diff --git a/crates/rspack_binding_api/src/compilation/mod.rs b/crates/rspack_binding_api/src/compilation/mod.rs
index c2dc79030043..cf4749e4d5d8 100644
--- a/crates/rspack_binding_api/src/compilation/mod.rs
+++ b/crates/rspack_binding_api/src/compilation/mod.rs
@@ -838,7 +838,7 @@ impl JsCompilation {
             .into_iter()
             .map(|dependency_id| {
               let dependency = module_graph.dependency_by_id(&dependency_id);
-              if let Some(factorize_info) = FactorizeInfo::get_from(dependency)
+              if let Some(factorize_info) = FactorizeInfo::get_from(dependency.as_ref())
                 && let Some(diagnostic) = factorize_info.diagnostics().first()
               {
                 return Either::A(diagnostic.to_string());
@@ -942,7 +942,7 @@ impl JsCompilation {
             .into_iter()
             .map(|dependency_id| {
               let dependency = module_graph.dependency_by_id(&dependency_id);
-              if let Some(factorize_info) = FactorizeInfo::get_from(dependency)
+              if let Some(factorize_info) = FactorizeInfo::get_from(dependency.as_ref())
                 && let Some(diagnostic) = factorize_info.diagnostics().first()
               {
                 return Either::A(diagnostic.to_string());
diff --git a/crates/rspack_core/src/artifacts/build_module_graph_artifact.rs b/crates/rspack_core/src/artifacts/build_module_graph_artifact.rs
index 3764dd187bcf..05d21f14eace 100644
--- a/crates/rspack_core/src/artifacts/build_module_graph_artifact.rs
+++ b/crates/rspack_core/src/artifacts/build_module_graph_artifact.rs
@@ -208,7 +208,7 @@ impl BuildModuleGraphArtifact {
     let dep_diagnostics = self.make_failed_dependencies.iter().flat_map(|dep_id| {
       let dep = mg.dependency_by_id(dep_id);
       let origin_module_identifier = mg.get_parent_module(dep_id);
-      FactorizeInfo::get_from(dep)
+      FactorizeInfo::get_from(dep.as_ref())
         .expect("should have factorize info")
         .diagnostics()
         .iter()
diff --git a/crates/rspack_core/src/cache/persistent/occasion/make/mod.rs b/crates/rspack_core/src/cache/persistent/occasion/make/mod.rs
index 7ff417d55e8b..99a0c5924dca 100644
--- a/crates/rspack_core/src/cache/persistent/occasion/make/mod.rs
+++ b/crates/rspack_core/src/cache/persistent/occasion/make/mod.rs
@@ -97,7 +97,7 @@ impl MakeOccasion {
     // recovery make_failed_dependencies
     let mut make_failed_dependencies = FxHashSet::default();
     for (dep_id, dep) in mg.dependencies() {
-      if let Some(info) = FactorizeInfo::get_from(dep) {
+      if let Some(info) = FactorizeInfo::get_from(dep.as_ref()) {
         if !info.is_success() {
           make_failed_dependencies.insert(*dep_id);
         }
diff --git a/crates/rspack_core/src/cache/persistent/occasion/make/module_graph.rs b/crates/rspack_core/src/cache/persistent/occasion/make/module_graph.rs
index ae168a296173..108a11ad06e2 100644
--- a/crates/rspack_core/src/cache/persistent/occasion/make/module_graph.rs
+++ b/crates/rspack_core/src/cache/persistent/occasion/make/module_graph.rs
@@ -3,6 +3,7 @@ use std::sync::{
   atomic::{AtomicUsize, Ordering},
 };
 
+use dyn_clone::clone_box;
 use rayon::prelude::*;
 use rspack_cacheable::{cacheable, utils::OwnedOrRef};
 use rspack_collections::IdentifierSet;
@@ -71,7 +72,7 @@ pub fn save_module_graph(
         .par_iter()
         .map(|dep_id| {
           (
-            mg.dependency_by_id(dep_id).into(),
+            clone_box(mg.dependency_by_id(dep_id).as_ref()).into(),
             mg.get_parent_block(dep_id).map(Into::into),
           )
         })
diff --git a/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/mod.rs b/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/mod.rs
index d08900c2771d..c7f3e5b9f94f 100644
--- a/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/mod.rs
+++ b/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/mod.rs
@@ -5,6 +5,7 @@ pub mod factorize;
 pub mod lazy;
 pub mod process_dependencies;
 
