diff --git a/doc/api/errors.md b/doc/api/errors.md
index 3b153a7c301ea5..d1eba748accb90 100644
--- a/doc/api/errors.md
+++ b/doc/api/errors.md
@@ -1552,6 +1552,43 @@ entry types were found.
 
 A given value is out of the accepted range.
 
+<a id="ERR_VM_MODULE_ALREADY_LINKED"></a>
+### ERR_VM_MODULE_ALREADY_LINKED
+
+The module attempted to be linked is not eligible for linking, because of one of
+the following reasons:
+
+- It has already been linked (`linkingStatus` is `'linked'`)
+- It is being linked (`linkingStatus` is `'linking'`)
+- Linking has failed for this module (`linkingStatus` is `'errored'`)
+
+<a id="ERR_VM_MODULE_DIFFERENT_CONTEXT"></a>
+### ERR_VM_MODULE_DIFFERENT_CONTEXT
+
+The module being returned from the linker function is from a different context
+than the parent module. Linked modules must share the same context.
+
+<a id="ERR_VM_MODULE_LINKING_ERRORED"></a>
+### ERR_VM_MODULE_LINKING_ERRORED
+
+The linker function returned a module for which linking has failed.
+
+<a id="ERR_VM_MODULE_NOT_LINKED"></a>
+### ERR_VM_MODULE_NOT_LINKED
+
+The module must be successfully linked before instantiation.
+
+<a id="ERR_VM_MODULE_NOT_MODULE"></a>
+### ERR_VM_MODULE_NOT_MODULE
+
+The fulfilled value of a linking promise is not a `vm.Module` object.
+
+<a id="ERR_VM_MODULE_STATUS"></a>
+### ERR_VM_MODULE_STATUS
+
+The current module's status does not allow for this operation. The specific
+meaning of the error depends on the specific function.
+
 <a id="ERR_ZLIB_BINDING_CLOSED"></a>
 ### ERR_ZLIB_BINDING_CLOSED
 
diff --git a/doc/api/vm.md b/doc/api/vm.md
index a26ee4ed94d090..8fe17dfb50d7df 100644
--- a/doc/api/vm.md
+++ b/doc/api/vm.md
@@ -43,6 +43,322 @@ console.log(x); // 1; y is not defined.
 *Note*: The vm module is not a security mechanism.
 **Do not use it to run untrusted code**.
 
