diff --git a/.eslintrc.js b/.eslintrc.js
index 5fb535c3d83759..914566d309c498 100644
--- a/.eslintrc.js
+++ b/.eslintrc.js
@@ -251,6 +251,7 @@ module.exports = {
     'node-core/no-unescaped-regexp-dot': 'error',
   },
   globals: {
+    WebAssembly: false,
     COUNTER_HTTP_CLIENT_REQUEST: false,
     COUNTER_HTTP_CLIENT_RESPONSE: false,
     COUNTER_HTTP_SERVER_REQUEST: false,
diff --git a/lib/internal/loader/CreateDynamicModule.js b/lib/internal/loader/CreateDynamicModule.js
index f2596de04bfcb3..87fdfaf4813cdd 100644
--- a/lib/internal/loader/CreateDynamicModule.js
+++ b/lib/internal/loader/CreateDynamicModule.js
@@ -4,8 +4,9 @@ const { ModuleWrap } = internalBinding('module_wrap');
 const debug = require('util').debuglog('esm');
 const ArrayJoin = Function.call.bind(Array.prototype.join);
 const ArrayMap = Function.call.bind(Array.prototype.map);
+const { Buffer } = require('buffer');
 
-const createDynamicModule = (exports, url = '', evaluate) => {
+const createDynamicModule = (exports, url = '', evaluate, imports = []) => {
   debug(
     `creating ESM facade for ${url} with exports: ${ArrayJoin(exports, ', ')}`
   );
@@ -32,28 +33,39 @@ const createDynamicModule = (exports, url = '', evaluate) => {
   const reflectiveModule = new ModuleWrap(src, `cjs-facade:${url}`);
   reflectiveModule.instantiate();
   const { setExecutor, reflect } = reflectiveModule.evaluate()();
+
+  const importLookup = {};
+  for (const name of imports)
+    importLookup[name] = `$${Buffer.from(name).toString('hex')}`;
+
   // public exposed ESM
   const reexports = `
   import {
     executor,
     ${ArrayMap(names, (name) => `$${name}`)}
   } from "";
+  ${ArrayJoin(ArrayMap(imports, (i) =>
+    `import * as ${importLookup[i]} from '${i}';`), '\n')}
   export {
     ${ArrayJoin(ArrayMap(names, (name) => `$${name} as ${name}`), ', ')}
   }
   if (typeof executor === "function") {
     // add await to this later if top level await comes along
-    executor()
+    executor({ ${
+  ArrayJoin(ArrayMap(imports, (i) => `'${i}': ${importLookup[i]}, `), '\n')}
+    });
   }`;
   if (typeof evaluate === 'function') {
-    setExecutor(() => evaluate(reflect));
+    setExecutor((imports) => {
+      reflect.imports = imports;
+      evaluate(reflect);
+    });
   }
   const module = new ModuleWrap(reexports, `${url}`);
-  module.link(async () => reflectiveModule);
-  module.instantiate();
   return {
     module,
-    reflect
+    reflect,
+    reflectiveModule,
   };
 };
 
diff --git a/lib/internal/loader/DefaultResolve.js b/lib/internal/loader/DefaultResolve.js
index d815be87dd8954..9d0dc764a96a54 100644
--- a/lib/internal/loader/DefaultResolve.js
+++ b/lib/internal/loader/DefaultResolve.js
@@ -44,7 +44,8 @@ const extensionFormatMap = {
   '.mjs': 'esm',
   '.json': 'json',
   '.node': 'addon',
-  '.js': 'cjs'
+  '.js': 'cjs',
+  '.wasm': 'wasm',
 };
 
 function resolve(specifier, parentURL) {
diff --git a/lib/internal/loader/ModuleJob.js b/lib/internal/loader/ModuleJob.js
index db37765b20bd0c..de39d1c0aa4de2 100644
--- a/lib/internal/loader/ModuleJob.js
+++ b/lib/internal/loader/ModuleJob.js
@@ -21,11 +21,13 @@ class ModuleJob {
     this.modulePromise = moduleProvider(url);
     this.module = undefined;
     this.reflect = undefined;
+    let reflectiveModule;
 
     // Wait for the ModuleWrap instance being linked with all dependencies.
     const link = async () => {
       ({ module: this.module,
-         reflect: this.reflect } = await this.modulePromise);
+         reflect: this.reflect,
+         reflectiveModule } = await this.modulePromise);
       if (inspectBrk) {
         const initWrapper = process.binding('inspector').callAndPauseOnStart;
         initWrapper(this.module.instantiate, this.module);
@@ -34,6 +36,11 @@ class ModuleJob {
 
       const dependencyJobs = [];
       const promises = this.module.link(async (specifier) => {
+        if (specifier === '' && reflectiveModule !== undefined) {
+          const r = reflectiveModule;
+          reflectiveModule = undefined;
+          return r;
+        }
         const jobPromise = this.loader.getModuleJob(specifier, url);
         dependencyJobs.push(jobPromise);
         return (await (await jobPromise).modulePromise).module;
@@ -53,10 +60,10 @@ class ModuleJob {
   }
 
   async instantiate() {
-    if (this.instantiated) {
-      return this.instantiated;
-    }
-    return this.instantiated = this._instantiate();
+    if (!this.instantiated)
+      this.instantiated = this._instantiate();
+    await this.instantiated;
+    return this.module;
   }
 