+use dyn_clone::clone_box;
 use rspack_error::Result;
 use rustc_hash::{FxHashMap as HashMap, FxHashSet as HashSet};
 
@@ -47,13 +48,13 @@ pub async fn repair(
           Box::new(factorize::FactorizeTask {
             compiler_id: compilation.compiler_id(),
             compilation_id: compilation.id(),
-            module_factory: compilation.get_dependency_factory(dependency),
+            module_factory: compilation.get_dependency_factory(dependency.as_ref()),
             original_module_identifier: None,
             original_module_source: None,
             issuer: None,
             issuer_layer: None,
             original_module_context: None,
-            dependencies: vec![dependency.clone()],
+            dependencies: vec![clone_box(dependency.as_ref())],
             resolve_options: None,
             options: compilation.options.clone(),
             resolver_factory: compilation.resolver_factory.clone(),
diff --git a/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/process_dependencies.rs b/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/process_dependencies.rs
index bd9c2cf59321..d1026652c852 100644
--- a/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/process_dependencies.rs
+++ b/crates/rspack_core/src/compilation/build_module_graph/graph_updater/repair/process_dependencies.rs
@@ -1,5 +1,6 @@
 use std::borrow::Cow;
 
+use dyn_clone::clone_box;
 use rustc_hash::FxHashMap as HashMap;
 
 use super::{TaskContext, factorize::FactorizeTask};
@@ -66,7 +67,7 @@ impl Task<TaskContext> for ProcessDependenciesTask {
         sorted_dependencies
           .entry(resource_identifier)
           .or_insert(vec![])
-          .push(dependency.clone());
+          .push(clone_box(dependency.as_ref()));
       }
     }
 
diff --git a/crates/rspack_core/src/compilation/build_module_graph/module_executor/execute.rs b/crates/rspack_core/src/compilation/build_module_graph/module_executor/execute.rs
index c76e3cf6e789..94e8a1cc90d1 100644
--- a/crates/rspack_core/src/compilation/build_module_graph/module_executor/execute.rs
+++ b/crates/rspack_core/src/compilation/build_module_graph/module_executor/execute.rs
@@ -177,7 +177,7 @@ impl Task<ExecutorTaskContext> for ExecuteTask {
       for dep_id in module.get_dependencies() {
         if !has_error && make_failed_dependencies.contains(dep_id) {
           let dep = mg.dependency_by_id(dep_id);
-          let diagnostics = FactorizeInfo::get_from(dep)
+          let diagnostics = FactorizeInfo::get_from(dep.as_ref())
             .expect("should have factorize info")
             .diagnostics();
           let errors: Vec<_> = diagnostics
diff --git a/crates/rspack_core/src/compilation/mod.rs b/crates/rspack_core/src/compilation/mod.rs
index 9f48d5046493..3e044c8c4448 100644
--- a/crates/rspack_core/src/compilation/mod.rs
+++ b/crates/rspack_core/src/compilation/mod.rs
@@ -70,10 +70,10 @@ use crate::{
   ChunkRenderCacheArtifact, ChunkRenderResult, ChunkUkey, CodeGenerateCacheArtifact,
   CodeGenerationJob, CodeGenerationResult, CodeGenerationResults, CompilationLogger,
   CompilationLogging, CompilerOptions, CompilerPlatform, ConcatenationScope,
-  DependenciesDiagnosticsArtifact, DependencyId, DependencyTemplate, DependencyTemplateType,
-  DependencyType, Entry, EntryData, EntryOptions, EntryRuntime, Entrypoint, ExecuteModuleId,
-  ExportsInfoArtifact, ExtendedReferencedExport, Filename, ImportPhase, ImportVarMap,
-  ImportedByDeferModulesArtifact, MemoryGCStorage, ModuleFactory, ModuleGraph,
+  DependenciesDiagnosticsArtifact, Dependency, DependencyId, DependencyTemplate,
+  DependencyTemplateType, DependencyType, Entry, EntryData, EntryOptions, EntryRuntime, Entrypoint,
+  ExecuteModuleId, ExportsInfoArtifact, ExtendedReferencedExport, Filename, ImportPhase,
+  ImportVarMap, ImportedByDeferModulesArtifact, MemoryGCStorage, ModuleFactory, ModuleGraph,
   ModuleGraphCacheArtifact, ModuleIdentifier, ModuleIdsArtifact, ModuleStaticCache, PathData,
   ProcessRuntimeRequirementsCacheArtifact, ResolverFactory, RuntimeGlobals, RuntimeKeyMap,
   RuntimeMode, RuntimeModule, RuntimeSpec, RuntimeSpecMap, RuntimeTemplate, SharedPluginDriver,
@@ -1216,7 +1216,7 @@ impl Compilation {
       .insert(dependency_type, module_factory);
   }
 
