_listeners/deps/reloader/lib/reloader.ex b/lib/mix/test/fixtures/compile_listeners/deps/reloader/lib/reloader.ex
index bb4027bfffe..6584dc5c772 100644
--- a/lib/mix/test/fixtures/compile_listeners/deps/reloader/lib/reloader.ex
+++ b/lib/mix/test/fixtures/compile_listeners/deps/reloader/lib/reloader.ex
@@ -15,7 +15,7 @@ defmodule Reloader do
     %{
       modules_diff: %{added: added, changed: changed, removed: removed, timestamp: _timestamp},
       app: app,
-      build_scm: build_scm,
+      scm: scm,
       os_pid: os_pid
     } = info
 
@@ -23,7 +23,26 @@ defmodule Reloader do
     Received :modules_compiled with
       added: #{inspect(Enum.sort(added))}, changed: #{inspect(Enum.sort(changed))}, removed: #{inspect(Enum.sort(removed))}
       app: #{inspect(app)}
-      build_scm: #{inspect(build_scm)}
+      scm: #{inspect(scm)}
+      os_pid: #{inspect(os_pid)}
+    """)
+
+    {:noreply, state}
+  end
+
+  def handle_info({:dep_compiled, info}, state) do
+    %{
+      app: app,
+      scm: scm,
+      manager: manager,
+      os_pid: os_pid
+    } = info
+
+    IO.write("""
+    Received :dep_compiled with
+      app: #{inspect(app)}
+      scm: #{inspect(scm)}
+      manager: #{inspect(manager)}
       os_pid: #{inspect(os_pid)}
     """)
 
diff --git a/lib/mix/test/mix/tasks/compile_test.exs b/lib/mix/test/mix/tasks/compile_test.exs
index 4696196227e..5571f05f010 100644
--- a/lib/mix/test/mix/tasks/compile_test.exs
+++ b/lib/mix/test/mix/tasks/compile_test.exs
@@ -439,13 +439,13 @@ defmodule Mix.Tasks.CompileTest do
         assert_receive {^port, {:data, "ok\n"}}, timeout
         send(parent, :mix_started)
 
-        assert_receive {^port, {:data, output_erl}}, timeout
-        assert_receive {^port, {:data, output_ex}}, timeout
-        send(parent, {:output, output_erl <> output_ex})
+        send_port_outputs_to(port, parent)
       end)
 
       assert_receive :mix_started, timeout
 
+      # Project compilation
+
       output = mix(["do", "compile", "+", "eval", "IO.write System.pid"])
       os_pid = output |> String.split("\n") |> List.last()
 
@@ -455,12 +455,17 @@ defmodule Mix.Tasks.CompileTest do
              Received :modules_compiled with
                added: [:a, :b, :c], changed: [], removed: []
                app: :with_reloader
-               build_scm: Mix.SCM.Path
+               scm: Mix.SCM.Path
                os_pid: "#{os_pid}"
+             """
+
+      assert_receive {:output, output}, timeout
+
+      assert output == """
              Received :modules_compiled with
                added: [A, B, C], changed: [], removed: []
                app: :with_reloader
-               build_scm: Mix.SCM.Path
+               scm: Mix.SCM.Path
                os_pid: "#{os_pid}"
              """
 
@@ -475,26 +480,7 @@ defmodule Mix.Tasks.CompileTest do
       File.write!("lib/d.ex", "defmodule D do end")
       File.write!("src/d.erl", "-module(d).")
 
-      spawn_link(fn ->
-        port =
-          mix_port([
-            "run",
-            "--no-halt",
-            "--no-compile",
-            "--no-start",
-            "--eval",
-            ~s/IO.puts("ok"); IO.gets(""); System.halt()/
-          ])
-
-        assert_receive {^port, {:data, "ok\n"}}, timeout
-        send(parent, :mix_started)
-
-        assert_receive {^port, {:data, output_erl}}, timeout
-        assert_receive {^port, {:data, output_ex}}, timeout
-        send(parent, {:output, output_erl <> output_ex})
-      end)
-
-      assert_receive :mix_started, timeout
+      # Project recompilation
 
       output = mix(["do", "compile", "+", "eval", "IO.write System.pid"])
       os_pid = output |> String.split("\n") |> List.last()
@@ -505,14 +491,52 @@ defmodule Mix.Tasks.CompileTest do
              Received :modules_compiled with
                added: [:d], changed: [:a], removed: [:b]
                app: :with_reloader
-               build_scm: Mix.SCM.Path
+               scm: Mix.SCM.Path
                os_pid: "#{os_pid}"
+             """
+
+      assert_receive {:output, output}, timeout
+
+      assert output == """
              Received :modules_compiled with
                added: [D], changed: [A], removed: [B]
                app: :with_reloader
-               build_scm: Mix.SCM.Path
+               scm: Mix.SCM.Path
+               os_pid: "#{os_pid}"
+             """
+
+      # Dependency recompilation
+
+      output = mix(["do", "deps.compile", "--force", "+", "eval", "IO.write System.pid"])
+      os_pid = output |> String.split("\n") |> List.last()
+
+      assert_receive {:output, output}, timeout
+
+      assert output == """
+             Received :modules_compiled with
+               added: [Reloader], changed: [], removed: []
+               app: :reloader
+               scm: Mix.SCM.Path
+               os_pid: "#{os_pid}"
+             """
+
+      assert_receive {:output, output}, timeout
+
+      assert output == """
+             Received :dep_compiled with
+               app: :reloader
+               scm: Mix.SCM.Path
+               manager: :mix
                os_pid: "#{os_pid}"
              """
     end)
   end
+
+  defp send_port_outputs_to(port, pid) do
+    receive do
+      {^port, {:data, output}} ->
+        send(pid, {:output, output})
+        send_port_outputs_to(port, pid)
+    end
+  end
 end