diff --git a/packages/react-client/src/__tests__/ReactFlight-test.js b/packages/react-client/src/__tests__/ReactFlight-test.js
index 3d72f9c178aa9..c3ab6a46805f4 100644
--- a/packages/react-client/src/__tests__/ReactFlight-test.js
+++ b/packages/react-client/src/__tests__/ReactFlight-test.js
@@ -299,6 +299,7 @@ describe('ReactFlight', () => {
               {
                 name: 'Greeting',
                 env: 'Server',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -337,6 +338,7 @@ describe('ReactFlight', () => {
               {
                 name: 'Greeting',
                 env: 'Server',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -2614,6 +2616,7 @@ describe('ReactFlight', () => {
               {
                 name: 'ServerComponent',
                 env: 'Server',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -2631,6 +2634,7 @@ describe('ReactFlight', () => {
               {
                 name: 'ThirdPartyComponent',
                 env: 'third-party',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -2645,6 +2649,7 @@ describe('ReactFlight', () => {
               {
                 name: 'ThirdPartyLazyComponent',
                 env: 'third-party',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in myLazy (at **)\n    in lazyInitializer (at **)'
@@ -2659,6 +2664,7 @@ describe('ReactFlight', () => {
               {
                 name: 'ThirdPartyFragmentComponent',
                 env: 'third-party',
+                key: '3',
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -2732,6 +2738,7 @@ describe('ReactFlight', () => {
               {
                 name: 'ServerComponent',
                 env: 'Server',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -2748,6 +2755,7 @@ describe('ReactFlight', () => {
               {
                 name: 'Keyed',
                 env: 'Server',
+                key: 'keyed',
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in ServerComponent (at **)'
@@ -2763,6 +2771,7 @@ describe('ReactFlight', () => {
               {
                 name: 'ThirdPartyAsyncIterableComponent',
                 env: 'third-party',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -2920,6 +2929,7 @@ describe('ReactFlight', () => {
               {
                 name: 'Component',
                 env: 'A',
+                key: null,
                 owner: null,
                 stack: gate(flag => flag.enableOwnerStacks)
                   ? '    in Object.<anonymous> (at **)'
@@ -3040,6 +3050,7 @@ describe('ReactFlight', () => {
         const greetInfo = {
           name: 'Greeting',
           env: 'Server',
+          key: null,
           owner: null,
           stack: gate(flag => flag.enableOwnerStacks)
             ? '    in Object.<anonymous> (at **)'
@@ -3050,6 +3061,7 @@ describe('ReactFlight', () => {
           {
             name: 'Container',
             env: 'Server',
+            key: null,
             owner: greetInfo,
             stack: gate(flag => flag.enableOwnerStacks)
               ? '    in Greeting (at **)'
diff --git a/packages/react-devtools-shared/src/__tests__/store-test.js b/packages/react-devtools-shared/src/__tests__/store-test.js
index 2d3b6ed0cc0ee..cebc7e0bbcb82 100644
--- a/packages/react-devtools-shared/src/__tests__/store-test.js
+++ b/packages/react-devtools-shared/src/__tests__/store-test.js
@@ -2439,7 +2439,7 @@ describe('Store', () => {
   });
 
   // @reactVersion > 18.2
-  it('can reorder keyed components', async () => {
+  it('can reorder keyed server components', async () => {
     function ClientComponent({text}) {
       return <div>{text}</div>;
     }
@@ -2452,9 +2452,7 @@ describe('Store', () => {
           name: 'ServerComponent',
           env: 'Server',
           owner: null,
-          // TODO: Ideally the debug info should include the "key" too to
-          // preserve the virtual identity of the server component when
-          // reordered. Atm only the children of it gets reparented.
+          key: key,
         },
       ];
       return ServerPromise;
@@ -2468,11 +2466,11 @@ describe('Store', () => {
     expect(store).toMatchInlineSnapshot(`
       [root]
         ▾ <App>
-          ▾ <ServerComponent> [Server]
+          ▾ <ServerComponent key="A"> [Server]
               <ClientComponent key="A">
-          ▾ <ServerComponent> [Server]
+          ▾ <ServerComponent key="B"> [Server]
               <ClientComponent key="B">
-          ▾ <ServerComponent> [Server]
+          ▾ <ServerComponent key="C"> [Server]
               <ClientComponent key="C">
       `);
 
