diff --git a/docs/guide/data-loading.md b/docs/guide/data-loading.md
index d23e25d6..6d54b2ca 100644
--- a/docs/guide/data-loading.md
+++ b/docs/guide/data-loading.md
@@ -23,7 +23,7 @@ The loader module is evaluated only in Node.js, so you can import Node APIs and
 
 You can then import data from this file in `.md` pages and `.vue` components using the `data` named export:
 
-```html
+```vue
 <script setup>
 import { data } from './example.data.js'
 </script>
@@ -70,7 +70,7 @@ export default {
     // watchedFiles will be an array of absolute paths of the matched files.
     // generate an array of blog post metadata that can be used to render
     // a list in the theme layout
-    return watchedFiles.map(file => {
+    return watchedFiles.map((file) => {
       return parse(fs.readFileSync(file, 'utf-8'), {
         columns: true,
         skip_empty_lines: true
@@ -147,9 +147,9 @@ export default createContentLoader('posts/*.md', {
     // the final result is what will be shipped to the client.
     return rawData.sort((a, b) => {
       return +new Date(b.frontmatter.date) - +new Date(a.frontmatter.date)
-    }).map(page => {
-      page.src  // raw markdown source
-      page.html // rendered full page HTML
+    }).map((page) => {
+      page.src     // raw markdown source
+      page.html    // rendered full page HTML
       page.excerpt // rendered excerpt HTML (content above first `---`)
       return {/* ... */}
     })
@@ -159,7 +159,7 @@ export default createContentLoader('posts/*.md', {
 
 Check out how it is used in the [Vue.js blog](https://github.com/vuejs/blog/blob/main/.vitepress/theme/posts.data.ts).
 
-The `createContentLoader` API can also be used inside [build hooks](/reference/site-config#build-hooks):
+The `createContentLoader` API can also be used inside [build hooks](../reference/site-config#build-hooks):
 
 ```js
 // .vitepress/config.js
@@ -171,6 +171,48 @@ export default {
 }
 ```
 
+**Types**
+
+```ts
+interface ContentOptions<T = ContentData[]> {
+  /**
+   * Include src?
+   * @default false
+   */
+  includeSrc?: boolean
+
+  /**
+   * Render src to HTML and include in data?
+   * @default false
+   */
+  render?: boolean
+
+  /**
+   * If `boolean`, whether to parse and include excerpt? (rendered as HTML)
+   *
+   * If `function`, control how the excerpt is extracted from the content.
+   *
+   * If `string`, define a custom separator to be used for extracting the
+   * excerpt. Default separator is `---` if `excerpt` is `true`.
+   *
+   * @see https://github.com/jonschlinkert/gray-matter#optionsexcerpt
+   * @see https://github.com/jonschlinkert/gray-matter#optionsexcerpt_separator
+   *
+   * @default false
+   */
+  excerpt?:
+    | boolean
+    | ((file: { data: { [key: string]: any }; content: string; excerpt?: string }, options?: any) => void)
+    | string
+
+  /**
+   * Transform the data. Note the data will be inlined as JSON in the client
+   * bundle if imported from components or markdown files.
+   */
+  transform?: (data: ContentData[]) => T | Promise<T>
+}
+```
+
 ## Typed Data Loaders
 
 When using TypeScript, you can type your loader and `data` export like so:
diff --git a/docs/guide/deploy.md b/docs/guide/deploy.md
index 7ebbc314..679d9ff9 100644
--- a/docs/guide/deploy.md
+++ b/docs/guide/deploy.md
@@ -73,7 +73,7 @@ Cache-Control: max-age=31536000,immutable
   cache-control: immutable
 ```
 
-Note: the `_headers` file should be placed in the [public directory](/guide/asset-handling#the-public-directory) - in our case, `docs/public/_headers` - so that it is copied verbatim to the output directory.
+Note: the `_headers` file should be placed in the [public directory](./asset-handling#the-public-directory) - in our case, `docs/public/_headers` - so that it is copied verbatim to the output directory.
 
 [Netlify custom headers documentation](https://docs.netlify.com/routing/headers/)
 
diff --git a/docs/guide/extending-default-theme.md b/docs/guide/extending-default-theme.md
index a0ccfd9e..332fa971 100644
--- a/docs/guide/extending-default-theme.md
+++ b/docs/guide/extending-default-theme.md
@@ -59,10 +59,10 @@ export default DefaultTheme
 ```
 
