diff --git a/packages/node-resolve/README.md b/packages/node-resolve/README.md
index 40425d2d7..6866a6853 100755
--- a/packages/node-resolve/README.md
+++ b/packages/node-resolve/README.md
@@ -133,11 +133,19 @@ Specifies the properties to scan within a `package.json`, used to determine the
 
 ### `preferBuiltins`
 
-Type: `Boolean`<br>
+Type: `Boolean | (module: string) => boolean`<br>
 Default: `true` (with warnings if a builtin module is used over a local version. Set to `true` to disable warning.)
 
 If `true`, the plugin will prefer built-in modules (e.g. `fs`, `path`). If `false`, the plugin will look for locally installed modules of the same name.
 
+Alternatively, you may pass in a function that returns a boolean to confirm whether the plugin should prefer built-in modules. e.g.
+
+```js
+preferBuiltins: (module) => module !== 'punycode';
+```
+
+will not treat `punycode` as a built-in module
+
 ### `modulesOnly`
 
 Type: `Boolean`<br>
diff --git a/packages/node-resolve/src/index.js b/packages/node-resolve/src/index.js
index dbf301c80..a675247aa 100644
--- a/packages/node-resolve/src/index.js
+++ b/packages/node-resolve/src/index.js
@@ -58,7 +58,7 @@ export function nodeResolve(opts = {}) {
   const idToPackageInfo = new Map();
   const mainFields = getMainFields(options);
   const useBrowserOverrides = mainFields.indexOf('browser') !== -1;
-  const isPreferBuiltinsSet = options.preferBuiltins === true || options.preferBuiltins === false;
+  const isPreferBuiltinsSet = Object.prototype.hasOwnProperty.call(options, 'preferBuiltins');
   const preferBuiltins = isPreferBuiltinsSet ? options.preferBuiltins : true;
   const rootDir = resolve(options.rootDir || process.cwd());
   let { dedupe } = options;
@@ -194,8 +194,10 @@ export function nodeResolve(opts = {}) {
     });
 
     const importeeIsBuiltin = builtinModules.includes(importee.replace(nodeImportPrefix, ''));
+    const preferImporteeIsBuiltin =
+      typeof preferBuiltins === 'function' ? preferBuiltins(importee) : preferBuiltins;
     const resolved =
-      importeeIsBuiltin && preferBuiltins
+      importeeIsBuiltin && preferImporteeIsBuiltin
         ? {
             packageInfo: undefined,
             hasModuleSideEffects: () => null,
@@ -230,11 +232,14 @@ export function nodeResolve(opts = {}) {
     idToPackageInfo.set(location, packageInfo);
 
     if (hasPackageEntry) {
-      if (importeeIsBuiltin && preferBuiltins) {
+      if (importeeIsBuiltin && preferImporteeIsBuiltin) {
         if (!isPreferBuiltinsSet && resolvedWithoutBuiltins && resolved !== importee) {
-          context.warn(
-            `preferring built-in module '${importee}' over local alternative at '${resolvedWithoutBuiltins.location}', pass 'preferBuiltins: false' to disable this behavior or 'preferBuiltins: true' to disable this warning`
-          );
+          context.warn({
+            message:
+              `preferring built-in module '${importee}' over local alternative at '${resolvedWithoutBuiltins.location}', pass 'preferBuiltins: false' to disable this behavior or 'preferBuiltins: true' to disable this warning.` +
+              `or passing a function to 'preferBuiltins' to provide more fine-grained control over which built-in modules to prefer.`,
+            pluginCode: 'PREFER_BUILTINS'
+          });
         }
         return false;
       } else if (jail && location.indexOf(normalize(jail.trim(sep))) !== 0) {
diff --git a/packages/node-resolve/test/fixtures/prefer-builtin-local-and-builtin.js b/packages/node-resolve/test/fixtures/prefer-builtin-local-and-builtin.js
new file mode 100644
index 000000000..de1bf9637
--- /dev/null
+++ b/packages/node-resolve/test/fixtures/prefer-builtin-local-and-builtin.js
@@ -0,0 +1,4 @@
+import { sep } from 'path';
+import events from 'events';
+
+export default { sep, events };
diff --git a/packages/node-resolve/test/prefer-builtins.js b/packages/node-resolve/test/prefer-builtins.js
index 27d69d771..9f9998629 100644
--- a/packages/node-resolve/test/prefer-builtins.js
+++ b/packages/node-resolve/test/prefer-builtins.js
@@ -30,13 +30,12 @@ test('handles importing builtins', async (t) => {
 });
 
 test('warning when preferring a builtin module, no explicit configuration', async (t) => {
-  let warning = null;
+  let warning = '';
   await rollup({
     input: 'prefer-builtin.js',
-    onwarn({ message }) {
-      // eslint-disable-next-line no-bitwise
-      if (~message.indexOf('preferring')) {
-        warning = message;
+    onwarn({ message, pluginCode }) {
+      if (pluginCode === 'PREFER_BUILTINS') {
+        warning += message;
       }
     },
     plugins: [nodeResolve()]
@@ -47,7 +46,8 @@ test('warning when preferring a builtin module, no explicit configuration', asyn
     warning,
     `preferring built-in module 'events' over local alternative ` +
       `at '${localPath}', pass 'preferBuiltins: false' to disable this behavior ` +
-      `or 'preferBuiltins: true' to disable this warning`
+      `or 'preferBuiltins: true' to disable this warning.` +
+      `or passing a function to 'preferBuiltins' to provide more fine-grained control over which built-in modules to prefer.`
   );
 });
 
@@ -134,3 +134,27 @@ test('detects builtins imported with node: protocol', async (t) => {
 
   t.is(warnings.length, 0);
 });
+
+test('accpet passing a function to determine which builtins to prefer', async (t) => {
+  const warnings = [];
+  const bundle = await rollup({
+    input: 'prefer-builtin-local-and-builtin.js',
+    onwarn({ message }) {
+      warnings.push(message);
+    },
+    plugins: [
+      nodeResolve({
+        preferBuiltins: (id) => id !== 'events'
+      })
+    ]
+  });
+
+  const {
+    module: { exports }
+  } = await testBundle(t, bundle);
+
+  t.is(warnings.length, 0);
+  t.is(exports.sep, require('node:path').sep);
+  t.not(exports.events, require('node:events'));
+  t.is(exports.events, 'not the built-in events module');
+});
diff --git a/packages/node-resolve/types/index.d.ts b/packages/node-resolve/types/index.d.ts
index 6bd5db3c2..f27b456cf 100755
--- a/packages/node-resolve/types/index.d.ts
+++ b/packages/node-resolve/types/index.d.ts
@@ -79,9 +79,11 @@ export interface RollupNodeResolveOptions {
   /**
    * If `true`, the plugin will prefer built-in modules (e.g. `fs`, `path`). If `false`,
    * the plugin will look for locally installed modules of the same name.
+   *
+   * If a function is provided, it will be called to determine whether to prefer built-ins.
    * @default true
    */
-  preferBuiltins?: boolean;
+  preferBuiltins?: boolean | ((module: string) => boolean);
 
   /**
    * An `Array` which instructs the plugin to limit module resolution to those whose