diff --git a/crates/turbopack-core/src/reference_type.rs b/crates/turbopack-core/src/reference_type.rs
index 4db243e549514b..4b1fa832831a66 100644
--- a/crates/turbopack-core/src/reference_type.rs
+++ b/crates/turbopack-core/src/reference_type.rs
@@ -157,4 +157,14 @@ impl ReferenceType {
             ReferenceType::Undefined => true,
         }
     }
+
+    /// Returns true if this reference type is internal. This will be used in
+    /// combination with [`ModuleRuleCondition::Internal`] to determine if a
+    /// rule should be applied to an internal asset/reference.
+    pub fn is_internal(&self) -> bool {
+        matches!(
+            self,
+            ReferenceType::Internal(_) | ReferenceType::Css(CssReferenceSubType::Internal)
+        )
+    }
 }
diff --git a/crates/turbopack/src/module_options/mod.rs b/crates/turbopack/src/module_options/mod.rs
index b3811b7208ec68..9f97595c56c168 100644
--- a/crates/turbopack/src/module_options/mod.rs
+++ b/crates/turbopack/src/module_options/mod.rs
@@ -225,12 +225,9 @@ impl ModuleOptionsVc {
                 vec![ModuleRuleEffect::ModuleType(ModuleType::Json)],
             ),
             ModuleRule::new(
-                ModuleRuleCondition::all(vec![
-                    ModuleRuleCondition::ResourcePathEndsWith(".css".to_string()),
-                    ModuleRuleCondition::not(ModuleRuleCondition::ReferenceType(
-                        ReferenceType::Css(CssReferenceSubType::Internal),
-                    )),
-                ]),
+                ModuleRuleCondition::all(vec![ModuleRuleCondition::ResourcePathEndsWith(
+                    ".css".to_string(),
+                )]),
                 [
                     if let Some(options) = enable_postcss_transform {
                         let execution_context = execution_context
@@ -263,33 +260,24 @@ impl ModuleOptionsVc {
                 .collect(),
             ),
             ModuleRule::new(
-                ModuleRuleCondition::all(vec![
-                    ModuleRuleCondition::ResourcePathEndsWith(".module.css".to_string()),
-                    ModuleRuleCondition::not(ModuleRuleCondition::ReferenceType(
-                        ReferenceType::Css(CssReferenceSubType::Internal),
-                    )),
-                ]),
+                ModuleRuleCondition::all(vec![ModuleRuleCondition::ResourcePathEndsWith(
+                    ".module.css".to_string(),
+                )]),
                 vec![ModuleRuleEffect::ModuleType(ModuleType::CssModule)],
             ),
-            ModuleRule::new(
-                ModuleRuleCondition::all(vec![
-                    ModuleRuleCondition::ResourcePathEndsWith(".css".to_string()),
-                    ModuleRuleCondition::ReferenceType(ReferenceType::Css(
-                        CssReferenceSubType::Internal,
-                    )),
-                ]),
+            ModuleRule::new_internal(
+                ModuleRuleCondition::all(vec![ModuleRuleCondition::ResourcePathEndsWith(
+                    ".css".to_string(),
+                )]),
                 vec![ModuleRuleEffect::ModuleType(ModuleType::Css {
                     ty: CssModuleAssetType::Default,
                     transforms: css_transforms,
                 })],
             ),
-            ModuleRule::new(
-                ModuleRuleCondition::all(vec![
-                    ModuleRuleCondition::ResourcePathEndsWith(".module.css".to_string()),
-                    ModuleRuleCondition::ReferenceType(ReferenceType::Css(
-                        CssReferenceSubType::Internal,
-                    )),
-                ]),
+            ModuleRule::new_internal(
+                ModuleRuleCondition::all(vec![ModuleRuleCondition::ResourcePathEndsWith(
+                    ".module.css".to_string(),
+                )]),
                 vec![ModuleRuleEffect::ModuleType(ModuleType::Css {
                     ty: CssModuleAssetType::Module,
                     transforms: css_transforms,
diff --git a/crates/turbopack/src/module_options/module_rule.rs b/crates/turbopack/src/module_options/module_rule.rs
index 2b97d8ff0e9dcf..6a170ab1436de8 100644
--- a/crates/turbopack/src/module_options/module_rule.rs
+++ b/crates/turbopack/src/module_options/module_rule.rs
@@ -15,11 +15,44 @@ use super::{CustomModuleTypeVc, ModuleRuleCondition};
 pub struct ModuleRule {
     condition: ModuleRuleCondition,
     effects: Vec<ModuleRuleEffect>,
+    match_mode: MatchMode,
+}
+
+#[derive(Default, Copy, Clone, Debug, PartialEq, Eq, Serialize, Deserialize, TraceRawVcs)]
+enum MatchMode {
+    // Match all but internal references.
+    #[default]
+    Default,
+    // Only match internal references.
+    Internal,
+}
+
+impl MatchMode {
+    fn matches(&self, reference_type: &ReferenceType) -> bool {
+        matches!(
+            (self, reference_type.is_internal()),
+            (MatchMode::Default, false) | (MatchMode::Internal, true)
+        )
+    }
 }
 
 impl ModuleRule {
+    /// Creates a new module rule. Will not match internal references.
     pub fn new(condition: ModuleRuleCondition, effects: Vec<ModuleRuleEffect>) -> Self {
-        ModuleRule { condition, effects }
+        ModuleRule {
+            condition,
+            effects,
+            match_mode: Default::default(),
+        }
+    }
+
+    /// Creates a new module rule. Will only matches internal references.
+    pub fn new_internal(condition: ModuleRuleCondition, effects: Vec<ModuleRuleEffect>) -> Self {
+        ModuleRule {
+            condition,
+            effects,
+            match_mode: MatchMode::Internal,
+        }
     }
 
     pub fn effects(&self) -> impl Iterator<Item = &ModuleRuleEffect> {
@@ -32,7 +65,8 @@ impl ModuleRule {
         path: &FileSystemPath,
         reference_type: &ReferenceType,
     ) -> Result<bool> {
-        self.condition.matches(source, path, reference_type).await
+        Ok(self.match_mode.matches(reference_type)
+            && self.condition.matches(source, path, reference_type).await?)
     }
 }