-  pub fn get_dependency_factory(&self, dependency: &BoxDependency) -> Arc<dyn ModuleFactory> {
+  pub fn get_dependency_factory(&self, dependency: &dyn Dependency) -> Arc<dyn ModuleFactory> {
     let dependency_type = dependency.dependency_type();
     self
       .dependency_factories
diff --git a/crates/rspack_core/src/concatenated_module.rs b/crates/rspack_core/src/concatenated_module.rs
index 0a0cf2ae7074..c58ed65a94fe 100644
--- a/crates/rspack_core/src/concatenated_module.rs
+++ b/crates/rspack_core/src/concatenated_module.rs
@@ -38,24 +38,24 @@ use swc_experimental_ecma_semantic::resolver::{Semantic, resolver};
 use swc_node_comments::SwcComments;
 
 use crate::{
-  AsyncDependenciesBlockIdentifier, BoxDependency, BoxDependencyTemplate, BoxModule,
-  BoxModuleDependency, BuildContext, BuildInfo, BuildMeta, BuildMetaDefaultObject,
-  BuildMetaExportsType, BuildResult, ChunkGraph, ChunkInitFragments, ChunkRenderContext,
-  CodeGenerationDataTopLevelDeclarations, CodeGenerationExportsFinalNames,
-  CodeGenerationPublicPathAutoReplace, CodeGenerationResult, Compilation, ConcatenatedModuleIdent,
-  ConcatenationScope, ConditionalInitFragment, ConnectionState, Context, DEFAULT_EXPORT,
-  DEFAULT_EXPORT_ATOM, DependenciesBlock, DependencyId, DependencyType, ExportInfoHashKey,
-  ExportProvided, ExportsArgument, ExportsInfoArtifact, ExportsInfoGetter, ExportsType,
-  FactoryMeta, GetUsedNameParam, ImportedByDeferModulesArtifact, InitFragment, InitFragmentStage,
-  LibIdentOptions, Module, ModuleArgument, ModuleCodeGenerationContext, ModuleGraph,
-  ModuleGraphCacheArtifact, ModuleGraphConnection, ModuleIdentifier, ModuleLayer,
-  ModuleStaticCache, ModuleType, NAMESPACE_OBJECT_EXPORT, ParserOptions, PrefetchExportsInfoMode,
-  Resolve, RuntimeCondition, RuntimeGlobals, RuntimeSpec, SourceType, URLStaticMode, UsageState,
-  UsedName, UsedNameItem, escape_identifier, filter_runtime, find_target, get_runtime_key,
-  impl_source_map_config, merge_runtime_condition, merge_runtime_condition_non_false,
-  module_update_hash, property_access, property_name,
-  render_make_deferred_namespace_mode_from_exports_type, reserved_names::RESERVED_NAMES,
-  subtract_runtime_condition, to_identifier_with_escaped, to_normal_comment,
+  AsyncDependenciesBlockIdentifier, BoxDependencyTemplate, BoxModule, BoxModuleDependency,
+  BuildContext, BuildInfo, BuildMeta, BuildMetaDefaultObject, BuildMetaExportsType, BuildResult,
+  ChunkGraph, ChunkInitFragments, ChunkRenderContext, CodeGenerationDataTopLevelDeclarations,
+  CodeGenerationExportsFinalNames, CodeGenerationPublicPathAutoReplace, CodeGenerationResult,
+  Compilation, ConcatenatedModuleIdent, ConcatenationScope, ConditionalInitFragment,
+  ConnectionState, Context, DEFAULT_EXPORT, DEFAULT_EXPORT_ATOM, DependenciesBlock, Dependency,
+  DependencyId, DependencyType, ExportInfoHashKey, ExportProvided, ExportsArgument,
+  ExportsInfoArtifact, ExportsInfoGetter, ExportsType, FactoryMeta, GetUsedNameParam,
+  ImportedByDeferModulesArtifact, InitFragment, InitFragmentStage, LibIdentOptions, Module,
+  ModuleArgument, ModuleCodeGenerationContext, ModuleGraph, ModuleGraphCacheArtifact,
+  ModuleGraphConnection, ModuleIdentifier, ModuleLayer, ModuleStaticCache, ModuleType,
+  NAMESPACE_OBJECT_EXPORT, ParserOptions, PrefetchExportsInfoMode, Resolve, RuntimeCondition,
+  RuntimeGlobals, RuntimeSpec, SourceType, URLStaticMode, UsageState, UsedName, UsedNameItem,
+  escape_identifier, filter_runtime, find_target, get_runtime_key, impl_source_map_config,
+  merge_runtime_condition, merge_runtime_condition_non_false, module_update_hash, property_access,
+  property_name, render_make_deferred_namespace_mode_from_exports_type,
+  reserved_names::RESERVED_NAMES, subtract_runtime_condition, to_identifier_with_escaped,
+  to_normal_comment,
 };
 