+## Class: vm.Module
+<!-- YAML
+added: REPLACEME
+-->
+
+> Stability: 1 - Experimental
+
+*This feature is only available with the `--experimental-vm-modules` command
+flag enabled.*
+
+The `vm.Module` class provides a low-level interface for using ECMAScript
+modules in VM contexts. It is the counterpart of the `vm.Script` class that
+closely mirrors [Source Text Module Record][]s as defined in the ECMAScript
+specification.
+
+Unlike `vm.Script` however, every `vm.Module` object is bound to a context from
+its creation. Operations on `vm.Module` objects are intrinsically asynchronous,
+in contrast with the synchronous nature of `vm.Script` objects. With the help
+of async functions, however, manipulating `vm.Module` objects is fairly
+straightforward.
+
+Using a `vm.Module` object requires four distinct steps: creation/parsing,
+linking, instantiation, and evaluation. These four steps are illustrated in the
+following example.
+
+*Note*: This implementation lies at a lower level than the [ECMAScript Module
+loader][]. There is also currently no way to interact with the Loader, though
+support is planned.
+
+```js
+const vm = require('vm');
+
+const contextifiedSandbox = vm.createContext({ secret: 42 });
+
+(async () => {
+  // Step 1
+  //
+  // Create a Module by constructing a new `vm.Module` object. This parses the
+  // provided source text, throwing a `SyntaxError` if anything goes wrong. By
+  // default, a Module is created in the top context. But here, we specify
+  // `contextifiedSandbox` as the context this Module belongs to.
+  //
+  // Here, we attempt to obtain the default export from the module "foo", and
+  // put it into local binding "secret".
+
+  const bar = new vm.Module(`
+    import s from 'foo';
+    s;
+  `, { context: contextifiedSandbox });
+
+
+  // Step 2
+  //
+  // "Link" the imported dependencies of this Module to it.
+  //
+  // The provided linking callback (the "linker") accepts two arguments: the
+  // parent module (`bar` in this case) and the string that is the specifier of
+  // the imported module. The callback is expected to return a Module that
+  // corresponds to the provided specifier, with certain requirements documented
+  // in `module.link()`.
+  //
+  // If linking has not started for the returned Module, the same linker
+  // callback will be called on the returned Module.
+  //
+  // Even top-level Modules without dependencies must be explicitly linked. The
+  // callback provided would never be called, however.
+  //
+  // The link() method returns a Promise that will be resolved when all the
+  // Promises returned by the linker resolve.
+  //
+  // Note: This is a contrived example in that the linker function creates a new
+  // "foo" module every time it is called. In a full-fledged module system, a
+  // cache would probably be used to avoid duplicated modules.
+
+  async function linker(referencingModule, specifier) {
+    if (specifier === 'foo') {
+      return new vm.Module(`
+        // The "secret" variable refers to the global variable we added to
+        // "contextifiedSandbox" when creating the context.
+        export default secret;
+      `, { context: referencingModule.context });
+
+      // Using `contextifiedSandbox` instead of `referencingModule.context`
+      // here would work as well.
+    }
+    throw new Error(`Unable to resolve dependency: ${specifier}`);
+  }
+  await bar.link(linker);
+
+
+  // Step 3
+  //
+  // Instantiate the top-level Module.
+  //
+  // Only the top-level Module needs to be explicitly instantiated; its
+  // dependencies will be recursively instantiated by instantiate().
+
+  bar.instantiate();
+
+
+  // Step 4
+  //
+  // Evaluate the Module. The evaluate() method returns a Promise with a single
+  // property "result" that contains the result of the very last statement
+  // executed in the Module. In the case of `bar`, it is `s;`, which refers to
+  // the default export of the `foo` module, the `secret` we set in the
+  // beginning to 42.
+
+  const { result } = await bar.evaluate();
+
+  console.log(result);
+  // Prints 42.
+})();
+```
+
+### Constructor: new vm.Module(code[, options])
+
+* `code` {string} JavaScript Module code to parse
+* `options`
+  * `url` {string} URL used in module resolution and stack traces. **Default**:
+    `'vm:module(i)'` where `i` is a context-specific ascending index.
+  * `context` {Object} The [contextified][] object as returned by the
+    `vm.createContext()` method, to compile and evaluate this Module in.
+  * `lineOffset` {integer} Specifies the line number offset that is displayed
+    in stack traces produced by this Module.
+  * `columnOffset` {integer} Spcifies the column number offset that is displayed
+    in stack traces produced by this Module.
+
+Creates a new ES `Module` object.
+
+### module.dependencySpecifiers
+
+* {string[]}
+
+The specifiers of all dependencies of this module. The returned array is frozen
+to disallow any changes to it.
+
+Corresponds to the [[RequestedModules]] field of [Source Text Module Record][]s
+in the ECMAScript specification.
+
+### module.error
+
+* {any}
+
+If the `module.status` is `'errored'`, this property contains the exception thrown
+by the module during evaluation. If the status is anything else, accessing this
+property will result in a thrown exception.
+
+*Note*: `undefined` cannot be used for cases where there is not a thrown
+exception due to possible ambiguity with `throw undefined;`.
+
+Corresponds to the [[EvaluationError]] field of [Source Text Module Record][]s
+in the ECMAScript specification.
+
+### module.linkingStatus
+
+* {string}
+
+The current linking status of `module`. It will be one of the following values:
+
+- `'unlinked'`: `module.link()` has not yet been called.
+- `'linking'`: `module.link()` has been called, but not all Promises returned by
+  the linker function have been resolved yet.
+- `'linked'`: `module.link()` has been called, and all its dependencies have
+  been successfully linked.
+- `'errored'`: `module.link()` has been called, but at least one of its
+  dependencies failed to link, either because the callback returned a Promise
+  that is rejected, or because the Module the callback returned is invalid.
+
+### module.namespace
+
+* {Object}
+
+The namespace object of the module. This is only available after instantiation
+(`module.instantiate()`) has completed.
+
+Corresponds to the [GetModuleNamespace][] abstract operation in the ECMAScript
+specification.
+
+### module.status
+
+* {string}
+
+The current status of the module. Will be one of:
+
+- `'uninstantiated'`: The module is not instantiated. It may because of any of
+  the following reasons:
+
+  - The module was just created.
+  - `module.instantiate()` has been called on this module, but it failed for
+    some reason.
+
+  This status does not convey any information regarding if `module.link()` has
+  been called. See `module.linkingStatus` for that.
+
+- `'instantiating'`: The module is currently being instantiated through a
+  `module.instantiate()` call on itself or a parent module.
+
+- `'instantiated'`: The module has been instantiated successfully, but
+  `module.evaluate()` has not yet been called.
+
+- `'evaluating'`: The module is being evaluated through a `module.evaluate()` on
+  itself or a parent module.
+
+- `'evaluated'`: The module has been successfully evaluated.
+
+- `'errored'`: The module has been evaluated, but an exception was thrown.
+
+Other than `'errored'`, this status string corresponds to the specification's
+[Source Text Module Record][]'s [[Status]] field. `'errored'` corresponds to
+`'evaluated'` in the specification, but with [[EvaluationError]] set to a value
+that is not `undefined`.
+
+### module.url
+
+* {string}
+
+The URL of the current module, as set in the constructor.
+
+### module.evaluate([options])
+
+* `options` {Object}
+  * `timeout` {number} Specifies the number of milliseconds to evaluate
+    before terminating execution. If execution is interrupted, an [`Error`][]
+    will be thrown.
+  * `breakOnSigint` {boolean} If `true`, the execution will be terminated when
+    `SIGINT` (Ctrl+C) is received. Existing handlers for the event that have
+    been attached via `process.on("SIGINT")` will be disabled during script
+    execution, but will continue to work after that. If execution is
+    interrupted, an [`Error`][] will be thrown.
+* Returns: {Promise}
+
+Evaluate the module.
+
+This must be called after the module has been instantiated; otherwise it will
+throw an error. It could be called also when the module has already been
+evaluated, in which case it will do one of the following two things:
+
+- return `undefined` if the initial evaluation ended in success (`module.status`
+  is `'evaluated'`)
+- rethrow the same exception the initial evaluation threw if the initial
+  evaluation ended in an error (`module.status` is `'errored'`)
+
+This method cannot be called while the module is being evaluated
+(`module.status` is `'evaluating'`) to prevent infinite recursion.
+
+Corresponds to the [Evaluate() concrete method][] field of [Source Text Module
+Record][]s in the ECMAScript specification.
+
+### module.instantiate()
+
+Instantiate the module. This must be called after linking has completed
+(`linkingStatus` is `'linked'`); otherwise it will throw an error. It may also
+throw an exception if one of the dependencies does not provide an export the
+parent module requires.
+
+However, if this function succeeded, further calls to this function after the
+initial instantiation will be no-ops, to be consistent with the ECMAScript
+specification.
+
+Unlike other methods operating on `Module`, this function completes
+synchronously and returns nothing.
+
+Corresponds to the [Instantiate() concrete method][] field of [Source Text
+Module Record][]s in the ECMAScript specification.
+
+### module.link(linker)
+
+* `linker` {Function}
+* Returns: {Promise}
+
+Link module dependencies. This method must be called before instantiation, and
+can only be called once per module.
+
+Two parameters will be passed to the `linker` function:
+
+- `referencingModule` The `Module` object `link()` is called on.
+- `specifier` The specifier of the requested module:
+
+  <!-- eslint-skip -->
+  ```js
+  import foo from 'foo';
+  //              ^^^^^ the module specifier
+  ```
+
+The function is expected to return a `Module` object or a `Promise` that
+eventually resolves to a `Module` object. The returned `Module` must satisfy the
+following two invariants:
+
+- It must belong to the same context as the parent `Module`.
+- Its `linkingStatus` must not be `'errored'`.
+
+If the returned `Module`'s `linkingStatus` is `'unlinked'`, this method will be
+recursively called on the returned `Module` with the same provided `linker`
+function.
+
+`link()` returns a `Promise` that will either get resolved when all linking
+instances resolve to a valid `Module`, or rejected if the linker function either
+throws an exception or returns an invalid `Module`.
+
+The linker function roughly corresponds to the implementation-defined
+[HostResolveImportedModule][] abstract operation in the ECMAScript
+specification, with a few key differences:
+
+- The linker function is allowed to be asynchronous while
+  [HostResolveImportedModule][] is synchronous.
+- The linker function is executed during linking, a Node.js-specific stage
+  before instantiation, while [HostResolveImportedModule][] is called during
+  instantiation.
+
+The actual [HostResolveImportedModule][] implementation used during module
+instantiation is one that returns the modules linked during linking. Since at
+that point all modules would have been fully linked already, the
+[HostResolveImportedModule][] implementation is fully synchronous per
+specification.
+
 ## Class: vm.Script
 <!-- YAML
 added: v0.3.1
@@ -548,9 +864,15 @@ associating it with the `sandbox` object is what this document refers to as
 [`vm.createContext()`]: #vm_vm_createcontext_sandbox_options
 [`vm.runInContext()`]: #vm_vm_runincontext_code_contextifiedsandbox_options
 [`vm.runInThisContext()`]: #vm_vm_runinthiscontext_code_options
+[GetModuleNamespace]: https://tc39.github.io/ecma262/#sec-getmodulenamespace
+[ECMAScript Module Loader]: esm.html#esm_ecmascript_modules
+[Evaluate() concrete method]: https://tc39.github.io/ecma262/#sec-moduleevaluation
+[HostResolveImportedModule]: https://tc39.github.io/ecma262/#sec-hostresolveimportedmodule
+[Instantiate() concrete method]: https://tc39.github.io/ecma262/#sec-moduledeclarationinstantiation
 [V8 Embedder's Guide]: https://github.com/v8/v8/wiki/Embedder's%20Guide#contexts
 [command line option]: cli.html
 [contextified]: #vm_what_does_it_mean_to_contextify_an_object
 [global object]: https://es5.github.io/#x15.1
 [indirect `eval()` call]: https://es5.github.io/#x10.4.2
 [origin]: https://developer.mozilla.org/en-US/docs/Glossary/Origin
+[Source Text Module Record]: https://tc39.github.io/ecma262/#sec-source-text-module-records
diff --git a/lib/internal/errors.js b/lib/internal/errors.js
index 70569fd8439611..2643d555cd5b75 100644
--- a/lib/internal/errors.js
+++ b/lib/internal/errors.js
@@ -383,6 +383,15 @@ E('ERR_VALID_PERFORMANCE_ENTRY_TYPE',
 E('ERR_VALUE_OUT_OF_RANGE', (start, end, value) => {
   return `The value of "${start}" must be ${end}. Received "${value}"`;
 });
+E('ERR_VM_MODULE_ALREADY_LINKED', 'Module has already been linked');
+E('ERR_VM_MODULE_DIFFERENT_CONTEXT',
+  'Linked modules must use the same context');
+E('ERR_VM_MODULE_LINKING_ERRORED',
+  'Linking has already failed for the provided module');
+E('ERR_VM_MODULE_NOT_LINKED',
+  'Module must be linked before it can be instantiated');
+E('ERR_VM_MODULE_NOT_MODULE', 'Provided module is not an instance of Module');
+E('ERR_VM_MODULE_STATUS', 'Module status %s');
 E('ERR_ZLIB_BINDING_CLOSED', 'zlib binding closed');
 E('ERR_ZLIB_INITIALIZATION_FAILED', 'Initialization failed');
 
