diff --git a/lib/extend/tag.js b/lib/extend/tag.js
index ecda6a1ead..6eed6e5aa7 100644
--- a/lib/extend/tag.js
+++ b/lib/extend/tag.js
@@ -4,8 +4,9 @@ const { stripIndent } = require('hexo-util');
 const { cyan, magenta, red } = require('chalk');
 const { Environment } = require('nunjucks');
 const Promise = require('bluebird');
-const placeholder = '\uFFFC';
-const rPlaceholder = /(?:<|&lt;)!--\uFFFC(\d+)--(?:>|&gt;)/g;
+const rSwigRawFullBlock = /{% *raw *%}/;
+const rCodeTag = /<code[^<>]*>[\s\S]+?<\/code>/g;
+const escapeSwigTag = str => str.replace(/{/g, '&#123;').replace(/}/g, '&#125;');
 
 class NunjucksTag {
   constructor(name, fn) {
@@ -134,9 +135,9 @@ const getContext = (lines, errLine, location, type) => {
     cyan('    === (line number probably different from source) ===')
   ];
 
-  Array.prototype.push.apply(message,
+  message.push(
     // get LINES_OF_CONTEXT lines surrounding `errLine`
-    getContextLineNums(1, lines.length, errLine, LINES_OF_CONTEXT)
+    ...getContextLineNums(1, lines.length, errLine, LINES_OF_CONTEXT)
       .map(lnNum => {
         const line = '  ' + lnNum + ' | ' + lines[lnNum - 1];
         if (lnNum === errLine) {
@@ -188,7 +189,7 @@ class Tag {
     if (typeof fn !== 'function') throw new TypeError('fn must be a function');
 
     if (options == null || typeof options === 'boolean') {
-      options = {ends: options};
+      options = { ends: options };
     }
 
     let tag;
@@ -229,17 +230,20 @@ class Tag {
     }
 
     // Get path of post from source
-    const source = options.source || '';
-
-    const cache = [];
-
-    const escapeContent = str => `<!--${placeholder}${cache.push(str) - 1}-->`;
-
-    str = str.replace(/<pre><code.*?>[\s\S]*?<\/code><\/pre>/gm, escapeContent);
-
-    return Promise.fromCallback(cb => { this.env.renderString(str, options, cb); })
-      .catch(err => Promise.reject(formatNunjucksError(err, str, source)))
-      .then(result => result.replace(rPlaceholder, (_, index) => cache[index]))
+    const { source = '' } = options;
+
+    return Promise.fromCallback(cb => {
+      this.env.renderString(
+        str.replace(rCodeTag, s => {
+          // https://hexo.io/docs/tag-plugins#Raw
+          // https://mozilla.github.io/nunjucks/templating.html#raw
+          // Only escape code block when there is no raw tag included
+          return s.match(rSwigRawFullBlock) ? s : escapeSwigTag(s);
+        }),
+        options,
+        cb
+      );
+    }).catch(err => Promise.reject(formatNunjucksError(err, str, source)))
       .asCallback(callback);
   }
 }
diff --git a/lib/hexo/post.js b/lib/hexo/post.js
index e1739b6dfc..ad4565e00c 100644
--- a/lib/hexo/post.js
+++ b/lib/hexo/post.js
@@ -10,23 +10,14 @@ const { slugize, escapeRegExp } = require('hexo-util');
 const { copyDir, exists, listDir, mkdirs, readFile, rmdir, unlink, writeFile } = require('hexo-fs');
 const yfm = require('hexo-front-matter');
 
-const replaceSwigTag = str => str.replace(/{/g, '\uFFFCleft\uFFFC').replace(/}/g, '\uFFFCright\uFFFC');
-const restoreReplacesSwigTag = str => str.replace(/\uFFFCleft\uFFFC/g, '&#123;').replace(/\uFFFCright\uFFFC/g, '&#125;');
-
 const preservedKeys = ['title', 'slug', 'path', 'layout', 'date', 'content'];
 