 type ExportsDefinitionArgs = Vec<(String, String)>;
@@ -799,7 +799,7 @@ impl Module for ConcatenatedModule {
       for dep_id in module.get_dependencies().iter() {
         let dep = module_graph.dependency_by_id(dep_id);
         let module_id_of_dep = module_graph.module_identifier_by_dependency_id(dep_id);
-        if !is_esm_dep_like(dep) || !modules.contains(&module_id_of_dep) {
+        if !is_esm_dep_like(dep.as_ref()) || !modules.contains(&module_id_of_dep) {
           self.dependencies.push(*dep_id);
         }
       }
@@ -2221,7 +2221,7 @@ impl ConcatenatedModule {
       .into_iter()
       .filter_map(|connection| {
         let dep = mg.dependency_by_id(&connection.dependency_id);
-        if !is_esm_dep_like(dep) {
+        if !is_esm_dep_like(dep.as_ref()) {
           return None;
         }
         let ref_module = mg
@@ -3117,7 +3117,7 @@ impl ConcatenatedModule {
   }
 }
 
-pub fn is_esm_dep_like(dep: &BoxDependency) -> bool {
+pub fn is_esm_dep_like(dep: &dyn Dependency) -> bool {
   matches!(
     dep.dependency_type(),
     DependencyType::EsmImportSpecifier
diff --git a/crates/rspack_core/src/dependency/dependency_trait.rs b/crates/rspack_core/src/dependency/dependency_trait.rs
index 17cbec24d443..6eb9a64c4da8 100644
--- a/crates/rspack_core/src/dependency/dependency_trait.rs
+++ b/crates/rspack_core/src/dependency/dependency_trait.rs
@@ -1,4 +1,4 @@
-use std::{any::Any, fmt::Debug};
+use std::{any::Any, fmt::Debug, sync::Arc};
 
 use dyn_clone::{DynClone, clone_trait_object};
 use rspack_cacheable::cacheable_dyn;
@@ -149,3 +149,4 @@ impl dyn Dependency + '_ {
 clone_trait_object!(Dependency);
 
 pub type BoxDependency = Box<dyn Dependency>;
+pub type ArcDependency = Arc<dyn Dependency>;
diff --git a/crates/rspack_core/src/dependency/factorize_info.rs b/crates/rspack_core/src/dependency/factorize_info.rs
index ef009bea04b3..01565e17f4d8 100644
--- a/crates/rspack_core/src/dependency/factorize_info.rs
+++ b/crates/rspack_core/src/dependency/factorize_info.rs
@@ -2,7 +2,7 @@ use rspack_cacheable::cacheable;
 use rspack_error::Diagnostic;
 use rspack_paths::ArcPathSet;
 
