diff --git a/.changeset/hot-frogs-melt.md b/.changeset/hot-frogs-melt.md
new file mode 100644
index 0000000000..95b3e0b4b4
--- /dev/null
+++ b/.changeset/hot-frogs-melt.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: use strict equality for key block comparisons in runes mode
diff --git a/packages/svelte/src/internal/client/dom/blocks/key.js b/packages/svelte/src/internal/client/dom/blocks/key.js
index 04b8ab403f..4a8b7b94fc 100644
--- a/packages/svelte/src/internal/client/dom/blocks/key.js
+++ b/packages/svelte/src/internal/client/dom/blocks/key.js
@@ -1,7 +1,8 @@
 /** @import { Effect, TemplateNode } from '#client' */
 import { UNINITIALIZED } from '../../../../constants.js';
 import { block, branch, pause_effect } from '../../reactivity/effects.js';
-import { safe_not_equal } from '../../reactivity/equality.js';
+import { not_equal, safe_not_equal } from '../../reactivity/equality.js';
+import { is_runes } from '../../runtime.js';
 import { hydrate_next, hydrate_node, hydrating } from '../hydration.js';
 
 /**
@@ -24,8 +25,10 @@ export function key_block(node, get_key, render_fn) {
 	/** @type {Effect} */
 	var effect;
 
+	var changed = is_runes() ? not_equal : safe_not_equal;
+
 	block(() => {
-		if (safe_not_equal(key, (key = get_key()))) {
+		if (changed(key, (key = get_key()))) {
 			if (effect) {
 				pause_effect(effect);
 			}
diff --git a/packages/svelte/src/internal/client/reactivity/equality.js b/packages/svelte/src/internal/client/reactivity/equality.js
index 751c8720f9..37a9994ab8 100644
--- a/packages/svelte/src/internal/client/reactivity/equality.js
+++ b/packages/svelte/src/internal/client/reactivity/equality.js
@@ -15,6 +15,15 @@ export function safe_not_equal(a, b) {
 		: a !== b || (a !== null && typeof a === 'object') || typeof a === 'function';
 }
 
+/**
+ * @param {unknown} a
+ * @param {unknown} b
+ * @returns {boolean}
+ */
+export function not_equal(a, b) {
+	return a !== b;
+}
+
 /** @type {Equals} */
 export function safe_equals(value) {
 	return !safe_not_equal(value, this.v);
diff --git a/packages/svelte/tests/runtime-runes/samples/key-unchanged-value/_config.js b/packages/svelte/tests/runtime-runes/samples/key-unchanged-value/_config.js
new file mode 100644
index 0000000000..0c56330a3e
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/key-unchanged-value/_config.js
@@ -0,0 +1,13 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	test({ assert, target, logs }) {
+		assert.deepEqual(logs, ['rendering']);
+
+		const btn = target.querySelector('button');
+		flushSync(() => btn?.click());
+
+		assert.deepEqual(logs, ['rendering']);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/key-unchanged-value/main.svelte b/packages/svelte/tests/runtime-runes/samples/key-unchanged-value/main.svelte
new file mode 100644
index 0000000000..47ecd20c10
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/key-unchanged-value/main.svelte
@@ -0,0 +1,10 @@
+<script>
+	let inner = Symbol();
+	let outer = $state({ inner });
+</script>
+
+<button onclick={() => outer = { inner }}>update</button>
+
+{#key outer.inner}
+	{console.log('rendering')}
+{/key}