 const rPlaceholder = /(?:<|&lt;)!--\uFFFC(\d+)--(?:>|&gt;)/g;
-const rSwigVar = /\{\{[\s\S]*?\}\}/g;
-const rSwigComment = /\{#[\s\S]*?#\}/g;
-const rSwigBlock = /\{%[\s\S]*?%\}/g;
-const rSwigFullBlock = /\{% *(.+?)(?: *| +.*?)%\}[\s\S]+?\{% *end\1 *%\}/g;
-const rSwigRawFullBlock = /{% *raw *%\}[\s\S]+?\{% *endraw *%\}/g;
-const rSwigTagInsideInlineCode = /`.*?{.*?}.*?`/g;
-
-const _escapeContent = (cache, str) => {
-  const placeholder = '\uFFFC';
-  return `<!--${placeholder}${cache.push(str) - 1}-->`;
-};
+const rSwigVarAndComment = /{[{#][\s\S]+?[}#]}/g;
+const rSwigFullBlock = /{% *(\S+?)(?: *| +.+?)%}[\s\S]+?{% *end\1 *%}/g;
+const rSwigBlock = /{%[\s\S]+?%}/g;
+
+const _escapeContent = (cache, str) => `<!--\uFFFC${cache.push(str) - 1}-->`;
 
 class PostRenderCache {
   constructor() {
@@ -50,12 +41,9 @@ class PostRenderCache {
 
   escapeAllSwigTags(str) {
     const escape = _str => _escapeContent(this.cache, _str);
-    return str.replace(rSwigRawFullBlock, escape) // Escape {% raw %} first
-      .replace(rSwigTagInsideInlineCode, replaceSwigTag) // Avoid double escaped by marked renderer
-      .replace(rSwigFullBlock, escape)
-      .replace(rSwigBlock, escape)
-      .replace(rSwigComment, '')
-      .replace(rSwigVar, escape);
+    return str.replace(rSwigVarAndComment, escape) // Remove swig comment first to reduce string size being matched next
+      .replace(rSwigFullBlock, escape) // swig full block must escaped before swig block to avoid confliction
+      .replace(rSwigBlock, escape);
   }
 }
 
@@ -277,7 +265,7 @@ class Post {
         toString: true,
         onRenderEnd(content) {
           // Replace cache data with real contents
-          data.content = cacheObj.loadContent(restoreReplacesSwigTag(content));
+          data.content = cacheObj.loadContent(content);
 
           // Return content after replace the placeholders
           if (disableNunjucks) return data.content;
@@ -287,7 +275,6 @@ class Post {
         }
       }, options);
     }).then(content => {
-      // restore { and } inside inline code
       data.content = content;
 
       // Run "after_post_render" filters
diff --git a/test/scripts/hexo/post.js b/test/scripts/hexo/post.js
index ff4febc1e1..67f97c55f0 100644
--- a/test/scripts/hexo/post.js
+++ b/test/scripts/hexo/post.js
@@ -1016,7 +1016,7 @@ describe('Post', () => {
       engine: 'markdown'
     });
 
-    data.content.trim().should.eql(`<p>In Go’s templates, blocks look like this: <code>${escapeSwigTag(escapeHTML('{{block "template name" .}} (content) {{end}}'))}</code>.</p>`);
+    data.content.trim().should.eql(`<p>In Go’s templates, blocks look like this: <code>${escapeSwigTag('{{block "template name" .}} (content) {{end}}')}</code>.</p>`);
   });
 
   // test for https://github.com/hexojs/hexo/issues/3346#issuecomment-595497849
@@ -1137,13 +1137,13 @@ describe('Post', () => {
     });
 
     // indented pullquote
-    data.content.trim().should.contains('<pre><code>{% pullquote %}foo foo foo{% endpullquote %}</code></pre>');
+    data.content.trim().should.contains(`<pre><code>${escapeSwigTag('{% pullquote %}foo foo foo{% endpullquote %}')}</code></pre>`);
     data.content.trim().should.contains('<p>test001</p>');
     // pullquote tag
     data.content.trim().should.contains('<blockquote class="pullquote"><p>bar bar bar</p>\n</blockquote>');
     data.content.trim().should.contains('<p>test002</p>');
     // indented youtube tag
-    data.content.trim().should.contains('<pre><code>{% youtube https://example.com/demo.mp4 %}</code></pre>');
+    data.content.trim().should.contains(`<pre><code>${escapeSwigTag('{% youtube https://example.com/demo.mp4 %}')}</code></pre>`);
     // youtube tag
     data.content.trim().should.contains('<div class="video-container"><iframe src="https://www.youtube.com/embed/https://example.com/sample.mp4" frameborder="0" loading="lazy" allowfullscreen></iframe></div>');
   });