diff --git a/lib/internal/modules/esm/hooks.js b/lib/internal/modules/esm/hooks.js
index d7f8528d5f3b9a..982a5c6dbf3138 100644
--- a/lib/internal/modules/esm/hooks.js
+++ b/lib/internal/modules/esm/hooks.js
@@ -168,7 +168,7 @@ class Hooks {
         port: insideLoader,
       });
 
-      if (preloaded == null) { return; }
+      if (preloaded == null) { continue; }
 
       if (typeof preloaded !== 'string') { // [2]
         throw new ERR_INVALID_RETURN_VALUE(
diff --git a/test/es-module/test-esm-loader-hooks.mjs b/test/es-module/test-esm-loader-hooks.mjs
index e36a6f04258d96..97f25f2eaa1969 100644
--- a/test/es-module/test-esm-loader-hooks.mjs
+++ b/test/es-module/test-esm-loader-hooks.mjs
@@ -348,6 +348,20 @@ describe('Loader hooks', { concurrency: true }, () => {
     });
   });
 
+  it('should handle globalPreload returning undefined', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      'data:text/javascript,export function globalPreload(){}',
+      fixtures.path('empty.js'),
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
   it('should be fine to call `process.removeAllListeners("beforeExit")` from the main thread', async () => {
     const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
       '--no-warnings',