@@ -2480,11 +2478,11 @@ describe('Store', () => {
     expect(store).toMatchInlineSnapshot(`
       [root]
         ▾ <App>
-          ▾ <ServerComponent> [Server]
+          ▾ <ServerComponent key="B"> [Server]
               <ClientComponent key="B">
-          ▾ <ServerComponent> [Server]
+          ▾ <ServerComponent key="A"> [Server]
               <ClientComponent key="A">
-          ▾ <ServerComponent> [Server]
+          ▾ <ServerComponent key="D"> [Server]
               <ClientComponent key="D">
       `);
   });
diff --git a/packages/react-devtools-shared/src/backend/fiber/renderer.js b/packages/react-devtools-shared/src/backend/fiber/renderer.js
index 18aaf33a065ca..a48b22f647548 100644
--- a/packages/react-devtools-shared/src/backend/fiber/renderer.js
+++ b/packages/react-devtools-shared/src/backend/fiber/renderer.js
@@ -2220,9 +2220,12 @@ export function attach(
 
     const isProfilingSupported = false; // TODO: Support Tree Base Duration Based on Children.
 
-    const key = null; // TODO: Track keys on ReactComponentInfo;
-    const env = instance.data.env;
-    let displayName = instance.data.name || '';
+    const componentInfo = instance.data;
+
+    const key =
+      typeof componentInfo.key === 'string' ? componentInfo.key : null;
+    const env = componentInfo.env;
+    let displayName = componentInfo.name || '';
     if (typeof env === 'string') {
       // We model environment as an HoC name for now.
       displayName = env + '(' + displayName + ')';
@@ -2855,19 +2858,35 @@ export function attach(
                   );
                 }
               }
-              const firstRemainingChild = remainingReconcilingChildren;
+              // TODO: Find the best matching existing child based on the key if defined.
+
+              let bestMatch = remainingReconcilingChildren;
+              if (componentInfo.key != null) {
+                // If there is a key try to find a matching key in the set.
+                bestMatch = remainingReconcilingChildren;
+                while (bestMatch !== null) {
+                  if (
+                    bestMatch.kind === VIRTUAL_INSTANCE &&
+                    bestMatch.data.key === componentInfo.key
+                  ) {
+                    break;
+                  }
+                  bestMatch = bestMatch.nextSibling;
+                }
+              }
               if (
-                firstRemainingChild !== null &&
-                firstRemainingChild.kind === VIRTUAL_INSTANCE &&
-                firstRemainingChild.data.name === componentInfo.name &&
-                firstRemainingChild.data.env === componentInfo.env
+                bestMatch !== null &&
+                bestMatch.kind === VIRTUAL_INSTANCE &&
+                bestMatch.data.name === componentInfo.name &&
+                bestMatch.data.env === componentInfo.env &&
+                bestMatch.data.key === componentInfo.key
               ) {
                 // If the previous children had a virtual instance in the same slot
                 // with the same name, then we claim it and reuse it for this update.
                 // Update it with the latest entry.
-                firstRemainingChild.data = componentInfo;
-                moveChild(firstRemainingChild);
-                previousVirtualInstance = firstRemainingChild;
+                bestMatch.data = componentInfo;
+                moveChild(bestMatch);
+                previousVirtualInstance = bestMatch;
                 previousVirtualInstanceWasMount = false;
               } else {
                 // Otherwise we create a new instance.
@@ -4321,11 +4340,13 @@ export function attach(
   ): InspectedElement | null {
     const canViewSource = false;
 
