diff --git a/.changeset/fifty-rats-tickle.md b/.changeset/fifty-rats-tickle.md
new file mode 100644
index 0000000000..0057675a01
--- /dev/null
+++ b/.changeset/fifty-rats-tickle.md
@@ -0,0 +1,5 @@
+---
+"@lynx-js/react-rsbuild-plugin": patch
+---
+
+Avoid IIFE in `main-thread.js` to resolve memory leak when using `<list />`.
diff --git a/.changeset/loose-zoos-say.md b/.changeset/loose-zoos-say.md
new file mode 100644
index 0000000000..ec8a635ac9
--- /dev/null
+++ b/.changeset/loose-zoos-say.md
@@ -0,0 +1,5 @@
+---
+"@lynx-js/runtime-wrapper-webpack-plugin": patch
+---
+
+Wrap with IIFE when `output.iife: false` to avoid naming conflict.
diff --git a/packages/rspeedy/plugin-react/src/pluginReactLynx.ts b/packages/rspeedy/plugin-react/src/pluginReactLynx.ts
index 857074f6d5..2c6e8e3aeb 100644
--- a/packages/rspeedy/plugin-react/src/pluginReactLynx.ts
+++ b/packages/rspeedy/plugin-react/src/pluginReactLynx.ts
@@ -400,6 +400,14 @@ export function pluginReactLynx(
           })
         }
 
+        // This is used to avoid the IIFE in main-thread.js, which would cause memory leak.
+        // TODO: remove this when required Rspeedy version bumped to ^0.10.0
+        config = mergeRsbuildConfig({
+          tools: {
+            rspack: { output: { iife: false } },
+          },
+        }, config)
+
         return config
       })
 
diff --git a/packages/rspeedy/plugin-react/test/config.test.ts b/packages/rspeedy/plugin-react/test/config.test.ts
index 5f2863440f..56f93cb863 100644
--- a/packages/rspeedy/plugin-react/test/config.test.ts
+++ b/packages/rspeedy/plugin-react/test/config.test.ts
@@ -1318,6 +1318,66 @@ describe('Config', () => {
     })
   })
 
+  describe('Output IIFE', () => {
+    test('defaults', async () => {
+      const { pluginReactLynx } = await import('../src/pluginReactLynx.js')
+      const rspeedy = await createRspeedy({
+        rspeedyConfig: {
+          plugins: [
+            pluginReactLynx(),
+          ],
+        },
+      })
+
+      const [config] = await rspeedy.initConfigs()
+
+      expect(config?.output?.iife).toBe(false)
+    })
+
+    test('with output.iife: false', async () => {
+      const { pluginReactLynx } = await import('../src/pluginReactLynx.js')
+      const rspeedy = await createRspeedy({
+        rspeedyConfig: {
+          tools: {
+            rspack: {
+              output: {
+                iife: false,
+              },
+            },
+          },
+          plugins: [
+            pluginReactLynx(),
+          ],
+        },
+      })
+
+      const [config] = await rspeedy.initConfigs()
+
+      expect(config?.output?.iife).toBe(false)
+    })
+    test('with output.iife: true', async () => {
+      const { pluginReactLynx } = await import('../src/pluginReactLynx.js')
+      const rspeedy = await createRspeedy({
+        rspeedyConfig: {
+          tools: {
+            rspack: {
+              output: {
+                iife: true,
+              },
+            },
+          },
+          plugins: [
+            pluginReactLynx(),
+          ],
+        },
+      })
+
+      const [config] = await rspeedy.initConfigs()
+
+      expect(config?.output?.iife).toBe(true)
+    })
+  })
+
   describe('Bundle Splitting', () => {
     test('default', async () => {
       const { pluginReactLynx } = await import('../src/pluginReactLynx.js')
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/src/RuntimeWrapperWebpackPlugin.ts b/packages/webpack/runtime-wrapper-webpack-plugin/src/RuntimeWrapperWebpackPlugin.ts
index af495a7bfe..86d4a75703 100644
--- a/packages/webpack/runtime-wrapper-webpack-plugin/src/RuntimeWrapperWebpackPlugin.ts
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/src/RuntimeWrapperWebpackPlugin.ts
@@ -151,6 +151,7 @@ class RuntimeWrapperWebpackPluginImpl {
     if (typeof options.injectVars === 'function') {
       injectStr = options.injectVars(defaultInjectVars).join(',');
     }
+    const iife = compiler.options.output.iife ?? true;
 
