diff --git a/packages/compiler-sfc/__tests__/__snapshots__/templateTransformSrcset.spec.ts.snap b/packages/compiler-sfc/__tests__/__snapshots__/templateTransformSrcset.spec.ts.snap
index 1d9be468..fe80f986 100644
--- a/packages/compiler-sfc/__tests__/__snapshots__/templateTransformSrcset.spec.ts.snap
+++ b/packages/compiler-sfc/__tests__/__snapshots__/templateTransformSrcset.spec.ts.snap
@@ -1,5 +1,23 @@
 // Jest Snapshot v1, https://goo.gl/fbAQLP
 
+exports[`compiler sfc: transform srcset srcset w/ explicit base option 1`] = `
+"import { createElementVNode as _createElementVNode, Fragment as _Fragment, openBlock as _openBlock, createElementBlock as _createElementBlock } from \\"vue\\"
+import _imports_0 from '@/logo.png'
+
+
+const _hoisted_1 = _imports_0 + ', ' + _imports_0 + ' 2x'
+const _hoisted_2 = _imports_0 + ' 1x, ' + \\"/foo/logo.png\\" + ' 2x'
+const _hoisted_3 = /*#__PURE__*/_createElementVNode(\\"img\\", { srcset: _hoisted_1 }, null, -1 /* HOISTED */)
+const _hoisted_4 = /*#__PURE__*/_createElementVNode(\\"img\\", { srcset: _hoisted_2 }, null, -1 /* HOISTED */)
+
+export function render(_ctx, _cache) {
+  return (_openBlock(), _createElementBlock(_Fragment, null, [
+    _hoisted_3,
+    _hoisted_4
+  ], 64 /* STABLE_FRAGMENT */))
+}"
+`;
+
 exports[`compiler sfc: transform srcset transform srcset 1`] = `
 "import { createElementVNode as _createElementVNode, Fragment as _Fragment, openBlock as _openBlock, createElementBlock as _createElementBlock } from \\"vue\\"
 import _imports_0 from './logo.png'
diff --git a/packages/compiler-sfc/__tests__/templateTransformSrcset.spec.ts b/packages/compiler-sfc/__tests__/templateTransformSrcset.spec.ts
index c2a61460..8c21dd41 100644
--- a/packages/compiler-sfc/__tests__/templateTransformSrcset.spec.ts
+++ b/packages/compiler-sfc/__tests__/templateTransformSrcset.spec.ts
@@ -86,4 +86,16 @@ describe('compiler sfc: transform srcset', () => {
     expect(code).toMatch(`_createStaticVNode`)
     expect(code).toMatchSnapshot()
   })
+
+  test('srcset w/ explicit base option', () => {
+    const code = compileWithSrcset(
+      `
+      <img srcset="@/logo.png, @/logo.png 2x"/>
+      <img srcset="@/logo.png 1x, ./logo.png 2x"/>
+    `,
+      { base: '/foo/' },
+      { hoistStatic: true }
+    ).code
+    expect(code).toMatchSnapshot()
+  })
 })
diff --git a/packages/compiler-sfc/src/templateTransformSrcset.ts b/packages/compiler-sfc/src/templateTransformSrcset.ts
index a2c36b2d..9780f93b 100644
--- a/packages/compiler-sfc/src/templateTransformSrcset.ts
+++ b/packages/compiler-sfc/src/templateTransformSrcset.ts
@@ -69,40 +69,45 @@ export const transformSrcset: NodeTransform = (
             }
           }
 
-          const hasQualifiedUrl = imageCandidates.some(({ url }) => {
+          const shouldProcessUrl = (url: string) => {
             return (
               !isExternalUrl(url) &&
               !isDataUrl(url) &&
               (options.includeAbsolute || isRelativeUrl(url))
             )
-          })
+          }
           // When srcset does not contain any qualified URLs, skip transforming
-          if (!hasQualifiedUrl) {
+          if (!imageCandidates.some(({ url }) => shouldProcessUrl(url))) {
             return
           }
 
           if (options.base) {
             const base = options.base
             const set: string[] = []
-            imageCandidates.forEach(({ url, descriptor }) => {
+            let needImportTransform = false
+
+            imageCandidates.forEach(candidate => {
+              let { url, descriptor } = candidate
               descriptor = descriptor ? ` ${descriptor}` : ``
-              if (isRelativeUrl(url)) {
-                set.push((path.posix || path).join(base, url) + descriptor)
+              if (url[0] === '.') {
+                candidate.url = (path.posix || path).join(base, url)
+                set.push(candidate.url + descriptor)
+              } else if (shouldProcessUrl(url)) {
+                needImportTransform = true
               } else {
                 set.push(url + descriptor)
               }
             })
-            attr.value.content = set.join(', ')
-            return
+
+            if (!needImportTransform) {
+              attr.value.content = set.join(', ')
+              return
+            }
           }
 
           const compoundExpression = createCompoundExpression([], attr.loc)
           imageCandidates.forEach(({ url, descriptor }, index) => {
-            if (
-              !isExternalUrl(url) &&
-              !isDataUrl(url) &&
-              (options.includeAbsolute || isRelativeUrl(url))
-            ) {
+            if (shouldProcessUrl(url)) {
               const { path } = parseUrl(url)
               let exp: SimpleExpressionNode
               if (path) {