-    const key = null; // TODO: Track keys on ReactComponentInfo;
+    const componentInfo = virtualInstance.data;
+    const key =
+      typeof componentInfo.key === 'string' ? componentInfo.key : null;
     const props = null; // TODO: Track props on ReactComponentInfo;
 
-    const env = virtualInstance.data.env;
-    let displayName = virtualInstance.data.name || '';
+    const env = componentInfo.env;
+    let displayName = componentInfo.name || '';
     if (typeof env === 'string') {
       // We model environment as an HoC name for now.
       displayName = env + '(' + displayName + ')';
@@ -4384,7 +4405,7 @@ export function attach(
       // Does the component have legacy context attached to it.
       hasLegacyContext: false,
 
-      key: key != null ? key : null,
+      key: key,
 
       displayName: displayName,
       type: ElementTypeVirtual,
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
index 9d4a123ac3b75..ffef621e9761b 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
@@ -307,7 +307,7 @@ describe('ReactFlightDOMEdge', () => {
 
     const serializedContent = await readResult(stream1);
 
-    expect(serializedContent.length).toBeLessThan(410);
+    expect(serializedContent.length).toBeLessThan(425);
     expect(timesRendered).toBeLessThan(5);
 
     const model = await ReactServerDOMClient.createFromReadableStream(stream2, {
@@ -374,7 +374,7 @@ describe('ReactFlightDOMEdge', () => {
     const [stream1, stream2] = passThrough(stream).tee();
 
     const serializedContent = await readResult(stream1);
-    expect(serializedContent.length).toBeLessThan(__DEV__ ? 590 : 400);
+    expect(serializedContent.length).toBeLessThan(__DEV__ ? 605 : 400);
     expect(timesRendered).toBeLessThan(5);
 
     const model = await ReactServerDOMClient.createFromReadableStream(stream2, {
diff --git a/packages/react-server/src/ReactFlightServer.js b/packages/react-server/src/ReactFlightServer.js
index 6c9536d95acf7..0f3c53960e4df 100644
--- a/packages/react-server/src/ReactFlightServer.js
+++ b/packages/react-server/src/ReactFlightServer.js
@@ -970,6 +970,7 @@ function callWithDebugContextInDEV<A, T>(
   const componentDebugInfo: ReactComponentInfo = {
     name: '',
     env: task.environmentName,
+    key: null,
     owner: task.debugOwner,
   };
   if (enableOwnerStacks) {
@@ -1036,6 +1037,7 @@ function renderFunctionComponent<Props>(
       componentDebugInfo = ({
         name: componentName,
         env: componentEnv,
+        key: key,
         owner: task.debugOwner,
       }: ReactComponentInfo);
       if (enableOwnerStacks) {
@@ -1575,6 +1577,7 @@ function renderElement(
       const componentDebugInfo: ReactComponentInfo = {
         name: 'Fragment',
         env: (0, request.environmentName)(),
+        key: key,
         owner: task.debugOwner,
         stack:
           task.debugStack === null
@@ -2615,6 +2618,7 @@ function renderModelDestructive(
         > = {
           name: (value: any).name,
           env: (value: any).env,
+          key: (value: any).key,
           owner: (value: any).owner,
         };
         if (enableOwnerStacks) {
@@ -3287,6 +3291,7 @@ function renderConsoleValue(
       > = {
         name: (value: any).name,
         env: (value: any).env,
+        key: (value: any).key,
         owner: (value: any).owner,
       };
       if (enableOwnerStacks) {
diff --git a/packages/shared/ReactTypes.js b/packages/shared/ReactTypes.js
index dd7c5c22743a1..7d51fbe4725d3 100644
--- a/packages/shared/ReactTypes.js
+++ b/packages/shared/ReactTypes.js
@@ -190,6 +190,7 @@ export type ReactStackTrace = Array<ReactCallSite>;
 export type ReactComponentInfo = {
   +name?: string,
   +env?: string,
+  +key?: null | string,
   +owner?: null | ReactComponentInfo,
   +stack?: null | ReactStackTrace,
   // Stashed Data for the Specific Execution Environment. Not part of the transport protocol