diff --git a/src/index.ts b/src/index.ts
index 7d55db1..7254abc 100644
--- a/src/index.ts
+++ b/src/index.ts
@@ -87,6 +87,11 @@ class ReactRefreshRspackPlugin {
           or: [this.options.exclude!, [...runtimePaths]].filter(Boolean),
         },
         resourceQuery: this.options.resourceQuery,
+        dependency: {
+          // `new URL("static/sdk.js", import.meta.url)` the sdk.js is an asset module
+          // we shoudn't inject react refresh for asset module
+          not: ['url'],
+        },
         use: ReactRefreshRspackPlugin.loader,
       });
     }
diff --git a/test/fixtures/url/index.mjs b/test/fixtures/url/index.mjs
new file mode 100644
index 0000000..4b629e5
--- /dev/null
+++ b/test/fixtures/url/index.mjs
@@ -0,0 +1,2 @@
+import 'foo';
+new URL('./sdk.js', import.meta.url);
diff --git a/test/fixtures/url/sdk.js b/test/fixtures/url/sdk.js
new file mode 100644
index 0000000..91fbb7f
--- /dev/null
+++ b/test/fixtures/url/sdk.js
@@ -0,0 +1 @@
+'foo';
diff --git a/test/test.spec.ts b/test/test.spec.ts
index effcf59..fcc8495 100644
--- a/test/test.spec.ts
+++ b/test/test.spec.ts
@@ -27,16 +27,20 @@ const compileWithReactRefresh = (
   callback: CompilationCallback,
 ) => {
   let dist = path.join(fixturePath, 'dist');
+  let cjsEntry = path.join(fixturePath, 'index.js');
+  let mjsEntry = path.join(fixturePath, 'index.mjs');
+  let entry = fs.existsSync(cjsEntry) ? cjsEntry : mjsEntry;
   rspack(
     {
       mode: 'development',
       context: fixturePath,
       entry: {
-        fixture: path.join(fixturePath, 'index.js'),
+        fixture: entry,
       },
       output: {
         path: dist,
         uniqueName,
+        assetModuleFilename: '[name][ext]',
       },
       plugins: [new ReactRefreshPlugin(refreshOptions)],
       optimization: {
@@ -164,6 +168,22 @@ describe('react-refresh-rspack-plugin', () => {
     );
   });
 
+  it('should exclude url dependency when compiling', (done) => {
+    compileWithReactRefresh(
+      path.join(__dirname, 'fixtures/url'),
+      {},
+      (_, stats) => {
+        const json = stats!.toJson({ all: false, outputPath: true });
+        const asset = fs.readFileSync(
+          path.resolve(json.outputPath!, 'sdk.js'),
+          'utf-8',
+        );
+        expect(asset).not.toContain('function $RefreshReg$');
+        done();
+      },
+    );
+  });
+
   it('should allow custom inject loader when compiling', (done) => {
     expect(ReactRefreshPlugin.loader).toBe('builtin:react-refresh-loader');
     compileWithReactRefresh(