-use super::{BoxDependency, DependencyId};
+use super::{Dependency, DependencyId};
 
 #[cacheable]
 #[derive(Debug, Clone, Default)]
@@ -31,7 +31,7 @@ impl FactorizeInfo {
     }
   }
 
-  pub fn get_from(dep: &BoxDependency) -> Option<&FactorizeInfo> {
+  pub fn get_from(dep: &dyn Dependency) -> Option<&FactorizeInfo> {
     if let Some(d) = dep.as_context_dependency() {
       Some(d.factorize_info())
     } else if let Some(d) = dep.as_module_dependency() {
@@ -41,7 +41,7 @@ impl FactorizeInfo {
     }
   }
 
-  pub fn revoke(dep: &mut BoxDependency) -> Option<FactorizeInfo> {
+  pub fn revoke(dep: &mut dyn Dependency) -> Option<FactorizeInfo> {
     if let Some(d) = dep.as_context_dependency_mut() {
       Some(std::mem::take(d.factorize_info_mut()))
     } else if let Some(d) = dep.as_module_dependency_mut() {
diff --git a/crates/rspack_core/src/incremental/mutations.rs b/crates/rspack_core/src/incremental/mutations.rs
index 714b82de39b6..0aeed3ecd856 100644
--- a/crates/rspack_core/src/incremental/mutations.rs
+++ b/crates/rspack_core/src/incremental/mutations.rs
@@ -6,7 +6,7 @@ use rayon::iter::{IntoParallelRefIterator, ParallelIterator};
 use rspack_collections::{IdentifierSet, UkeySet};
 
 use crate::{
-  AffectType, BoxDependency, ChunkUkey, Compilation, DependencyId, ModuleGraph, ModuleIdentifier,
+  AffectType, ChunkUkey, Compilation, Dependency, DependencyId, ModuleGraph, ModuleIdentifier,
 };
 
 #[derive(Debug, Default)]
@@ -254,7 +254,7 @@ fn compute_affected_modules_with_module_graph(
   built_modules: IdentifierSet,
   built_dependencies: UkeySet<DependencyId>,
 ) -> IdentifierSet {
-  fn reduce_affect_type<'a>(dependencies: impl Iterator<Item = &'a BoxDependency>) -> AffectType {
+  fn reduce_affect_type<'a>(dependencies: impl Iterator<Item = &'a dyn Dependency>) -> AffectType {
     let mut affected = AffectType::False;
     for dependency in dependencies {
       match dependency.could_affect_referencing_module() {
@@ -285,7 +285,7 @@ fn compute_affected_modules_with_module_graph(
             match reduce_affect_type(
               connections
                 .iter()
-                .map(|c| module_graph.dependency_by_id(&c.dependency_id)),
+                .map(|c| module_graph.dependency_by_id(&c.dependency_id).as_ref()),
             ) {
               AffectType::False => None,
               AffectType::True => Some(AffectedModuleKind::Direct(referencing_module)),
diff --git a/crates/rspack_core/src/module_graph/internal.rs b/crates/rspack_core/src/module_graph/internal.rs
index 0b7fb8d5d97d..daa0d6ac6a62 100644
--- a/crates/rspack_core/src/module_graph/internal.rs
+++ b/crates/rspack_core/src/module_graph/internal.rs
@@ -4,7 +4,7 @@
 ///
 /// This module provides restricted access to potentially unsafe ModuleGraph operations
 /// that should only be used in specific contexts where items may legitimately not exist.
-use crate::{BoxDependency, DependencyId, ModuleGraph, ModuleGraphModule, ModuleIdentifier};
+use crate::{ArcDependency, DependencyId, ModuleGraph, ModuleGraphModule, ModuleIdentifier};
 
 /// Try to get a dependency by ID, returning None if not found.
 ///
@@ -30,7 +30,7 @@ use crate::{BoxDependency, DependencyId, ModuleGraph, ModuleGraphModule, ModuleI
 pub fn try_dependency_by_id<'a>(
   module_graph: &'a ModuleGraph,
   dependency_id: &DependencyId,
-) -> Option<&'a BoxDependency> {
+) -> Option<&'a ArcDependency> {
   module_graph.inner.dependencies.get(dependency_id)
 }
 
diff --git a/crates/rspack_core/src/module_graph/mod.rs b/crates/rspack_core/src/module_graph/mod.rs
index fa440fcf32c8..436f4a005231 100644
--- a/crates/rspack_core/src/module_graph/mod.rs
+++ b/crates/rspack_core/src/module_graph/mod.rs
@@ -1,6 +1,9 @@
 pub mod internal;
 pub mod rollback;
 
