diff --git a/packages/compiler-core/__tests__/transforms/vIf.spec.ts b/packages/compiler-core/__tests__/transforms/vIf.spec.ts
index 2c2fedab0d5..c35c397798f 100644
--- a/packages/compiler-core/__tests__/transforms/vIf.spec.ts
+++ b/packages/compiler-core/__tests__/transforms/vIf.spec.ts
@@ -757,4 +757,74 @@ describe('compiler: v-if', () => {
       TO_HANDLERS,
     )
   })
+
+  test('template v-if + dynamic key', () => {
+    const {
+      node: { codegenNode: codegenNode },
+    } = parseWithIfTransform(
+      `<template v-if="flag" :key="100">aaaaaaaaaaaaa</template>
+      <template v-else :key="2000">bbbbbbbbbbb</template>`,
+    )
+    expect(codegenNode.alternate).toMatchObject({
+      props: {
+        properties: [
+          {
+            key: { content: 'key' },
+            value: {
+              content: '2000',
+              isStatic: false,
+            },
+          },
+        ],
+      },
+    })
+    expect(codegenNode.consequent).toMatchObject({
+      props: {
+        properties: [
+          {
+            key: { content: 'key' },
+            value: {
+              content: '100',
+              isStatic: false,
+            },
+          },
+        ],
+      },
+    })
+  })
+
+  test('template is static key with v-if', () => {
+    const {
+      node: { codegenNode: codegenNode },
+    } = parseWithIfTransform(
+      `<template v-if="flag" key="aa">aaaaaaaaaaaaa</template>
+      <template v-else key="bb">bbbbbbbbbbb</template>`,
+    )
+    expect(codegenNode.alternate).toMatchObject({
+      props: {
+        properties: [
+          {
+            key: { content: 'key' },
+            value: {
+              content: 'bb',
+              isStatic: true,
+            },
+          },
+        ],
+      },
+    })
+    expect(codegenNode.consequent).toMatchObject({
+      props: {
+        properties: [
+          {
+            key: { content: 'key' },
+            value: {
+              content: 'aa',
+              isStatic: true,
+            },
+          },
+        ],
+      },
+    })
+  })
 })
diff --git a/packages/compiler-core/src/transforms/transformExpression.ts b/packages/compiler-core/src/transforms/transformExpression.ts
index 716da46c99b..1e94487c900 100644
--- a/packages/compiler-core/src/transforms/transformExpression.ts
+++ b/packages/compiler-core/src/transforms/transformExpression.ts
@@ -11,6 +11,7 @@ import type { NodeTransform, TransformContext } from '../transform'
 import {
   type CompoundExpressionNode,
   ConstantTypes,
+  type DirectiveNode,
   type ExpressionNode,
   NodeTypes,
   type SimpleExpressionNode,
@@ -79,6 +80,18 @@ export const transformExpression: NodeTransform = (node, context) => {
         }
       }
     }
+  } else if (node.type === NodeTypes.IF_BRANCH) {
+    if (node.isTemplateIf && node.userKey && node.userKey.name === 'bind') {
+      const useKey = node.userKey as DirectiveNode
+      const exp = useKey.exp
+      const arg = useKey.arg
+      if (exp && exp.type === NodeTypes.SIMPLE_EXPRESSION) {
+        useKey.exp = processExpression(exp, context, false)
+      }
+      if (arg && arg.type === NodeTypes.SIMPLE_EXPRESSION && !arg.isStatic) {
+        useKey.arg = processExpression(arg, context)
+      }
+    }
   }
 }
 
diff --git a/packages/compiler-core/src/transforms/vIf.ts b/packages/compiler-core/src/transforms/vIf.ts
index c3dc8d4ecd0..175770c9bcb 100644
--- a/packages/compiler-core/src/transforms/vIf.ts
+++ b/packages/compiler-core/src/transforms/vIf.ts
@@ -243,13 +243,29 @@ function createChildrenCodegenNode(
   context: TransformContext,
 ): BlockCodegenNode | MemoExpression {
   const { helper } = context
+
+  let userKey = ''
+  let isStatic = false
+  if (branch.userKey && branch.userKey.name === 'bind') {
+    userKey = ((branch.userKey as DirectiveNode).exp as SimpleExpressionNode)
+      .content
+  }
+  if (
+    branch.userKey &&
+    branch.userKey.name === 'key' &&
+    (branch.userKey as AttributeNode).value
+  ) {
+    isStatic = true
+    userKey = `${(branch.userKey as AttributeNode).value!.content}`
+  }
+
   const keyProperty = createObjectProperty(
     `key`,
     createSimpleExpression(
-      `${keyIndex}`,
-      false,
+      `${userKey || keyIndex}`,
+      isStatic,
       locStub,
-      ConstantTypes.CAN_CACHE,
+      userKey ? ConstantTypes.NOT_CONSTANT : ConstantTypes.CAN_CACHE,
     ),
   )
   const { children } = branch