diff --git a/lib/internal/vm/Module.js b/lib/internal/vm/Module.js
new file mode 100644
index 00000000000000..a8625ef76be613
--- /dev/null
+++ b/lib/internal/vm/Module.js
@@ -0,0 +1,205 @@
+'use strict';
+
+const { emitExperimentalWarning } = require('internal/util');
+const { URL } = require('internal/url');
+const { kParsingContext, isContext } = process.binding('contextify');
+const errors = require('internal/errors');
+const {
+  getConstructorOf,
+  customInspectSymbol,
+} = require('internal/util');
+
+const {
+  ModuleWrap,
+  kUninstantiated,
+  kInstantiating,
+  kInstantiated,
+  kEvaluating,
+  kEvaluated,
+  kErrored,
+} = internalBinding('module_wrap');
+
+const STATUS_MAP = {
+  [kUninstantiated]: 'uninstantiated',
+  [kInstantiating]: 'instantiating',
+  [kInstantiated]: 'instantiated',
+  [kEvaluating]: 'evaluating',
+  [kEvaluated]: 'evaluated',
+  [kErrored]: 'errored',
+};
+
+let globalModuleId = 0;
+const perContextModuleId = new WeakMap();
+const wrapMap = new WeakMap();
+const dependencyCacheMap = new WeakMap();
+const linkingStatusMap = new WeakMap();
+
+class Module {
+  constructor(src, options = {}) {
+    emitExperimentalWarning('vm.Module');
+
+    if (typeof src !== 'string')
+      throw new errors.TypeError(
+        'ERR_INVALID_ARG_TYPE', 'src', 'string', src);
+    if (typeof options !== 'object' || options === null)
+      throw new errors.TypeError(
+        'ERR_INVALID_ARG_TYPE', 'options', 'object', options);
+
+    let context;
+    if (options.context !== undefined) {
+      if (isContext(options.context)) {
+        context = options.context;
+      } else {
+        throw new errors.TypeError(
+          'ERR_INVALID_ARG_TYPE', 'options.context', 'vm.Context');
+      }
+    }
+
+    let url = options.url;
+    if (url !== undefined) {
+      if (typeof url !== 'string') {
+        throw new errors.TypeError(
+          'ERR_INVALID_ARG_TYPE', 'options.url', 'string', url);
+      }
+      url = new URL(url).href;
+    } else if (context === undefined) {
+      url = `vm:module(${globalModuleId++})`;
+    } else if (perContextModuleId.has(context)) {
+      const curId = perContextModuleId.get(context);
+      url = `vm:module(${curId})`;
+      perContextModuleId.set(context, curId + 1);
+    } else {
+      url = 'vm:module(0)';
+      perContextModuleId.set(context, 1);
+    }
+
+    const wrap = new ModuleWrap(src, url, {
+      [kParsingContext]: context,
+      lineOffset: options.lineOffset,
+      columnOffset: options.columnOffset
+    });
+
+    wrapMap.set(this, wrap);
+    linkingStatusMap.set(this, 'unlinked');
+
+    Object.defineProperties(this, {
+      url: { value: url, enumerable: true },
+      context: { value: context, enumerable: true },
+    });
+  }
+
+  get linkingStatus() {
+    return linkingStatusMap.get(this);
+  }
+
+  get status() {
+    return STATUS_MAP[wrapMap.get(this).getStatus()];
+  }
+
+  get namespace() {
+    const wrap = wrapMap.get(this);
+    if (wrap.getStatus() < kInstantiated)
+      throw new errors.Error('ERR_VM_MODULE_STATUS',
+                             'must not be uninstantiated or instantiating');
+    return wrap.namespace();
+  }
+
+  get dependencySpecifiers() {
+    let deps = dependencyCacheMap.get(this);
+    if (deps !== undefined)
+      return deps;
+
+    deps = wrapMap.get(this).getStaticDependencySpecifiers();
+    Object.freeze(deps);
+    dependencyCacheMap.set(this, deps);
+    return deps;
+  }
+
+  get error() {
+    const wrap = wrapMap.get(this);
+    if (wrap.getStatus() !== kErrored)
+      throw new errors.Error('ERR_VM_MODULE_STATUS', 'must be errored');
+    return wrap.getError();
+  }
+
+  async link(linker) {
+    if (typeof linker !== 'function')
+      throw new errors.TypeError(
+        'ERR_INVALID_ARG_TYPE', 'linker', 'function', linker);
+    if (linkingStatusMap.get(this) !== 'unlinked')
+      throw new errors.Error('ERR_VM_MODULE_ALREADY_LINKED');
+    const wrap = wrapMap.get(this);
+    if (wrap.getStatus() !== kUninstantiated)
+      throw new errors.Error('ERR_VM_MODULE_STATUS', 'must be uninstantiated');
+    linkingStatusMap.set(this, 'linking');
+    const promises = [];
+    wrap.link((specifier) => {
+      const p = (async () => {
+        const m = await linker(this, specifier);
+        if (!m || !wrapMap.has(m))
+          throw new errors.Error('ERR_VM_MODULE_NOT_MODULE');
+        if (m.context !== this.context)
+          throw new errors.Error('ERR_VM_MODULE_DIFFERENT_CONTEXT');
+        const childLinkingStatus = linkingStatusMap.get(m);
+        if (childLinkingStatus === 'errored')
+          throw new errors.Error('ERR_VM_MODULE_LINKING_ERRORED');
+        if (childLinkingStatus === 'unlinked')
+          await m.link(linker);
+        return wrapMap.get(m);
+      })();
+      promises.push(p);
+      return p;
+    });
+    try {
+      await Promise.all(promises);
+      linkingStatusMap.set(this, 'linked');
+    } catch (err) {
+      linkingStatusMap.set(this, 'errored');
+      throw err;
+    }
+  }
+
+  instantiate() {
+    const wrap = wrapMap.get(this);
+    const status = wrap.getStatus();
+    if (status === kInstantiating || status === kEvaluating)
+      throw new errors.Error(
+        'ERR_VM_MODULE_STATUS', 'must not be instantiating or evaluating');
+    if (linkingStatusMap.get(this) !== 'linked')
+      throw new errors.Error('ERR_VM_MODULE_NOT_LINKED');
+    wrap.instantiate();
+  }
+
+  async evaluate(options) {
+    const wrap = wrapMap.get(this);
+    const status = wrap.getStatus();
+    if (status !== kInstantiated &&
+        status !== kEvaluated &&
+        status !== kErrored) {
+      throw new errors.Error(
+        'ERR_VM_MODULE_STATUS',
+        'must be one of instantiated, evaluated, and errored');
+    }
+    const result = wrap.evaluate(options);
+    return { result, __proto__: null };
+  }
+
+  [customInspectSymbol](depth, options) {
+    let ctor = getConstructorOf(this);
+    ctor = ctor === null ? Module : ctor;
+
+    if (typeof depth === 'number' && depth < 0)
+      return options.stylize(`[${ctor.name}]`, 'special');
+
+    const o = Object.create({ constructor: ctor });
+    o.status = this.status;
+    o.linkingStatus = this.linkingStatus;
+    o.url = this.url;
+    o.context = this.context;
+    return require('util').inspect(o, options);
+  }
+}
+
+module.exports = {
+  Module
+};
diff --git a/lib/vm.js b/lib/vm.js
index 4d12ea47d938c5..ecb675680e95d9 100644
--- a/lib/vm.js
+++ b/lib/vm.js
@@ -207,5 +207,8 @@ module.exports = {
   runInContext,
   runInNewContext,
   runInThisContext,
-  isContext
+  isContext,
 };
+
+if (process.binding('config').experimentalVMModules)
+  module.exports.Module = require('internal/vm/Module').Module;
diff --git a/node.gyp b/node.gyp
index aef032cd5c5132..0c000914894a46 100644
--- a/node.gyp
+++ b/node.gyp
@@ -136,6 +136,7 @@
       'lib/internal/http2/util.js',
       'lib/internal/v8_prof_polyfill.js',
       'lib/internal/v8_prof_processor.js',
+      'lib/internal/vm/Module.js',
       'lib/internal/streams/lazy_transform.js',
       'lib/internal/streams/BufferList.js',
       'lib/internal/streams/legacy.js',
diff --git a/src/module_wrap.cc b/src/module_wrap.cc
index eddc0d6d6ebd3d..daa7f9036a5abb 100644
--- a/src/module_wrap.cc
+++ b/src/module_wrap.cc
@@ -7,6 +7,8 @@
 #include "node_url.h"
 #include "util-inl.h"
 #include "node_internals.h"
+#include "node_contextify.h"
+#include "node_watchdog.h"
 