+use std::sync::Arc;
+
+use dyn_clone::clone_box;
 use internal::try_get_module_graph_module_mut_by_identifier;
 use rayon::prelude::*;
 use rspack_error::Result;
@@ -9,9 +12,9 @@ use rustc_hash::FxHashMap as HashMap;
 use swc_core::ecma::atoms::Atom;
 
 use crate::{
-  AsyncDependenciesBlock, AsyncDependenciesBlockIdentifier, AsyncModulesArtifact, Compilation,
-  DependenciesBlock, Dependency, ExportInfo, ExportName, ImportedByDeferModulesArtifact,
-  ModuleGraphCacheArtifact, RuntimeSpec, UsedNameItem,
+  ArcDependency, AsyncDependenciesBlock, AsyncDependenciesBlockIdentifier, AsyncModulesArtifact,
+  Compilation, DependenciesBlock, Dependency, ExportInfo, ExportName,
+  ImportedByDeferModulesArtifact, ModuleGraphCacheArtifact, RuntimeSpec, UsedNameItem,
 };
 mod module;
 pub use module::*;
@@ -59,7 +62,7 @@ pub(crate) struct ModuleGraphData {
   pub(crate) modules: rollback::RollbackMap<ModuleIdentifier, BoxModule>,
 
   /// Dependencies indexed by `DependencyId`.
-  dependencies: HashMap<DependencyId, BoxDependency>,
+  dependencies: HashMap<DependencyId, ArcDependency>,
   /// AsyncDependenciesBlocks indexed by `AsyncDependenciesBlockIdentifier`.
   blocks: HashMap<AsyncDependenciesBlockIdentifier, Box<AsyncDependenciesBlock>>,
 
@@ -366,7 +369,7 @@ impl ModuleGraph {
     &mut self,
     old_module: &ModuleIdentifier,
     new_module: &ModuleIdentifier,
-    filter_connection: impl Fn(&ModuleGraphConnection, &Box<dyn Dependency>) -> bool,
+    filter_connection: impl Fn(&ModuleGraphConnection, &dyn Dependency) -> bool,
   ) {
     if old_module == new_module {
       return;
@@ -384,7 +387,7 @@ impl ModuleGraph {
         .connection_by_dependency_id(&dep_id)
         .expect("should have connection");
       let dependency = self.dependency_by_id(&dep_id);
-      if filter_connection(connection, dependency) {
+      if filter_connection(connection, dependency.as_ref()) {
         let connection = self
           .connection_by_dependency_id_mut(&dep_id)
           .expect("should have connection");
@@ -415,7 +418,7 @@ impl ModuleGraph {
         .connection_by_dependency_id(&dep_id)
         .expect("should have connection");
       let dependency = self.dependency_by_id(&dep_id);
-      if filter_connection(connection, dependency) {
+      if filter_connection(connection, dependency.as_ref()) {
         let connection = self
           .connection_by_dependency_id_mut(&dep_id)
           .expect("should have connection");
@@ -441,7 +444,7 @@ impl ModuleGraph {
     new_module: &ModuleIdentifier,
     filter_connection: F,
   ) where
-    F: Fn(&ModuleGraphConnection, &BoxDependency) -> bool,
+    F: Fn(&ModuleGraphConnection, &dyn Dependency) -> bool,
   {
     if old_module == new_module {
       return;
@@ -460,7 +463,7 @@ impl ModuleGraph {
         .connection_by_dependency_id(&dep_id)
         .expect("should have connection");
       let dep = self.dependency_by_id(&dep_id);
-      if filter_connection(connection, dep) {
+      if filter_connection(connection, dep.as_ref()) {
         let con = self
           .connection_by_dependency_id_mut(&dep_id)
           .expect("should have connection");
@@ -556,12 +559,15 @@ impl ModuleGraph {
     &self.inner.blocks
   }
 