   // This method instantiates the module associated with this job and its
diff --git a/lib/internal/loader/Translators.js b/lib/internal/loader/Translators.js
index 18b1b12fd15854..4c8ca676a2d9a0 100644
--- a/lib/internal/loader/Translators.js
+++ b/lib/internal/loader/Translators.js
@@ -90,3 +90,16 @@ translators.set('json', async (url) => {
     }
   });
 });
+
+translators.set('wasm', async (url) => {
+  debug(`Translating WASMModule ${url}`);
+  const bytes = await readFileAsync(new URL(url));
+  const module = await WebAssembly.compile(bytes);
+  const imports = WebAssembly.Module.imports(module).map((i) => i.module);
+  const exports = WebAssembly.Module.exports(module).map((e) => e.name);
+  return createDynamicModule(exports, url, (reflect) => {
+    const instance = new WebAssembly.Instance(module, reflect.imports);
+    for (const name of exports)
+      reflect.exports[name].set(instance.exports[name]);
+  }, imports);
+});
diff --git a/test/common/index.mjs b/test/common/index.mjs
index 6d6fe4997bdb71..bada28cf40931d 100644
--- a/test/common/index.mjs
+++ b/test/common/index.mjs
@@ -100,6 +100,11 @@ export function leakedGlobals() {
 // Turn this off if the test should not check for global leaks.
 export let globalCheck = true;  // eslint-disable-line
 
+export function crashOnUnhandledRejection() {
+  process.on('unhandledRejection',
+             (err) => process.nextTick(() => { throw err; }));
+}
+
 process.on('exit', function() {
   if (!globalCheck) return;
   const leaked = leakedGlobals();
diff --git a/test/es-module/test-esm-import-wasm-errors.mjs b/test/es-module/test-esm-import-wasm-errors.mjs
new file mode 100644
index 00000000000000..856237988fd971
--- /dev/null
+++ b/test/es-module/test-esm-import-wasm-errors.mjs
@@ -0,0 +1,32 @@
+// Flags: --experimental-modules
+
+import { crashOnUnhandledRejection } from '../common';
+import assert from 'assert';
+
+crashOnUnhandledRejection();
+
+async function expectsRejection(fn, settings) {
+  // Retain async context.
+  const storedError = new Error('Thrown from:');
+  try {
+    await fn();
+  } catch (err) {
+    try {
+      assert(err instanceof settings.type,
+             `${err.name} is not instance of ${settings.type.name}`);
+      assert.strictEqual(err.name, settings.type.name);
+    } catch (validationError) {
+      console.error(validationError);
+      console.error('Original error:');
+      console.error(err);
+      throw storedError;
+    }
+    return;
+  }
+  assert.fail('Missing expected exception');
+}
+
+expectsRejection(() =>
+  import('../fixtures/es-modules/invalid.wasm'), {
+  type: WebAssembly.CompileError,
+});
diff --git a/test/es-module/test-esm-import-wasm.mjs b/test/es-module/test-esm-import-wasm.mjs
new file mode 100644
index 00000000000000..971497c99b48c5
--- /dev/null
+++ b/test/es-module/test-esm-import-wasm.mjs
@@ -0,0 +1,15 @@
+// Flags: --experimental-modules --harmony-dynamic-import
+
+import { crashOnUnhandledRejection } from '../common';
+import assert from 'assert';
+
+crashOnUnhandledRejection();
+
+import { add } from '../fixtures/es-modules/add.wasm';
+
+assert.strictEqual(add(2, 3), 5);
+
+import('../fixtures/es-modules/add.wasm').then((ns) => {
+  assert.strictEqual(ns.add(2, 3), 5);
+  assert.strictEqual(ns.default(2), 12);
+});
diff --git a/test/fixtures/es-modules/add.mjs b/test/fixtures/es-modules/add.mjs
new file mode 100644
index 00000000000000..d0f87bf2ef282c
--- /dev/null
+++ b/test/fixtures/es-modules/add.mjs
@@ -0,0 +1 @@
+export const add = (a, b) => a + b;
diff --git a/test/fixtures/es-modules/add.wasm b/test/fixtures/es-modules/add.wasm
new file mode 100644
index 00000000000000..ceb1f52d74548e
Binary files /dev/null and b/test/fixtures/es-modules/add.wasm differ
diff --git a/test/fixtures/es-modules/add.wat b/test/fixtures/es-modules/add.wat
new file mode 100644
index 00000000000000..99f8bc6a2b40cf
--- /dev/null
+++ b/test/fixtures/es-modules/add.wat
@@ -0,0 +1,18 @@
+;; source of add.wasm
+
+(module
+  (import "./add.mjs" "add" (func $add_i32 (param i32 i32) (result i32)))
+
+  (func $add (param $p0 i32) (param $p1 i32) (result i32)
+    get_local $p0
+    get_local $p1
+    call $add_i32)
+
+  (func $add_10 (param $p0 i32) (result i32)
+    get_local $p0
+    i32.const 10
+    i32.add)
+
+  (export "add" (func $add))
+  (export "default" (func $add_10)))
+
diff --git a/test/fixtures/es-modules/invalid.wasm b/test/fixtures/es-modules/invalid.wasm
new file mode 100644
index 00000000000000..78981922613b2a
--- /dev/null
+++ b/test/fixtures/es-modules/invalid.wasm
@@ -0,0 +1 @@
+a