 ::: warning
-If you are using optional components like the [Team Page](/reference/default-theme-team-page) components, make sure to also import them from `vitepress/theme-without-fonts`!
+If you are using optional components like the [Team Page](../reference/default-theme-team-page) components, make sure to also import them from `vitepress/theme-without-fonts`!
 :::
 
-If your font is a local file referenced via `@font-face`, it will be processed as an asset and included under `.vitepress/dist/assets` with hashed filename. To preload this file, use the [transformHead](/reference/site-config#transformhead) build hook:
+If your font is a local file referenced via `@font-face`, it will be processed as an asset and included under `.vitepress/dist/assets` with hashed filename. To preload this file, use the [transformHead](../reference/site-config#transformhead) build hook:
 
 ```js
 // .vitepress/config.js
diff --git a/docs/guide/ssr-compat.md b/docs/guide/ssr-compat.md
index 11c6a081..82eb58e5 100644
--- a/docs/guide/ssr-compat.md
+++ b/docs/guide/ssr-compat.md
@@ -48,7 +48,7 @@ if (!import.meta.env.SSR) {
 }
 ```
 
-Since [`Theme.enhanceApp`](/guide/custom-theme#theme-interface) can be async, you can conditionally import and register Vue plugins that access browser APIs on import:
+Since [`Theme.enhanceApp`](./custom-theme#theme-interface) can be async, you can conditionally import and register Vue plugins that access browser APIs on import:
 
 ```js
 // .vitepress/theme/index.js
diff --git a/docs/reference/runtime-api.md b/docs/reference/runtime-api.md
index e4839d0c..03bb6160 100644
--- a/docs/reference/runtime-api.md
+++ b/docs/reference/runtime-api.md
@@ -141,7 +141,7 @@ If you are using or demoing components that are not SSR-friendly (for example, c
 </ClientOnly>
 ```
 
-- Related: [SSR Compatibility](/guide/ssr-compat)
+- Related: [SSR Compatibility](../guide/ssr-compat)
 
 ## `$frontmatter` <Badge type="info" text="template global" />
 
diff --git a/src/node/contentLoader.ts b/src/node/contentLoader.ts
index 048fc216..98c5585d 100644
--- a/src/node/contentLoader.ts
+++ b/src/node/contentLoader.ts
@@ -9,19 +9,41 @@ import { createMarkdownRenderer, type MarkdownRenderer } from './markdown'
 export interface ContentOptions<T = ContentData[]> {
   /**
    * Include src?
-   * default: false
+   * @default false
    */
   includeSrc?: boolean
+
   /**
    * Render src to HTML and include in data?
-   * default: false
+   * @default false
    */
   render?: boolean
+
   /**
-   * Whether to parse and include excerpt (rendered as HTML)
-   * default: false
+   * If `boolean`, whether to parse and include excerpt? (rendered as HTML)
+   *
+   * If `function`, control how the excerpt is extracted from the content.
+   *
+   * If `string`, define a custom separator to be used for extracting the
+   * excerpt. Default separator is `---` if `excerpt` is `true`.
+   *
+   * @see https://github.com/jonschlinkert/gray-matter#optionsexcerpt
+   * @see https://github.com/jonschlinkert/gray-matter#optionsexcerpt_separator
+   *
+   * @default false
    */
-  excerpt?: boolean
+  excerpt?:
+    | boolean
+    | ((
+        file: {
+          data: { [key: string]: any }
+          content: string
+          excerpt?: string
+        },
+        options?: any
+      ) => void)
+    | string
+
   /**
    * Transform the data. Note the data will be inlined as JSON in the client
    * bundle if imported from components or markdown files.
@@ -110,9 +132,13 @@ export function createContentLoader<T = ContentData[]>(
           raw.push(cached.data)
         } else {
           const src = fs.readFileSync(file, 'utf-8')
-          const { data: frontmatter, excerpt } = matter(src, {
-            excerpt: true
-          })
+          const { data: frontmatter, excerpt } = matter(
+            src,
+            // @ts-expect-error gray-matter types are wrong
+            typeof renderExcerpt === 'string'
+              ? { excerpt_separator: renderExcerpt }
+              : { excerpt: renderExcerpt }
+          )
           const url =
             '/' +
             normalizePath(path.relative(config.srcDir, file)).replace(