diff --git a/CHANGELOG.md b/CHANGELOG.md
index cb435f8dd9e..3185009da14 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -40,6 +40,11 @@
   It was also automatically changed for `IdbFileHandle`, which is deprecated.
   [#3537](https://github.com/rustwasm/wasm-bindgen/pull/3537)
 
+* Changed behavior when compiling to `wasm32-wasi` to match `wasm32-emscripten` and 
+  non-WASM targets, generating a stub that panics when called rather than a wasm-
+  bindgen placeholder.
+  [#3233](https://github.com/rustwasm/wasm-bindgen/pull/3233)
+
 ### Fixed
 
 * Fixed bindings and comments for `Atomics.wait`.
diff --git a/crates/backend/src/codegen.rs b/crates/backend/src/codegen.rs
index a43fbf9405e..08e6c31869c 100644
--- a/crates/backend/src/codegen.rs
+++ b/crates/backend/src/codegen.rs
@@ -221,12 +221,12 @@ impl ToTokens for ast::Struct {
                     let ptr = #wasm_bindgen::convert::IntoWasmAbi::into_abi(value);
 
                     #[link(wasm_import_module = "__wbindgen_placeholder__")]
-                    #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+                    #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
                     extern "C" {
                         fn #new_fn(ptr: u32) -> u32;
                     }
 
-                    #[cfg(not(all(target_arch = "wasm32", not(target_os = "emscripten"))))]
+                    #[cfg(not(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi")))))]
                     unsafe fn #new_fn(_: u32) -> u32 {
                         panic!("cannot convert to JsValue outside of the wasm target")
                     }
@@ -238,7 +238,7 @@ impl ToTokens for ast::Struct {
                 }
             }
 
-            #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+            #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
             #[automatically_derived]
             const _: () = {
                 #[no_mangle]
@@ -327,7 +327,7 @@ impl ToTokens for ast::StructField {
         (quote! {
             #[automatically_derived]
             const _: () = {
-                #[cfg_attr(all(target_arch = "wasm32", not(target_os = "emscripten")), no_mangle)]
+                #[cfg_attr(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))), no_mangle)]
                 #[doc(hidden)]
                 pub unsafe extern "C" fn #getter(js: u32)
                     -> <#ty as #wasm_bindgen::convert::IntoWasmAbi>::Abi
@@ -362,7 +362,7 @@ impl ToTokens for ast::StructField {
         }
 
         (quote! {
-            #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+            #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
             #[automatically_derived]
             const _: () = {
                 #[no_mangle]
@@ -590,7 +590,7 @@ impl TryToTokens for ast::Export {
             const _: () = {
                 #(#attrs)*
                 #[cfg_attr(
-                    all(target_arch = "wasm32", not(target_os = "emscripten")),
+                    all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))),
                     export_name = #export_name,
                 )]
                 pub unsafe extern "C" fn #generated_name(#(#args),*) -> #projection::Abi {
@@ -840,11 +840,11 @@ impl ToTokens for ast::ImportType {
                 impl JsCast for #rust_name {
                     fn instanceof(val: &JsValue) -> bool {
                         #[link(wasm_import_module = "__wbindgen_placeholder__")]
-                        #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+                        #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
                         extern "C" {
                             fn #instanceof_shim(val: u32) -> u32;
                         }
-                        #[cfg(not(all(target_arch = "wasm32", not(target_os = "emscripten"))))]
+                        #[cfg(not(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi")))))]
                         unsafe fn #instanceof_shim(_: u32) -> u32 {
                             panic!("cannot check instanceof on non-wasm targets");
                         }
@@ -1355,12 +1355,13 @@ impl ToTokens for ast::ImportStatic {
             #vis static #name: #wasm_bindgen::JsStatic<#ty> = {
                 fn init() -> #ty {
                     #[link(wasm_import_module = "__wbindgen_placeholder__")]
-                    #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+                    #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
                     extern "C" {
                         fn #shim_name() -> <#ty as #wasm_bindgen::convert::FromWasmAbi>::Abi;
                     }
-                    #[cfg(not(all(target_arch = "wasm32", not(target_os = "emscripten"))))]
-                    unsafe fn #shim_name() -> <#ty as #wasm_bindgen::convert::FromWasmAbi>::Abi {
+
+                    #[cfg(not(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi")))))]
+                    unsafe fn #shim_name() -> <#ty as wasm_bindgen::convert::FromWasmAbi>::Abi {
                         panic!("cannot access imported statics on non-wasm targets")
                     }
 
@@ -1424,7 +1425,7 @@ impl<'a, T: ToTokens> ToTokens for Descriptor<'a, T> {
         let attrs = &self.attrs;
         let wasm_bindgen = &self.wasm_bindgen;
         (quote! {
-            #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+            #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
             #[automatically_derived]
             const _: () = {
                 #(#attrs)*
@@ -1450,14 +1451,14 @@ fn extern_fn(
     abi_ret: TokenStream,
 ) -> TokenStream {
     quote! {
-        #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+        #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
         #(#attrs)*
         #[link(wasm_import_module = "__wbindgen_placeholder__")]
         extern "C" {
             fn #import_name(#(#abi_arguments),*) -> #abi_ret;
         }
 
-        #[cfg(not(all(target_arch = "wasm32", not(target_os = "emscripten"))))]
+        #[cfg(not(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi")))))]
         unsafe fn #import_name(#(#abi_arguments),*) -> #abi_ret {
             #(
                 drop(#abi_argument_names);
diff --git a/src/lib.rs b/src/lib.rs
index fd2feae6f29..1df9cd92b0d 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -28,14 +28,14 @@ macro_rules! if_std {
 
 macro_rules! externs {
     ($(#[$attr:meta])* extern "C" { $(fn $name:ident($($args:tt)*) -> $ret:ty;)* }) => (
-        #[cfg(all(target_arch = "wasm32", not(target_os = "emscripten")))]
+        #[cfg(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi"))))]
         $(#[$attr])*
         extern "C" {
             $(fn $name($($args)*) -> $ret;)*
         }
 
         $(
-            #[cfg(not(all(target_arch = "wasm32", not(target_os = "emscripten"))))]
+            #[cfg(not(all(target_arch = "wasm32", not(any(target_os = "emscripten", target_os = "wasi")))))]
             #[allow(unused_variables)]
             unsafe extern fn $name($($args)*) -> $ret {
                 panic!("function not implemented on non-wasm32 targets")
@@ -1324,7 +1324,10 @@ pub trait UnwrapThrowExt<T>: Sized {
 impl<T> UnwrapThrowExt<T> for Option<T> {
     #[cfg_attr(debug_assertions, track_caller)]
     fn expect_throw(self, message: &str) -> T {
-        if cfg!(all(target_arch = "wasm32", not(target_os = "emscripten"))) {
+        if cfg!(all(
+            target_arch = "wasm32",
+            not(any(target_os = "emscripten", target_os = "wasi"))
+        )) {
             match self {
                 Some(val) => val,
                 None => throw_str(message),
@@ -1341,7 +1344,10 @@ where
 {
     #[cfg_attr(debug_assertions, track_caller)]
     fn expect_throw(self, message: &str) -> T {
-        if cfg!(all(target_arch = "wasm32", not(target_os = "emscripten"))) {
+        if cfg!(all(
+            target_arch = "wasm32",
+            not(any(target_os = "emscripten", target_os = "wasi"))
+        )) {
             match self {
                 Ok(val) => val,
                 Err(_) => throw_str(message),