 namespace node {
 namespace loader {
@@ -59,6 +61,7 @@ ModuleWrap::~ModuleWrap() {
   }
 
   module_.Reset();
+  context_.Reset();
 }
 
 void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
@@ -71,12 +74,6 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
     return;
   }
 
-  if (args.Length() != 2) {
-    env->ThrowError("constructor must have exactly 2 arguments "
-                    "(string, string)");
-    return;
-  }
-
   if (!args[0]->IsString()) {
     env->ThrowError("first argument is not a string");
     return;
@@ -91,20 +88,39 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
 
   Local<String> url = args[1].As<String>();
 
+  Local<Object> that = args.This();
+
+  Environment::ShouldNotAbortOnUncaughtScope no_abort_scope(env);
+  TryCatch try_catch(isolate);
+
+  Local<Value> options = args[2];
+  MaybeLocal<Integer> line_offset = contextify::GetLineOffsetArg(env, options);
+  MaybeLocal<Integer> column_offset =
+      contextify::GetColumnOffsetArg(env, options);
+  MaybeLocal<Context> maybe_context = contextify::GetContextArg(env, options);
+
+
+  if (try_catch.HasCaught()) {
+    no_abort_scope.Close();
+    try_catch.ReThrow();
+    return;
+  }
+
+  Local<Context> context = maybe_context.FromMaybe(that->CreationContext());
   Local<Module> module;
 
   // compile
   {
     ScriptOrigin origin(url,
-                        Integer::New(isolate, 0),             // line offset
-                        Integer::New(isolate, 0),             // column offset
+                        line_offset.ToLocalChecked(),         // line offset
+                        column_offset.ToLocalChecked(),       // column offset
                         False(isolate),                       // is cross origin
                         Local<Integer>(),                     // script id
                         Local<Value>(),                       // source map URL
                         False(isolate),                       // is opaque (?)
                         False(isolate),                       // is WASM
                         True(isolate));                       // is ES6 module
-    TryCatch try_catch(isolate);
+    Context::Scope context_scope(context);
     ScriptCompiler::Source source(source_text, origin);
     if (!ScriptCompiler::CompileModule(isolate, &source).ToLocal(&module)) {
       CHECK(try_catch.HasCaught());
@@ -117,8 +133,6 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
     }
   }
 
-  Local<Object> that = args.This();
-  Local<Context> context = that->CreationContext();
   Local<String> url_str = FIXED_ONE_BYTE_STRING(isolate, "url");
 
   if (!that->Set(context, url_str, url).FromMaybe(false)) {
@@ -126,6 +140,7 @@ void ModuleWrap::New(const FunctionCallbackInfo<Value>& args) {
   }
 
   ModuleWrap* obj = new ModuleWrap(env, that, module, url);
+  obj->context_.Reset(isolate, context);
 
   env->module_map.emplace(module->GetIdentityHash(), obj);
   Wrap(that, obj);
@@ -142,15 +157,19 @@ void ModuleWrap::Link(const FunctionCallbackInfo<Value>& args) {
     return;
   }
 
-  Local<Function> resolver_arg = args[0].As<Function>();
-
   Local<Object> that = args.This();
-  ModuleWrap* obj = Unwrap<ModuleWrap>(that);
-  CHECK_NE(obj, nullptr);
-  Local<Context> mod_context = that->CreationContext();
-  if (obj->linked_) return;
+
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, that);
+
+  if (obj->linked_)
+    return;
   obj->linked_ = true;
-  Local<Module> module(obj->module_.Get(isolate));
+
+  Local<Function> resolver_arg = args[0].As<Function>();
+
+  Local<Context> mod_context = obj->context_.Get(isolate);
+  Local<Module> module = obj->module_.Get(isolate);
 