-  pub fn dependencies(&self) -> impl Iterator<Item = (&DependencyId, &BoxDependency)> {
+  pub fn dependencies(&self) -> impl Iterator<Item = (&DependencyId, &ArcDependency)> {
     self.inner.dependencies.iter()
   }
 
   pub fn add_dependency(&mut self, dependency: BoxDependency) {
-    self.inner.dependencies.insert(*dependency.id(), dependency);
+    self
+      .inner
+      .dependencies
+      .insert(*dependency.id(), Arc::from(dependency));
   }
 
   /// Get a dependency by ID, panicking if not found.
@@ -579,7 +585,7 @@ impl ModuleGraph {
   ///
   /// **Only the binding layer (`rspack_binding_api`) should use `internal::try_dependency_by_id()`**
   /// for graceful handling of missing dependencies in external APIs.
-  pub fn dependency_by_id(&self, dependency_id: &DependencyId) -> &BoxDependency {
+  pub fn dependency_by_id(&self, dependency_id: &DependencyId) -> &ArcDependency {
     self
       .inner
       .dependencies
@@ -592,12 +598,16 @@ impl ModuleGraph {
   /// **PREFERRED METHOD**: Use this for ALL internal Rust code when you need to
   /// modify dependencies. Dependencies should always be accessible in internal
   /// operations, so this method enforces that invariant with a clear panic message.
-  pub fn dependency_by_id_mut(&mut self, dependency_id: &DependencyId) -> &mut BoxDependency {
-    self
+  pub fn dependency_by_id_mut(&mut self, dependency_id: &DependencyId) -> &mut dyn Dependency {
+    let dep = self
       .inner
       .dependencies
       .get_mut(dependency_id)
-      .unwrap_or_else(|| panic!("Dependency with ID {dependency_id:?} not found"))
+      .unwrap_or_else(|| panic!("Dependency with ID {dependency_id:?} not found"));
+    if Arc::strong_count(dep) != 1 {
+      *dep = Arc::from(clone_box(dep.as_ref()));
+    }
+    Arc::get_mut(dep).unwrap_or_else(|| panic!("Dependency with ID {dependency_id:?} not found"))
   }
 
   /// Uniquely identify a module by its dependency
diff --git a/crates/rspack_plugin_dynamic_entry/src/lib.rs b/crates/rspack_plugin_dynamic_entry/src/lib.rs
index caa66fe97dfe..08416d745c15 100644
--- a/crates/rspack_plugin_dynamic_entry/src/lib.rs
+++ b/crates/rspack_plugin_dynamic_entry/src/lib.rs
@@ -78,7 +78,10 @@ async fn make(&self, compilation: &mut Compilation) -> Result<()> {
             .entry(entry.into())
             .or_default()
             .insert(options.clone(), *dependency_id);
-          dependency.clone()
+          let dependency = dependency
+            .downcast_ref::<EntryDependency>()
+            .expect("dependency should be EntryDependency in DynamicEntryPlugin");
+          Box::new(dependency.clone())
         } else {
           let dependency: BoxDependency = Box::new(EntryDependency::new(
             entry.clone(),
diff --git a/crates/rspack_plugin_esm_library/src/plugin.rs b/crates/rspack_plugin_esm_library/src/plugin.rs
index 14a26c4f4aaa..d8fe937e8f92 100644
--- a/crates/rspack_plugin_esm_library/src/plugin.rs
+++ b/crates/rspack_plugin_esm_library/src/plugin.rs
@@ -120,7 +120,7 @@ impl EsmLibraryPlugin {
         .get_incoming_connections(module_identifier)
         .map(|conn| module_graph.dependency_by_id(&conn.dependency_id))
         .any(|dep| {
-          !is_esm_dep_like(dep)
+          !is_esm_dep_like(dep.as_ref())
             && !matches!(
               dep.dependency_type(),
               DependencyType::Entry | DependencyType::DynamicImport
@@ -389,7 +389,7 @@ async fn finish_modules(
       .get_incoming_connections(module_identifier)
       .map(|conn| module_graph.dependency_by_id(&conn.dependency_id))
       .any(|dep| {
-        !is_esm_dep_like(dep)
+        !is_esm_dep_like(dep.as_ref())
           && !matches!(
             dep.dependency_type(),
             DependencyType::Entry | DependencyType::DynamicImport
diff --git a/crates/rspack_plugin_javascript/src/plugin/module_concatenation_plugin.rs b/crates/rspack_plugin_javascript/src/plugin/module_concatenation_plugin.rs
index a4ede538258e..4428c64cb5dd 100644
--- a/crates/rspack_plugin_javascript/src/plugin/module_concatenation_plugin.rs
+++ b/crates/rspack_plugin_javascript/src/plugin/module_concatenation_plugin.rs
@@ -6,7 +6,7 @@ use rspack_collections::{
   Identifiable, IdentifierDashMap, IdentifierIndexSet, IdentifierMap, IdentifierSet,
 };
 use rspack_core::{
-  BoxDependency, BoxModule, Compilation, CompilationOptimizeChunkModules, DependencyId,
+  BoxModule, Compilation, CompilationOptimizeChunkModules, Dependency, DependencyId,
   DependencyType, ExportProvided, ExportsInfoArtifact, ExtendedReferencedExport, GetTargetResult,
   ImportedByDeferModulesArtifact, LibIdentOptions, Logger, ModuleGraph, ModuleGraphCacheArtifact,
   ModuleGraphConnection, ModuleGraphModule, ModuleIdentifier, Plugin, PrefetchExportsInfoMode,
@@ -473,7 +473,7 @@ impl ModuleConcatenationPlugin {
       for (origin_module, connections) in incoming_connections_from_modules.iter() {
         let has_non_esm_connections = connections.iter().any(|connection| {
           let dep = module_graph.dependency_by_id(&connection.dependency_id);
-          !is_esm_dep_like(dep)
+          !is_esm_dep_like(dep.as_ref())
         });
 
