diff --git a/cli/args/flags.rs b/cli/args/flags.rs
index acdcaf8a71..085ba95d83 100644
--- a/cli/args/flags.rs
+++ b/cli/args/flags.rs
@@ -3604,8 +3604,10 @@ fn seed_arg() -> Arg {
 
 fn hmr_arg(takes_files: bool) -> Arg {
   let arg = Arg::new("hmr")
-    .long("unstable-hmr")
-    .help("UNSTABLE: Watch for file changes and hot replace modules")
+    .long("watch-hmr")
+    // NOTE(bartlomieju): compatibility with Deno pre-1.46
+    .alias("unstable-hmr")
+    .help("Watch for file changes and hot replace modules")
     .conflicts_with("watch");
 
   if takes_files {
@@ -5249,6 +5251,31 @@ mod tests {
       }
     );
 
+    let r = flags_from_vec(svec![
+      "deno",
+      "run",
+      "--watch-hmr",
+      "--no-clear-screen",
+      "script.ts"
+    ]);
+    let flags = r.unwrap();
+    assert_eq!(
+      flags,
+      Flags {
+        subcommand: DenoSubcommand::Run(RunFlags {
+          script: "script.ts".to_string(),
+          watch: Some(WatchFlagsWithPaths {
+            hmr: true,
+            paths: vec![],
+            no_clear_screen: true,
+            exclude: vec![],
+          }),
+        }),
+        code_cache_enabled: true,
+        ..Flags::default()
+      }
+    );
+
     let r = flags_from_vec(svec![
       "deno",
       "run",
@@ -5277,7 +5304,7 @@ mod tests {
     let r = flags_from_vec(svec![
       "deno",
       "run",
-      "--unstable-hmr=foo.txt",
+      "--watch-hmr=foo.txt",
       "--no-clear-screen",
       "script.ts"
     ]);
diff --git a/cli/tools/run/hmr.rs b/cli/tools/run/hmr.rs
index 4ca9ee8b92..6ccf8e344b 100644
--- a/cli/tools/run/hmr.rs
+++ b/cli/tools/run/hmr.rs
@@ -117,7 +117,7 @@ impl crate::worker::HmrRunner for HmrRunner {
 
           // If after filtering there are no paths it means it's either a file
           // we can't HMR or an external file that was passed explicitly to
-          // `--unstable-hmr=<file>` path.
+          // `--watch-hmr=<file>` path.
           if filtered_paths.is_empty() {
             let _ = self.watcher_communicator.force_restart();
             continue;
diff --git a/tests/integration/watcher_tests.rs b/tests/integration/watcher_tests.rs
index bb757eb35f..3cec2f442b 100644
--- a/tests/integration/watcher_tests.rs
+++ b/tests/integration/watcher_tests.rs
@@ -1675,7 +1675,7 @@ console.log("Listening...")
   let mut child = util::deno_cmd()
     .current_dir(t.path())
     .arg("run")
-    .arg("--unstable-hmr")
+    .arg("--watch-hmr")
     .arg("--allow-net")
     .arg("-L")
     .arg("debug")
@@ -1748,7 +1748,7 @@ export function foo() {
   let mut child = util::deno_cmd()
     .current_dir(t.path())
     .arg("run")
-    .arg("--unstable-hmr")
+    .arg("--watch-hmr")
     .arg("-L")
     .arg("debug")
     .arg(&file_to_watch)
@@ -1806,7 +1806,7 @@ export function foo() {
   let mut child = util::deno_cmd()
     .current_dir(t.path())
     .arg("run")
-    .arg("--unstable-hmr")
+    .arg("--watch-hmr")
     .arg("-L")
     .arg("debug")
     .arg(&file_to_watch)
@@ -1871,7 +1871,7 @@ export function foo() {
   let mut child = util::deno_cmd()
     .current_dir(t.path())
     .arg("run")
-    .arg("--unstable-hmr")
+    .arg("--watch-hmr")
     .arg("-L")
     .arg("debug")
     .arg(&file_to_watch)