     // banner
     new BannerPlugin({
@@ -168,6 +169,7 @@ class RuntimeWrapperWebpackPluginImpl {
             overrideRuntimePromise: true,
             moduleId: '[name].js',
             targetSdkVersion,
+            iife,
           })
           // In standalone lazy bundle mode, the lazy bundle will
           // also has chunk.id "main", it will be conflict with the
@@ -189,7 +191,7 @@ class RuntimeWrapperWebpackPluginImpl {
         const footer = this.#getBannerType(filename) === 'script'
           ? loadScriptFooter
           : loadBundleFooter;
-        return amdFooter('[name].js') + footer;
+        return amdFooter('[name].js', iife) + footer;
       },
     }).apply(compiler);
   }
@@ -253,12 +255,18 @@ const amdBanner = ({
   moduleId,
   overrideRuntimePromise,
   targetSdkVersion,
+  iife,
 }: {
   injectStr: string;
   moduleId: string;
   overrideRuntimePromise: boolean;
   targetSdkVersion: string;
+  iife: boolean;
 }) => {
+  const iifeWrapper = iife ? '' : `
+// This needs to be wrapped in an IIFE because it needs to be isolated against Lynx injected variables.
+(() => {`;
+
   return (
     `
     tt.define("${moduleId}", function(require, module, exports, ${injectStr}) {
@@ -270,11 +278,13 @@ ${overrideRuntimePromise ? `var Promise = lynx.Promise;` : ''}
 fetch = fetch || lynx.fetch;
 requestAnimationFrame = requestAnimationFrame || lynx.requestAnimationFrame;
 cancelAnimationFrame = cancelAnimationFrame || lynx.cancelAnimationFrame;
+${iifeWrapper}
 `
   );
 };
 
-const amdFooter = (moduleId: string) => `
+const amdFooter = (moduleId: string, iife: boolean) => `
+${iife ? '' : '})();'}
     });
     return tt.require("${moduleId}");`;
 
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/fetch.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/fetch.js
new file mode 100644
index 0000000000..ee623f1b61
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/fetch.js
@@ -0,0 +1,3 @@
+export const fetch = function fetch() {
+  return 42;
+};
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/index.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/index.js
new file mode 100644
index 0000000000..204f3ab1c1
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/index.js
@@ -0,0 +1,15 @@
+// Copyright 2025 The Lynx Authors. All rights reserved.
+// Licensed under the Apache License Version 2.0 that can be found in the
+// LICENSE file in the root directory of this source tree.
+
+import { fetch as myFetch } from './fetch.js';
+
+expect(myFetch).not.toBe(lynx.fetch);
+
+expect(myFetch()).toBe(42);
+
+const fetch = () => {
+  return 42;
+};
+
+expect(fetch()).toBe(42);
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/rspack.config.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/rspack.config.js
new file mode 100644
index 0000000000..a3db18f129
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/rspack.config.js
@@ -0,0 +1,8 @@
+/*
+// Copyright 2024 The Lynx Authors. All rights reserved.
+// Licensed under the Apache License Version 2.0 that can be found in the
+// LICENSE file in the root directory of this source tree.
+*/
+import config from './webpack.config.js';
+
+export default config;
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/webpack.config.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/webpack.config.js
new file mode 100644
index 0000000000..e70066f4a8
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-false/webpack.config.js
@@ -0,0 +1,20 @@
+/*
+// Copyright 2024 The Lynx Authors. All rights reserved.
+// Licensed under the Apache License Version 2.0 that can be found in the
+// LICENSE file in the root directory of this source tree.
+*/
+import { RuntimeWrapperWebpackPlugin } from '../../../../src';
+
+/** @type {import('webpack').Configuration} */
+export default {
+  plugins: [
+    new RuntimeWrapperWebpackPlugin(),
+  ],
+  output: {
+    iife: false,
+  },
+  optimization: {
+    avoidEntryIife: true,
+    concatenateModules: true,
+  },
+};
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/fetch.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/fetch.js
new file mode 100644
index 0000000000..ee623f1b61
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/fetch.js
@@ -0,0 +1,3 @@
+export const fetch = function fetch() {
+  return 42;
+};
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/index.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/index.js
new file mode 100644
index 0000000000..204f3ab1c1
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/index.js
@@ -0,0 +1,15 @@
+// Copyright 2025 The Lynx Authors. All rights reserved.
+// Licensed under the Apache License Version 2.0 that can be found in the
+// LICENSE file in the root directory of this source tree.
+
+import { fetch as myFetch } from './fetch.js';
+
+expect(myFetch).not.toBe(lynx.fetch);
+
+expect(myFetch()).toBe(42);
+
+const fetch = () => {
+  return 42;
+};
+
+expect(fetch()).toBe(42);
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/rspack.config.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/rspack.config.js
new file mode 100644
index 0000000000..a3db18f129
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/rspack.config.js
@@ -0,0 +1,8 @@
+/*
+// Copyright 2024 The Lynx Authors. All rights reserved.
+// Licensed under the Apache License Version 2.0 that can be found in the
+// LICENSE file in the root directory of this source tree.
+*/
+import config from './webpack.config.js';
+
+export default config;
diff --git a/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/webpack.config.js b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/webpack.config.js
new file mode 100644
index 0000000000..b3c91ae3b2
--- /dev/null
+++ b/packages/webpack/runtime-wrapper-webpack-plugin/test/cases/variables/iife-true/webpack.config.js
@@ -0,0 +1,20 @@
+/*
+// Copyright 2024 The Lynx Authors. All rights reserved.
+// Licensed under the Apache License Version 2.0 that can be found in the
+// LICENSE file in the root directory of this source tree.
+*/
+import { RuntimeWrapperWebpackPlugin } from '../../../../src';
+
+/** @type {import('webpack').Configuration} */
+export default {
+  plugins: [
+    new RuntimeWrapperWebpackPlugin(),
+  ],
+  output: {
+    iife: true,
+  },
+  optimization: {
+    avoidEntryIife: true,
+    concatenateModules: true,
+  },
+};