         if has_non_esm_connections {
@@ -1104,7 +1104,7 @@ impl ModuleConcatenationPlugin {
           .iter()
           .filter_map(|d| {
             let dep = module_graph.dependency_by_id(d);
-            if !is_esm_dep_like(dep) {
+            if !is_esm_dep_like(dep.as_ref()) {
               return None;
             }
             let con = module_graph.connection_by_dependency_id(d)?;
@@ -1570,7 +1570,7 @@ fn prepare_concatenated_module_connections<F>(
   filter_connection: F,
 ) -> Vec<DependencyId>
 where
-  F: Fn(&ModuleIdentifier, &ModuleGraphConnection, &BoxDependency) -> bool,
+  F: Fn(&ModuleIdentifier, &ModuleGraphConnection, &dyn Dependency) -> bool,
 {
   let mg = compilation.get_module_graph();
   let mut res = vec![];
@@ -1590,7 +1590,7 @@ where
         .connection_by_dependency_id(dep_id)
         .expect("should have connection");
       let dep = mg.dependency_by_id(dep_id);
-      if filter_connection(m, connection, dep) {
+      if filter_connection(m, connection, dep.as_ref()) {
         res.push(*dep_id);
       }
     }
@@ -1604,7 +1604,7 @@ fn prepare_concatenated_root_module_connections<F>(
   filter_connection: F,
 ) -> (Vec<DependencyId>, Vec<DependencyId>)
 where
-  F: Fn(&ModuleIdentifier, &ModuleGraphConnection, &BoxDependency) -> bool,
+  F: Fn(&ModuleIdentifier, &ModuleGraphConnection, &dyn Dependency) -> bool,
 {
   let mg = compilation.get_module_graph();
   let mut outgoings = vec![];
@@ -1619,7 +1619,7 @@ where
       .expect("should have connection");
 
     let dep = mg.dependency_by_id(dep_id);
-    if filter_connection(root_module_id, connection, dep) {
+    if filter_connection(root_module_id, connection, dep.as_ref()) {
       outgoings.push(*dep_id);
     }
   }
@@ -1635,7 +1635,7 @@ where
       .connection_by_dependency_id(dep_id)
       .expect("should have connection");
     let dependency = mg.dependency_by_id(dep_id);
-    if filter_connection(root_module_id, connection, dependency) {
+    if filter_connection(root_module_id, connection, dependency.as_ref()) {
       incomings.push(*dep_id);
     }
   }