   Local<Array> promises = Array::New(isolate,
                                      module->GetModuleRequestsLength());
@@ -187,11 +206,9 @@ void ModuleWrap::Link(const FunctionCallbackInfo<Value>& args) {
 void ModuleWrap::Instantiate(const FunctionCallbackInfo<Value>& args) {
   Environment* env = Environment::GetCurrent(args);
   Isolate* isolate = args.GetIsolate();
-  Local<Object> that = args.This();
-  Local<Context> context = that->CreationContext();
-
-  ModuleWrap* obj = Unwrap<ModuleWrap>(that);
-  CHECK_NE(obj, nullptr);
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
+  Local<Context> context = obj->context_.Get(isolate);
   Local<Module> module = obj->module_.Get(isolate);
   TryCatch try_catch(isolate);
   Maybe<bool> ok =
@@ -214,14 +231,60 @@ void ModuleWrap::Instantiate(const FunctionCallbackInfo<Value>& args) {
 }
 
 void ModuleWrap::Evaluate(const FunctionCallbackInfo<Value>& args) {
+  Environment* env = Environment::GetCurrent(args);
   Isolate* isolate = args.GetIsolate();
-  Local<Object> that = args.This();
-  Local<Context> context = that->CreationContext();
-  ModuleWrap* obj = Unwrap<ModuleWrap>(that);
-  CHECK_NE(obj, nullptr);
-  MaybeLocal<Value> result = obj->module_.Get(isolate)->Evaluate(context);
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
+  Local<Context> context = obj->context_.Get(isolate);
+  Local<Module> module = obj->module_.Get(isolate);
 
-  if (result.IsEmpty()) {
+  Environment::ShouldNotAbortOnUncaughtScope no_abort_scope(env);
+  TryCatch try_catch(isolate);
+  Maybe<int64_t> maybe_timeout =
+    contextify::GetTimeoutArg(env, args[0]);
+  Maybe<bool> maybe_break_on_sigint =
+    contextify::GetBreakOnSigintArg(env, args[0]);
+
+  if (try_catch.HasCaught()) {
+    no_abort_scope.Close();
+    try_catch.ReThrow();
+    return;
+  }
+
+  int64_t timeout = maybe_timeout.ToChecked();
+  bool break_on_sigint = maybe_break_on_sigint.ToChecked();
+
+  bool timed_out = false;
+  bool received_signal = false;
+  MaybeLocal<Value> result;
+  if (break_on_sigint && timeout != -1) {
+    Watchdog wd(isolate, timeout, &timed_out);
+    SigintWatchdog swd(isolate, &received_signal);
+    result = module->Evaluate(context);
+  } else if (break_on_sigint) {
+    SigintWatchdog swd(isolate, &received_signal);
+    result = module->Evaluate(context);
+  } else if (timeout != -1) {
+    Watchdog wd(isolate, timeout, &timed_out);
+    result = module->Evaluate(context);
+  } else {
+    result = module->Evaluate(context);
+  }
+
+  if (timed_out || received_signal) {
+    // It is possible that execution was terminated by another timeout in
+    // which this timeout is nested, so check whether one of the watchdogs
+    // from this invocation is responsible for termination.
+    if (timed_out) {
+      env->ThrowError("Script execution timed out.");
+    } else if (received_signal) {
+      env->ThrowError("Script execution interrupted.");
+    }
+    env->isolate()->CancelTerminateExecution();
+  }
+
+  if (try_catch.HasCaught()) {
+    try_catch.ReThrow();
     return;
   }
 
@@ -231,9 +294,8 @@ void ModuleWrap::Evaluate(const FunctionCallbackInfo<Value>& args) {
 void ModuleWrap::Namespace(const FunctionCallbackInfo<Value>& args) {
   Environment* env = Environment::GetCurrent(args);
   Isolate* isolate = args.GetIsolate();
-  Local<Object> that = args.This();
-  ModuleWrap* obj = Unwrap<ModuleWrap>(that);
-  CHECK_NE(obj, nullptr);
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
 
   Local<Module> module = obj->module_.Get(isolate);
 
@@ -251,6 +313,44 @@ void ModuleWrap::Namespace(const FunctionCallbackInfo<Value>& args) {
   args.GetReturnValue().Set(result);
 }
 
+void ModuleWrap::GetStatus(const FunctionCallbackInfo<Value>& args) {
+  Isolate* isolate = args.GetIsolate();
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
+
+  Local<Module> module = obj->module_.Get(isolate);
+
+  args.GetReturnValue().Set(module->GetStatus());
+}
+
+void ModuleWrap::GetStaticDependencySpecifiers(
+    const FunctionCallbackInfo<Value>& args) {
+  Environment* env = Environment::GetCurrent(args);
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
+
+  Local<Module> module = obj->module_.Get(env->isolate());
+
+  int count = module->GetModuleRequestsLength();
+
+  Local<Array> specifiers = Array::New(env->isolate(), count);
+
+  for (int i = 0; i < count; i++)
+    specifiers->Set(env->context(), i, module->GetModuleRequest(i)).FromJust();
+
+  args.GetReturnValue().Set(specifiers);
+}
+
+void ModuleWrap::GetError(const FunctionCallbackInfo<Value>& args) {
+  Isolate* isolate = args.GetIsolate();
+  ModuleWrap* obj;
+  ASSIGN_OR_RETURN_UNWRAP(&obj, args.This());
+
+  Local<Module> module = obj->module_.Get(isolate);
+
+  args.GetReturnValue().Set(module->GetException());
+}
+
 MaybeLocal<Module> ModuleWrap::ResolveCallback(Local<Context> context,
                                                Local<String> specifier,
                                                Local<Module> referrer) {
@@ -642,12 +742,29 @@ void ModuleWrap::Initialize(Local<Object> target,
   env->SetProtoMethod(tpl, "instantiate", Instantiate);
   env->SetProtoMethod(tpl, "evaluate", Evaluate);
   env->SetProtoMethod(tpl, "namespace", Namespace);
+  env->SetProtoMethod(tpl, "getStatus", GetStatus);
+  env->SetProtoMethod(tpl, "getError", GetError);
+  env->SetProtoMethod(tpl, "getStaticDependencySpecifiers",
+                      GetStaticDependencySpecifiers);
 
   target->Set(FIXED_ONE_BYTE_STRING(isolate, "ModuleWrap"), tpl->GetFunction());
   env->SetMethod(target, "resolve", node::loader::ModuleWrap::Resolve);
   env->SetMethod(target,
                  "setImportModuleDynamicallyCallback",
                  node::loader::ModuleWrap::SetImportModuleDynamicallyCallback);
+
+#define V(name)                                                                \
+    target->Set(context,                                                       \
+      FIXED_ONE_BYTE_STRING(env->isolate(), #name),                            \
+      Integer::New(env->isolate(), Module::Status::name))                      \
+        .FromJust()
+    V(kUninstantiated);
+    V(kInstantiating);
+    V(kInstantiated);
+    V(kEvaluating);
+    V(kEvaluated);
+    V(kErrored);
+#undef V
 }
 
