diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2eea5ff29d01..37f90b8d5235 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,6 +34,7 @@
 - `[jest-runner]` Allow `setupFiles` module to export an async function ([#12042](https://github.com/facebook/jest/pull/12042))
 - `[jest-runner]` Allow passing `testEnvironmentOptions` via docblocks ([#12470](https://github.com/facebook/jest/pull/12470))
 - `[jest-runtime]` [**BREAKING**] `Runtime.createHasteMap` now returns a promise ([#12008](https://github.com/facebook/jest/pull/12008))
+- `[jest-runtime]` Calling `jest.resetModules` function will clear FS and transform cache ([#12531](https://github.com/facebook/jest/pull/12531))
 - `[@jest/schemas]` New module for JSON schemas for Jest's config ([#12384](https://github.com/facebook/jest/pull/12384))
 - `[jest-test-result]` Add duration property to JSON test output ([#12518](https://github.com/facebook/jest/pull/12518))
 - `[jest-worker]` [**BREAKING**] Allow only absolute `workerPath` ([#12343](https://github.com/facebook/jest/pull/12343))
diff --git a/e2e/__tests__/clearFSAndTransformCache.test.ts b/e2e/__tests__/clearFSAndTransformCache.test.ts
new file mode 100644
index 000000000000..b8d4cdba6ccb
--- /dev/null
+++ b/e2e/__tests__/clearFSAndTransformCache.test.ts
@@ -0,0 +1,42 @@
+import * as path from 'path';
+import {cleanup, writeFiles} from '../Utils';
+import runJest from '../runJest';
+
+const dirName = 'clear_FS_and_transform_cache';
+const dir = path.resolve(__dirname, `../${dirName}`);
+const testFileContent = `
+const fs = require('fs');
+const path = require('path');
+
+const asboulteTestHelperFile = path.resolve(__dirname, './testHelper.js');
+
+test('value is 1', () => {
+  const value = require('./testHelper');
+  expect(value).toBe(1);
+});
+
+test('value is 1 after file is changed', () => {
+  fs.writeFileSync(asboulteTestHelperFile, 'module.exports = 2;');
+  const value = require('./testHelper');
+  expect(value).toBe(1);
+});
+
+test('value is 2 after calling "jest.resetModules"', () => {
+  jest.resetModules();
+  const value = require('./testHelper');
+  expect(value).toBe(2);
+});
+
+`;
+
+afterEach(() => cleanup(dir));
+
+test('clear FS and transform cache', () => {
+  writeFiles(dir, {
+    'package.json': JSON.stringify({jest: {testEnvironment: 'node'}}),
+    'test.js': testFileContent,
+    'testHelper.js': 'module.exports = 1;',
+  });
+  const {exitCode} = runJest(dirName);
+  expect(exitCode).toBe(0);
+});
diff --git a/packages/jest-runtime/src/index.ts b/packages/jest-runtime/src/index.ts
index f3800ee66167..7fc8a91f6af3 100644
--- a/packages/jest-runtime/src/index.ts
+++ b/packages/jest-runtime/src/index.ts
@@ -1141,6 +1141,8 @@ export default class Runtime {
     this._esmoduleRegistry.clear();
     this._cjsNamedExports.clear();
     this._moduleMockRegistry.clear();
+    this._cacheFS.clear();
+    this._fileTransforms.clear();
 
     if (this._environment) {
       if (this._environment.global) {