diff --git a/.changeset/honest-phones-flash.md b/.changeset/honest-phones-flash.md
new file mode 100644
index 0000000000..f4e55d33ec
--- /dev/null
+++ b/.changeset/honest-phones-flash.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: apply dynamic event fixes to OnDirective
diff --git a/packages/svelte/src/compiler/phases/1-parse/state/element.js b/packages/svelte/src/compiler/phases/1-parse/state/element.js
index 161b5fbc61..478b5fc2ad 100644
--- a/packages/svelte/src/compiler/phases/1-parse/state/element.js
+++ b/packages/svelte/src/compiler/phases/1-parse/state/element.js
@@ -612,7 +612,11 @@ function read_attribute(parser) {
 			type,
 			name: directive_name,
 			modifiers,
-			expression
+			expression,
+			metadata: {
+				dynamic: false,
+				contains_call_expression: false
+			}
 		};
 
 		if (directive.type === 'ClassDirective') {
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index a064a457d0..fe1027473c 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -1299,7 +1299,9 @@ const common_visitors = {
 	CallExpression(node, context) {
 		const { expression, render_tag } = context.state;
 		if (
-			(expression?.type === 'ExpressionTag' || expression?.type === 'SpreadAttribute') &&
+			(expression?.type === 'ExpressionTag' ||
+				expression?.type === 'SpreadAttribute' ||
+				expression?.type === 'OnDirective') &&
 			!is_known_safe_call(node, context)
 		) {
 			expression.metadata.contains_call_expression = true;
@@ -1367,7 +1369,7 @@ const common_visitors = {
 		if (parent?.type === 'SvelteElement' || parent?.type === 'RegularElement') {
 			state.analysis.event_directive_node ??= node;
 		}
-		next();
+		next({ ...state, expression: node });
 	},
 	BindDirective(node, context) {
 		let i = context.path.length;
diff --git a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
index 461be5df39..feacbdedcc 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
+++ b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
@@ -3,6 +3,7 @@ import type { ComponentAnalysis, ReactiveStatement } from '../types.js';
 import type {
 	ClassDirective,
 	ExpressionTag,
+	OnDirective,
 	RenderTag,
 	SpreadAttribute,
 	SvelteNode,
@@ -20,7 +21,7 @@ export interface AnalysisState {
 	/** Which slots the current parent component has */
 	component_slots: Set<string>;
 	/** The current {expression}, if any */
-	expression: ExpressionTag | ClassDirective | SpreadAttribute | null;
+	expression: ExpressionTag | ClassDirective | OnDirective | SpreadAttribute | null;
 	/** The current {@render ...} tag, if any */
 	render_tag: null | RenderTag;
 	private_derived_state: string[];
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index 0a4d6f7bc7..7953431e10 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -2838,7 +2838,7 @@ export const template_visitors = {
 		context.next({ ...context.state, in_constructor: false });
 	},
 	OnDirective(node, context) {
-		serialize_event(node, null, context);
+		serialize_event(node, node.metadata, context);
 	},
 	UseDirective(node, { state, next, visit }) {
 		const params = [b.id('$$node')];
diff --git a/packages/svelte/src/compiler/types/template.d.ts b/packages/svelte/src/compiler/types/template.d.ts
index 8812f2fd9c..ec35a08227 100644
--- a/packages/svelte/src/compiler/types/template.d.ts
+++ b/packages/svelte/src/compiler/types/template.d.ts
@@ -211,6 +211,10 @@ export interface OnDirective extends BaseNode {
 	/** The 'y' in `on:x={y}` */
 	expression: null | Expression;
 	modifiers: string[]; // TODO specify
+	metadata: {
+		contains_call_expression: boolean;
+		dynamic: boolean;
+	};
 }
 
 export type DelegatedEvent =
diff --git a/packages/svelte/tests/runtime-runes/samples/dynamic-element-event-handler-2/_config.js b/packages/svelte/tests/runtime-runes/samples/dynamic-element-event-handler-2/_config.js
new file mode 100644
index 0000000000..e3cc5ecde3
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/dynamic-element-event-handler-2/_config.js
@@ -0,0 +1,26 @@
+import { test } from '../../test';
+
+export default test({
+	html: '<button>Tama</button><button>Pochi</button><br><button>Change Function</button>',
+
+	test({ assert, logs, target }) {
+		const [b1, b2, b3] = target.querySelectorAll('button');
+
+		b1?.click();
+		b2?.click();
+		b3?.click();
+		b1?.click();
+		b2?.click();
+
+		assert.deepEqual(logs, [
+			'creating "Hello" handler for Tama',
+			'Hello Tama',
+			'creating "Hello" handler for Pochi',
+			'Hello Pochi',
+			'creating "Bye" handler for Tama',
+			'Bye Tama',
+			'creating "Bye" handler for Pochi',
+			'Bye Pochi'
+		]);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/dynamic-element-event-handler-2/main.svelte b/packages/svelte/tests/runtime-runes/samples/dynamic-element-event-handler-2/main.svelte
new file mode 100644
index 0000000000..d9ed2d2d7a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/dynamic-element-event-handler-2/main.svelte
@@ -0,0 +1,19 @@
+<script>
+	let saySomething = $state(name => {
+		console.log('creating "Hello" handler for ' + name);
+		return { handler: () => console.log('Hello ' + name) };
+	});
+
+	function change() {
+		saySomething = name => {
+			console.log('creating "Bye" handler for ' + name);
+			return { handler: () => console.log('Bye ' + name) };
+		}
+	}
+</script>
+
+<button on:click={saySomething('Tama').handler}>Tama</button>
+<button on:click={saySomething('Pochi').handler}>Pochi</button>
+
+<br>
+<button on:click={change}>Change Function</button>
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index 62705db8c6..c43ca874f1 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -1636,6 +1636,10 @@ declare module 'svelte/compiler' {
 		/** The 'y' in `on:x={y}` */
 		expression: null | Expression;
 		modifiers: string[]; // TODO specify
+		metadata: {
+			contains_call_expression: boolean;
+			dynamic: boolean;
+		};
 	}
 
 	type DelegatedEvent =