 }  // namespace loader
diff --git a/src/module_wrap.h b/src/module_wrap.h
index ec4d6bf5772631..bedf665165c8f6 100644
--- a/src/module_wrap.h
+++ b/src/module_wrap.h
@@ -36,8 +36,11 @@ class ModuleWrap : public BaseObject {
   static void Instantiate(const v8::FunctionCallbackInfo<v8::Value>& args);
   static void Evaluate(const v8::FunctionCallbackInfo<v8::Value>& args);
   static void Namespace(const v8::FunctionCallbackInfo<v8::Value>& args);
-  static void GetUrl(v8::Local<v8::String> property,
-                     const v8::PropertyCallbackInfo<v8::Value>& info);
+  static void GetStatus(const v8::FunctionCallbackInfo<v8::Value>& args);
+  static void GetError(const v8::FunctionCallbackInfo<v8::Value>& args);
+  static void GetStaticDependencySpecifiers(
+      const v8::FunctionCallbackInfo<v8::Value>& args);
+
   static void Resolve(const v8::FunctionCallbackInfo<v8::Value>& args);
   static void SetImportModuleDynamicallyCallback(
       const v8::FunctionCallbackInfo<v8::Value>& args);
@@ -50,6 +53,7 @@ class ModuleWrap : public BaseObject {
   v8::Persistent<v8::String> url_;
   bool linked_ = false;
   std::unordered_map<std::string, v8::Persistent<v8::Promise>> resolve_cache_;
+  v8::Persistent<v8::Context> context_;
 };
 
 }  // namespace loader
diff --git a/src/node.cc b/src/node.cc
index 39f441b1eab539..0a466d20c90d88 100644
--- a/src/node.cc
+++ b/src/node.cc
@@ -241,6 +241,11 @@ bool config_preserve_symlinks = false;
 // that is used by lib/module.js
 bool config_experimental_modules = false;
 
+// Set in node.cc by ParseArgs when --experimental-vm-modules is used.
+// Used in node_config.cc to set a constant on process.binding('config')
+// that is used by lib/vm.js
+bool config_experimental_vm_modules = false;
+
 // Set in node.cc by ParseArgs when --loader is used.
 // Used in node_config.cc to set a constant on process.binding('config')
 // that is used by lib/internal/bootstrap_node.js
@@ -3775,6 +3780,8 @@ static void PrintHelp() {
          "  --preserve-symlinks        preserve symbolic links when resolving\n"
          "  --experimental-modules     experimental ES Module support\n"
          "                             and caching modules\n"
+         "  --experimental-vm-modules  experimental ES Module support\n"
+         "                             in vm module\n"
 #endif
          "\n"
          "Environment variables:\n"
@@ -3854,6 +3861,7 @@ static void CheckIfAllowedInEnv(const char* exe, bool is_env,
     "--napi-modules",
     "--expose-http2",   // keep as a non-op through v9.x
     "--experimental-modules",
+    "--experimental-vm-modules",
     "--loader",
     "--trace-warnings",
     "--redirect-warnings",
@@ -4025,7 +4033,9 @@ static void ParseArgs(int* argc,
       config_experimental_modules = true;
       new_v8_argv[new_v8_argc] = "--harmony-dynamic-import";
       new_v8_argc += 1;
-    }  else if (strcmp(arg, "--loader") == 0) {
+    } else if (strcmp(arg, "--experimental-vm-modules") == 0) {
+      config_experimental_vm_modules = true;
+    } else if (strcmp(arg, "--loader") == 0) {
       const char* module = argv[index + 1];
       if (!config_experimental_modules) {
         fprintf(stderr, "%s: %s requires --experimental-modules be enabled\n",
diff --git a/src/node_config.cc b/src/node_config.cc
index 2e9ad2ed134822..cac551ad2c410a 100644
--- a/src/node_config.cc
+++ b/src/node_config.cc
@@ -82,6 +82,9 @@ static void InitConfig(Local<Object> target,
     }
   }
 
+  if (config_experimental_vm_modules)
+    READONLY_BOOLEAN_PROPERTY("experimentalVMModules");
+
   if (config_pending_deprecation)
     READONLY_BOOLEAN_PROPERTY("pendingDeprecation");
 
diff --git a/src/node_internals.h b/src/node_internals.h
index 469d8723368714..ced92da3216a28 100644
--- a/src/node_internals.h
+++ b/src/node_internals.h
@@ -172,6 +172,11 @@ extern bool config_preserve_symlinks;
 // that is used by lib/module.js
 extern bool config_experimental_modules;
 
