diff --git a/CHANGELOG.md b/CHANGELOG.md
index e10e5632c04..44f187edf4e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,12 @@
+## [3.4.3](https://github.com/vuejs/core/compare/v3.4.2...v3.4.3) (2023-12-30)
+
+
+### Bug Fixes
+
+* **compiler-sfc:** respect sfc parse options in cache key ([b8d58ec](https://github.com/vuejs/core/commit/b8d58ec4f42cbeb9443bf06138add46158db9af0))
+
+
+
 ## [3.4.2](https://github.com/vuejs/core/compare/v3.4.1...v3.4.2) (2023-12-30)
 
 
diff --git a/package.json b/package.json
index add8eab6e21..339124b3704 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "private": true,
-  "version": "3.4.2",
+  "version": "3.4.3",
   "packageManager": "pnpm@8.12.1",
   "type": "module",
   "scripts": {
diff --git a/packages/compiler-core/package.json b/packages/compiler-core/package.json
index 4bd35266fed..d310ab7f122 100644
--- a/packages/compiler-core/package.json
+++ b/packages/compiler-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-core",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/compiler-core",
   "main": "index.js",
   "module": "dist/compiler-core.esm-bundler.js",
diff --git a/packages/compiler-dom/package.json b/packages/compiler-dom/package.json
index 1d56d6fdff0..71cdb083256 100644
--- a/packages/compiler-dom/package.json
+++ b/packages/compiler-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-dom",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/compiler-dom",
   "main": "index.js",
   "module": "dist/compiler-dom.esm-bundler.js",
diff --git a/packages/compiler-sfc/__tests__/parse.spec.ts b/packages/compiler-sfc/__tests__/parse.spec.ts
index 3d5ec8604b9..048dab693aa 100644
--- a/packages/compiler-sfc/__tests__/parse.spec.ts
+++ b/packages/compiler-sfc/__tests__/parse.spec.ts
@@ -367,6 +367,18 @@ h1 { color: red }
       tag: 'hello',
       tagType: ElementTypes.ELEMENT,
     })
+
+    // test cache invalidation on different options
+    const { descriptor: d2 } = parse(`<template><hello/></template>`, {
+      templateParseOptions: {
+        isCustomElement: t => t !== 'hello',
+      },
+    })
+    expect(d2.template!.ast!.children[0]).toMatchObject({
+      type: NodeTypes.ELEMENT,
+      tag: 'hello',
+      tagType: ElementTypes.COMPONENT,
+    })
   })
 
   describe('warnings', () => {
diff --git a/packages/compiler-sfc/package.json b/packages/compiler-sfc/package.json
index ad85bed3e55..bd174b5f4d2 100644
--- a/packages/compiler-sfc/package.json
+++ b/packages/compiler-sfc/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-sfc",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/compiler-sfc",
   "main": "dist/compiler-sfc.cjs.js",
   "module": "dist/compiler-sfc.esm-browser.js",
diff --git a/packages/compiler-sfc/src/parse.ts b/packages/compiler-sfc/src/parse.ts
index 0acceb1faba..00c97867cd0 100644
--- a/packages/compiler-sfc/src/parse.ts
+++ b/packages/compiler-sfc/src/parse.ts
@@ -103,9 +103,30 @@ export interface SFCParseResult {
 
 export const parseCache = createCache<SFCParseResult>()
 
+function genCacheKey(source: string, options: SFCParseOptions): string {
+  return (
+    source +
+    JSON.stringify(
+      {
+        ...options,
+        compiler: { parse: options.compiler?.parse },
+      },
+      (_, val) => (typeof val === 'function' ? val.toString() : val),
+    )
+  )
+}
+
 export function parse(
   source: string,
-  {
+  options: SFCParseOptions = {},
+): SFCParseResult {
+  const sourceKey = genCacheKey(source, options)
+  const cache = parseCache.get(sourceKey)
+  if (cache) {
+    return cache
+  }
+
+  const {
     sourceMap = true,
     filename = DEFAULT_FILENAME,
     sourceRoot = '',
@@ -114,14 +135,7 @@ export function parse(
     compiler = CompilerDOM,
     templateParseOptions = {},
     parseExpressions = true,
-  }: SFCParseOptions = {},
-): SFCParseResult {
-  const sourceKey =
-    source + sourceMap + filename + sourceRoot + pad + compiler.parse
-  const cache = parseCache.get(sourceKey)
-  if (cache) {
-    return cache
-  }
+  } = options
 
   const descriptor: SFCDescriptor = {
     filename,
diff --git a/packages/compiler-ssr/package.json b/packages/compiler-ssr/package.json
index 7dd9f551f1f..3ef67c47cca 100644
--- a/packages/compiler-ssr/package.json
+++ b/packages/compiler-ssr/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-ssr",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/compiler-ssr",
   "main": "dist/compiler-ssr.cjs.js",
   "types": "dist/compiler-ssr.d.ts",
diff --git a/packages/reactivity/package.json b/packages/reactivity/package.json
index d903c9edf35..618b38c162e 100644
--- a/packages/reactivity/package.json
+++ b/packages/reactivity/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/reactivity",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/reactivity",
   "main": "index.js",
   "module": "dist/reactivity.esm-bundler.js",
diff --git a/packages/runtime-core/package.json b/packages/runtime-core/package.json
index a5d6bb12bfe..01a2e70899d 100644
--- a/packages/runtime-core/package.json
+++ b/packages/runtime-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-core",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/runtime-core",
   "main": "index.js",
   "module": "dist/runtime-core.esm-bundler.js",
diff --git a/packages/runtime-dom/package.json b/packages/runtime-dom/package.json
index 23c92b225c1..cea1db55e8d 100644
--- a/packages/runtime-dom/package.json
+++ b/packages/runtime-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-dom",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/runtime-dom",
   "main": "index.js",
   "module": "dist/runtime-dom.esm-bundler.js",
diff --git a/packages/server-renderer/package.json b/packages/server-renderer/package.json
index ee3cc84b936..da1400f6adc 100644
--- a/packages/server-renderer/package.json
+++ b/packages/server-renderer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/server-renderer",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "@vue/server-renderer",
   "main": "index.js",
   "module": "dist/server-renderer.esm-bundler.js",
diff --git a/packages/shared/package.json b/packages/shared/package.json
index 7ddc6d58f6d..2cfaf25a648 100644
--- a/packages/shared/package.json
+++ b/packages/shared/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/shared",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "internal utils shared across @vue packages",
   "main": "index.js",
   "module": "dist/shared.esm-bundler.js",
diff --git a/packages/vue-compat/package.json b/packages/vue-compat/package.json
index 017879cc718..b99ffb564cc 100644
--- a/packages/vue-compat/package.json
+++ b/packages/vue-compat/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compat",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "Vue 3 compatibility build for Vue 2",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
diff --git a/packages/vue/package.json b/packages/vue/package.json
index 94b2f20c277..8bf44f74bbb 100644
--- a/packages/vue/package.json
+++ b/packages/vue/package.json
@@ -1,6 +1,6 @@
 {
   "name": "vue",
-  "version": "3.4.2",
+  "version": "3.4.3",
   "description": "The progressive JavaScript framework for building modern web UI.",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",