diff --git a/packages/next/src/build/swc/options.ts b/packages/next/src/build/swc/options.ts
index 32f3b354fb5b..e288d6401f3d 100644
--- a/packages/next/src/build/swc/options.ts
+++ b/packages/next/src/build/swc/options.ts
@@ -39,14 +39,19 @@ function shouldOutputCommonJs(filename: string) {
 export function getParserOptions({ filename, jsConfig, ...rest }: any) {
   const isTSFile = filename.endsWith('.ts')
   const hasTsSyntax = isTypeScriptFile(filename)
-  const enableDecorators = Boolean(
+  const enableLegacyDecorators = Boolean(
     jsConfig?.compilerOptions?.experimentalDecorators
   )
   return {
     ...rest,
     syntax: hasTsSyntax ? 'typescript' : 'ecmascript',
     dynamicImport: true,
-    decorators: enableDecorators,
+    // Always enable decorator parsing for TypeScript files so that both
+    // legacy (@experimentalDecorators) and stage-3/TS5 decorators are parsed.
+    // Without this, SWC rejects @decorator syntax at the parser level before
+    // any transform runs — making TS5 decorators impossible even when the
+    // transform is correctly configured (fixes #48360).
+    decorators: hasTsSyntax || enableLegacyDecorators,
     // Exclude regular TypeScript files from React transformation to prevent e.g. generic parameters and angle-bracket type assertion from being interpreted as JSX tags.
     [hasTsSyntax ? 'tsx' : 'jsx']: !isTSFile,
     importAssertions: true,
@@ -106,7 +111,7 @@ function getBaseSWCOptions({
   const isAppRouterPagesLayer = isWebpackAppPagesLayer(bundleLayer)
   const parserConfig = getParserOptions({ filename, jsConfig })
   const paths = jsConfig?.compilerOptions?.paths
-  const enableDecorators = Boolean(
+  const enableLegacyDecorators = Boolean(
     jsConfig?.compilerOptions?.experimentalDecorators
   )
   const emitDecoratorMetadata = Boolean(
@@ -147,8 +152,16 @@ function getBaseSWCOptions({
               },
             }
           : {}),
-        legacyDecorator: enableDecorators,
-        decoratorMetadata: emitDecoratorMetadata,
+        // When experimentalDecorators is set, use the legacy (stage 1) transform.
+        // Otherwise, use the stage-3/TS5 Ecma decorator proposal (decoratorVersion "2022-03").
+        // This matches Turbopack's behavior in crates/next-core/src/transform_options.rs
+        // which selects DecoratorsKind::Legacy vs DecoratorsKind::Ecma (fixes #48360).
+        ...(enableLegacyDecorators
+          ? { legacyDecorator: true }
+          : { decoratorVersion: '2022-03' as const }),
+        decoratorMetadata: enableLegacyDecorators
+          ? emitDecoratorMetadata
+          : false,
         useDefineForClassFields: useDefineForClassFields,
         react: {
           importSource:
diff --git a/packages/next/src/build/webpack-config.ts b/packages/next/src/build/webpack-config.ts
index 59be2705f54e..7a6ef5a8d203 100644
--- a/packages/next/src/build/webpack-config.ts
+++ b/packages/next/src/build/webpack-config.ts
@@ -543,12 +543,15 @@ export default async function getBaseWebpackConfig(
           pnp: Boolean(process.versions.pnp),
           optimizeServerReact: Boolean(config.experimental.optimizeServerReact),
           modularizeImports: config.modularizeImports,
-          decorators: Boolean(
-            jsConfig?.compilerOptions?.experimentalDecorators
-          ),
+          // Always parse decorators in TypeScript; the transform layer handles
+          // legacy vs stage-3 selection. Without this, TS5 decorators fail at
+          // parse time (fixes #48360).
+          decorators: true,
           emitDecoratorMetadata: Boolean(
-            jsConfig?.compilerOptions?.emitDecoratorMetadata
-          ),
+            jsConfig?.compilerOptions?.experimentalDecorators
+          )
+            ? Boolean(jsConfig?.compilerOptions?.emitDecoratorMetadata)
+            : false,
           regeneratorRuntimePath: require.resolve(
             'next/dist/compiled/regenerator-runtime'
           ),
diff --git a/test/production/ts5-decorators/app/pages/index.tsx b/test/production/ts5-decorators/app/pages/index.tsx
new file mode 100644
index 000000000000..343b47ae1c8b
--- /dev/null
+++ b/test/production/ts5-decorators/app/pages/index.tsx
@@ -0,0 +1,22 @@
+// Stage-3/TS5 decorator — no experimentalDecorators flag required
+function logged<T extends (...args: any[]) => any>(
+  target: T,
+  context: ClassMethodDecoratorContext
+) {
+  return function (this: any, ...args: Parameters<T>): ReturnType<T> {
+    console.log(`Calling ${String(context.name)}`)
+    return target.apply(this, args)
+  }
+}
+
+class Greeter {
+  @logged
+  greet(name: string) {
+    return `Hello, ${name}!`
+  }
+}
+
+export default function Home() {
+  const g = new Greeter()
+  return <p id="result">{g.greet('world')}</p>
+}
diff --git a/test/production/ts5-decorators/index.test.ts b/test/production/ts5-decorators/index.test.ts
new file mode 100644
index 000000000000..26622171e9e5
--- /dev/null
+++ b/test/production/ts5-decorators/index.test.ts
@@ -0,0 +1,14 @@
+import { join } from 'path'
+import { nextTestSetup } from 'e2e-utils'
+
+describe('TypeScript 5 stage-3 decorators', () => {
+  const { next } = nextTestSetup({
+    files: join(__dirname, 'app'),
+  })
+
+  it('should build and render a page using TS5 decorators', async () => {
+    const browser = await next.browser('/')
+    const text = await browser.elementByCss('#result').text()
+    expect(text).toBe('Hello, world!')
+  })
+})