+// Set in node.cc by ParseArgs when --experimental-vm-modules is used.
+// Used in node_config.cc to set a constant on process.binding('config')
+// that is used by lib/vm.js
+extern bool config_experimental_vm_modules;
+
 // Set in node.cc by ParseArgs when --loader is used.
 // Used in node_config.cc to set a constant on process.binding('config')
 // that is used by lib/internal/bootstrap_node.js
diff --git a/test/parallel/test-vm-module-basic.js b/test/parallel/test-vm-module-basic.js
new file mode 100644
index 00000000000000..4bbe0a95ee6724
--- /dev/null
+++ b/test/parallel/test-vm-module-basic.js
@@ -0,0 +1,54 @@
+'use strict';
+
+// Flags: --experimental-vm-modules
+
+const common = require('../common');
+const assert = require('assert');
+const { Module, createContext } = require('vm');
+
+common.crashOnUnhandledRejection();
+
+(async function test1() {
+  const context = createContext({
+    foo: 'bar',
+    baz: undefined,
+    typeofProcess: undefined,
+  });
+  const m = new Module(
+    'baz = foo; typeofProcess = typeof process; typeof Object;',
+    { context }
+  );
+  assert.strictEqual(m.status, 'uninstantiated');
+  await m.link(common.mustNotCall());
+  m.instantiate();
+  assert.strictEqual(m.status, 'instantiated');
+  const result = await m.evaluate();
+  assert.strictEqual(m.status, 'evaluated');
+  assert.strictEqual(Object.getPrototypeOf(result), null);
+  assert.deepStrictEqual(context, {
+    foo: 'bar',
+    baz: 'bar',
+    typeofProcess: 'undefined'
+  });
+  assert.strictEqual(result.result, 'function');
+}());
+
+(async () => {
+  const m = new Module(
+    'global.vmResult = "foo"; Object.prototype.toString.call(process);'
+  );
+  await m.link(common.mustNotCall());
+  m.instantiate();
+  const { result } = await m.evaluate();
+  assert.strictEqual(global.vmResult, 'foo');
+  assert.strictEqual(result, '[object process]');
+  delete global.vmResult;
+})();
+
+(async () => {
+  const m = new Module('while (true) {}');
+  await m.link(common.mustNotCall());
+  m.instantiate();
+  await m.evaluate({ timeout: 500 })
+    .then(() => assert(false), () => {});
+})();
diff --git a/test/parallel/test-vm-module-dynamic-import.js b/test/parallel/test-vm-module-dynamic-import.js
new file mode 100644
index 00000000000000..ca4dceb5def731
--- /dev/null
+++ b/test/parallel/test-vm-module-dynamic-import.js
@@ -0,0 +1,27 @@
+'use strict';
+
+// Flags: --experimental-vm-modules --experimental-modules --harmony-dynamic-import
+
+const common = require('../common');
+common.crashOnUnhandledRejection();
+
+const assert = require('assert');
+const { Module, createContext } = require('vm');
+
+const finished = common.mustCall();
+
+(async function() {
+  const m = new Module('import("foo")', { context: createContext() });
+  await m.link(common.mustNotCall());
+  m.instantiate();
+  const { result } = await m.evaluate();
+  let threw = false;
+  try {
+    await result;
+  } catch (err) {
+    threw = true;
+    assert.strictEqual(err.message, 'import() called outside of main context');
+  }
+  assert(threw);
+  finished();
+}());
diff --git a/test/parallel/test-vm-module-errors.js b/test/parallel/test-vm-module-errors.js
new file mode 100644
index 00000000000000..8bcb101ccc8e6d
--- /dev/null
+++ b/test/parallel/test-vm-module-errors.js
@@ -0,0 +1,264 @@
+'use strict';
+
+// Flags: --experimental-vm-modules
+
+const common = require('../common');
+common.crashOnUnhandledRejection();
+
+const assert = require('assert');
+
+const { Module, createContext } = require('vm');
+
+async function expectsRejection(fn, settings) {
+  const validateError = common.expectsError(settings);
+  // Retain async context.
+  const storedError = new Error('Thrown from:');
+  try {
+    await fn();
+  } catch (err) {
+    try {
+      validateError(err);
+    } catch (validationError) {
+      console.error(validationError);
+      console.error('Original error:');
+      console.error(err);
+      throw storedError;
+    }
+    return;
+  }
+  assert.fail('Missing expected exception');
+}
+
+async function createEmptyLinkedModule() {
+  const m = new Module('');
+  await m.link(common.mustNotCall());
+  return m;
+}
+
+async function checkArgType() {
+  common.expectsError(() => {
+    new Module();
+  }, {
+    code: 'ERR_INVALID_ARG_TYPE',
+    type: TypeError
+  });
+
+  for (const invalidOptions of [
+    0, 1, null, true, 'str', () => {}, Symbol.iterator
+  ]) {
+    common.expectsError(() => {
+      new Module('', invalidOptions);
+    }, {
+      code: 'ERR_INVALID_ARG_TYPE',
+      type: TypeError
+    });
+  }
+
+  for (const invalidLinker of [
+    0, 1, undefined, null, true, 'str', {}, Symbol.iterator
+  ]) {
+    await expectsRejection(async () => {
+      const m = new Module('');
+      await m.link(invalidLinker);
+    }, {
+      code: 'ERR_INVALID_ARG_TYPE',
+      type: TypeError
+    });
+  }
+}
+
+// Check methods/properties can only be used under a specific state.
+async function checkModuleState() {
+  await expectsRejection(async () => {
+    const m = new Module('');
+    await m.link(common.mustNotCall());
+    assert.strictEqual(m.linkingStatus, 'linked');
+    await m.link(common.mustNotCall());
+  }, {
+    code: 'ERR_VM_MODULE_ALREADY_LINKED'
+  });
+
+  await expectsRejection(async () => {
+    const m = new Module('');
+    m.link(common.mustNotCall());
+    assert.strictEqual(m.linkingStatus, 'linking');
+    await m.link(common.mustNotCall());
+  }, {
+    code: 'ERR_VM_MODULE_ALREADY_LINKED'
+  });
+
+  common.expectsError(() => {
+    const m = new Module('');
+    m.instantiate();
+  }, {
+    code: 'ERR_VM_MODULE_NOT_LINKED'
+  });
+
+  await expectsRejection(async () => {
+    const m = new Module('import "foo";');
+    try {
+      await m.link(common.mustCall(() => ({})));
+    } catch (err) {
+      assert.strictEqual(m.linkingStatus, 'errored');
+      m.instantiate();
+    }
+    assert.fail('Unreachable');
+  }, {
+    code: 'ERR_VM_MODULE_NOT_LINKED'
+  });
+
+  {
+    const m = new Module('import "foo";');
+    await m.link(common.mustCall(async (module, specifier) => {
+      assert.strictEqual(module, m);
+      assert.strictEqual(specifier, 'foo');
+      assert.strictEqual(m.linkingStatus, 'linking');
+      common.expectsError(() => {
+        m.instantiate();
+      }, {
+        code: 'ERR_VM_MODULE_NOT_LINKED'
+      });
+      return new Module('');
+    }));
+    m.instantiate();
+    await m.evaluate();
+  }
+
+  await expectsRejection(async () => {
+    const m = new Module('');
+    await m.evaluate();
+  }, {
+    code: 'ERR_VM_MODULE_STATUS',
+    message: 'Module status must be one of instantiated, evaluated, and errored'
+  });
+
+  await expectsRejection(async () => {
+    const m = await createEmptyLinkedModule();
+    await m.evaluate();
+  }, {
+    code: 'ERR_VM_MODULE_STATUS',
+    message: 'Module status must be one of instantiated, evaluated, and errored'
+  });
+
+  common.expectsError(() => {
+    const m = new Module('');
+    m.error;
+  }, {
+    code: 'ERR_VM_MODULE_STATUS',
+    message: 'Module status must be errored'
+  });
+
+  await expectsRejection(async () => {
+    const m = await createEmptyLinkedModule();
+    m.instantiate();
+    await m.evaluate();
+    m.error;
+  }, {
+    code: 'ERR_VM_MODULE_STATUS',
+    message: 'Module status must be errored'
+  });
+
+  common.expectsError(() => {
+    const m = new Module('');
+    m.namespace;
+  }, {
+    code: 'ERR_VM_MODULE_STATUS',
+    message: 'Module status must not be uninstantiated or instantiating'
+  });
+
+  await expectsRejection(async () => {
+    const m = await createEmptyLinkedModule();
+    m.namespace;
+  }, {
+    code: 'ERR_VM_MODULE_STATUS',
+    message: 'Module status must not be uninstantiated or instantiating'
+  });
+}
+
+// Check link() fails when the returned module is not valid.
+async function checkLinking() {
+  await expectsRejection(async () => {
+    const m = new Module('import "foo";');
+    try {
+      await m.link(common.mustCall(() => ({})));
+    } catch (err) {
+      assert.strictEqual(m.linkingStatus, 'errored');
+      throw err;
+    }
+    assert.fail('Unreachable');
+  }, {
+    code: 'ERR_VM_MODULE_NOT_MODULE'
+  });
+
+  await expectsRejection(async () => {
+    const c = createContext({ a: 1 });
+    const foo = new Module('', { context: c });
+    await foo.link(common.mustNotCall());
+    const bar = new Module('import "foo";');
+    try {
+      await bar.link(common.mustCall(() => foo));
+    } catch (err) {
+      assert.strictEqual(bar.linkingStatus, 'errored');
+      throw err;
+    }
+    assert.fail('Unreachable');
+  }, {
+    code: 'ERR_VM_MODULE_DIFFERENT_CONTEXT'
+  });
+
+  await expectsRejection(async () => {
+    const erroredModule = new Module('import "foo";');
+    try {
+      await erroredModule.link(common.mustCall(() => ({})));
+    } catch (err) {
+      // ignored
+    } finally {
+      assert.strictEqual(erroredModule.linkingStatus, 'errored');
+    }
+
+    const rootModule = new Module('import "errored";');
+    await rootModule.link(common.mustCall(() => erroredModule));
+  }, {
+    code: 'ERR_VM_MODULE_LINKING_ERRORED'
+  });
+}
+
+// Check the JavaScript engine deals with exceptions correctly
+async function checkExecution() {
+  await (async () => {
+    const m = new Module('import { nonexistent } from "module";');
+    await m.link(common.mustCall(() => new Module('')));
+
+    // There is no code for this exception since it is thrown by the JavaScript
+    // engine.
+    assert.throws(() => {
+      m.instantiate();
+    }, SyntaxError);
+  })();
+
+  await (async () => {
+    const m = new Module('throw new Error();');
+    await m.link(common.mustNotCall());
+    m.instantiate();
+    const evaluatePromise = m.evaluate();
+    await evaluatePromise.catch(() => {});
+    assert.strictEqual(m.status, 'errored');
+    try {
+      await evaluatePromise;
+    } catch (err) {
+      assert.strictEqual(m.error, err);
+      return;
+    }
+    assert.fail('Missing expected exception');
+  })();
+}
+
+const finished = common.mustCall();
+
+(async function main() {
+  await checkArgType();
+  await checkModuleState();
+  await checkLinking();
+  await checkExecution();
+  finished();
+})();
diff --git a/test/parallel/test-vm-module-link.js b/test/parallel/test-vm-module-link.js
new file mode 100644
index 00000000000000..870427e91be4bf
--- /dev/null
+++ b/test/parallel/test-vm-module-link.js
@@ -0,0 +1,135 @@
+'use strict';
+
+// Flags: --experimental-vm-modules
+
+const common = require('../common');
+common.crashOnUnhandledRejection();
+
+const assert = require('assert');
+const { URL } = require('url');
+
+const { Module } = require('vm');
+
+async function simple() {
+  const foo = new Module('export default 5;');
+  await foo.link(common.mustNotCall());
+
+  const bar = new Module('import five from "foo"; five');
+
+  assert.deepStrictEqual(bar.dependencySpecifiers, ['foo']);
+
+  await bar.link(common.mustCall((module, specifier) => {
+    assert.strictEqual(module, bar);
+    assert.strictEqual(specifier, 'foo');
+    return foo;
+  }));
+
+  bar.instantiate();
+
+  assert.strictEqual((await bar.evaluate()).result, 5);
+}
+
+async function depth() {
+  const foo = new Module('export default 5');
+  await foo.link(common.mustNotCall());
+
+  async function getProxy(parentName, parentModule) {
+    const mod = new Module(`
+      import ${parentName} from '${parentName}';
+      export default ${parentName};
+    `);
+    await mod.link(common.mustCall((module, specifier) => {
+      assert.strictEqual(module, mod);
+      assert.strictEqual(specifier, parentName);
+      return parentModule;
+    }));
+    return mod;
+  }
+
+  const bar = await getProxy('foo', foo);
+  const baz = await getProxy('bar', bar);
+  const barz = await getProxy('baz', baz);
+
+  barz.instantiate();
+  await barz.evaluate();
+
+  assert.strictEqual(barz.namespace.default, 5);
+}
+
+async function circular() {
+  const foo = new Module(`
+    import getFoo from 'bar';
+    export let foo = 42;
+    export default getFoo();
+  `);
+  const bar = new Module(`
+    import { foo } from 'foo';
+    export default function getFoo() {
+      return foo;
+    }
+  `);
+  await foo.link(common.mustCall(async (fooModule, fooSpecifier) => {
+    assert.strictEqual(fooModule, foo);
+    assert.strictEqual(fooSpecifier, 'bar');
+    await bar.link(common.mustCall((barModule, barSpecifier) => {
+      assert.strictEqual(barModule, bar);
+      assert.strictEqual(barSpecifier, 'foo');
+      assert.strictEqual(foo.linkingStatus, 'linking');
+      return foo;
+    }));
+    assert.strictEqual(bar.linkingStatus, 'linked');
+    return bar;
+  }));
+
+  foo.instantiate();
+  await foo.evaluate();
+  assert.strictEqual(foo.namespace.default, 42);
+}
+
+async function circular2() {
+  const sourceMap = {
+    root: `
+      import * as a from './a.mjs';
+      import * as b from './b.mjs';
+      if (!('fromA' in a))
+        throw new Error();
+      if (!('fromB' in a))
+        throw new Error();
+      if (!('fromA' in b))
+        throw new Error();
+      if (!('fromB' in b))
+        throw new Error();
+    `,
+    './a.mjs': `
+      export * from './b.mjs';
+      export var fromA;
+    `,
+    './b.mjs': `
+      export * from './a.mjs';
+      export var fromB;
+    `
+  };
+  const moduleMap = new Map();
+  const rootModule = new Module(sourceMap.root, { url: 'vm:root' });
+  async function link(referencingModule, specifier) {
+    if (moduleMap.has(specifier)) {
+      return moduleMap.get(specifier);
+    }
+    const mod = new Module(sourceMap[specifier], { url: new URL(specifier, 'file:///').href });
+    moduleMap.set(specifier, mod);
+    return mod;
+  }
+  await rootModule.link(link);
+  rootModule.instantiate();
+  await rootModule.evaluate();
+}
+
+const finished = common.mustCall();
+
+(async function main() {
+  await simple();
+  await depth();
+  await circular();
+  await circular2();
+  finished();
+})();
diff --git a/test/parallel/test-vm-module-reevaluate.js b/test/parallel/test-vm-module-reevaluate.js
new file mode 100644
index 00000000000000..e4f5858800e297
--- /dev/null
+++ b/test/parallel/test-vm-module-reevaluate.js
@@ -0,0 +1,49 @@
+'use strict';
+
+// Flags: --experimental-vm-modules
+
+const common = require('../common');
+common.crashOnUnhandledRejection();
+
+const assert = require('assert');
+
+const { Module } = require('vm');
+
+const finished = common.mustCall();
+
+(async function main() {
+  {
+    const m = new Module('1');
+    await m.link(common.mustNotCall());
+    m.instantiate();
+    assert.strictEqual((await m.evaluate()).result, 1);
+    assert.strictEqual((await m.evaluate()).result, undefined);
+    assert.strictEqual((await m.evaluate()).result, undefined);
+  }
+
+  {
+    const m = new Module('throw new Error()');
+    await m.link(common.mustNotCall());
+    m.instantiate();
+
+    let threw = false;
+    try {
+      await m.evaluate();
+    } catch (err) {
+      assert(err instanceof Error);
+      threw = true;
+    }
+    assert(threw);
+
+    threw = false;
+    try {
+      await m.evaluate();
+    } catch (err) {
+      assert(err instanceof Error);
+      threw = true;
+    }
+    assert(threw);
+  }
+
+  finished();
+})();