diff --git a/packages/nuxt/src/app/composables/fetch.ts b/packages/nuxt/src/app/composables/fetch.ts
index 71f1bdd251..a18934b301 100644
--- a/packages/nuxt/src/app/composables/fetch.ts
+++ b/packages/nuxt/src/app/composables/fetch.ts
@@ -1,7 +1,7 @@
 import type { FetchError, FetchOptions } from 'ofetch'
 import type { NitroFetchRequest, TypedInternalResponse, AvailableRouterMethod as _AvailableRouterMethod } from 'nitropack'
 import type { MaybeRef, Ref } from 'vue'
-import { computed, reactive, unref } from 'vue'
+import { computed, reactive, toValue } from 'vue'
 import { hash } from 'ohash'
 
 import { useRequestFetch } from './ssr'
@@ -86,10 +86,10 @@ export function useFetch<
     if (typeof r === 'function') {
       r = r()
     }
-    return unref(r)
+    return toValue(r)
   })
 
-  const _key = opts.key || hash([autoKey, unref(opts.method as MaybeRef<string | undefined> | undefined)?.toUpperCase() || 'GET', unref(opts.baseURL), typeof _request.value === 'string' ? _request.value : '', unref(opts.params || opts.query), unref(opts.headers)])
+  const _key = opts.key || hash([autoKey, typeof _request.value === 'string' ? _request.value : '', ...generateOptionSegments(opts)])
   if (!_key || typeof _key !== 'string') {
     throw new TypeError('[nuxt] [useFetch] key must be a string: ' + _key)
   }
@@ -144,7 +144,7 @@ export function useFetch<
 
     // Use fetch with request context and headers for server direct API calls
     if (import.meta.server && !opts.$fetch) {
-      const isLocalFetch = typeof _request.value === 'string' && _request.value.startsWith('/') && (!unref(opts.baseURL) || unref(opts.baseURL)!.startsWith('/'))
+      const isLocalFetch = typeof _request.value === 'string' && _request.value.startsWith('/') && (!toValue(opts.baseURL) || toValue(opts.baseURL)!.startsWith('/'))
       if (isLocalFetch) {
         _$fetch = useRequestFetch()
       }
@@ -205,3 +205,22 @@ export function useLazyFetch<
   // @ts-expect-error we pass an extra argument with the resolved auto-key to prevent another from being injected
   autoKey)
 }
+
+function generateOptionSegments <_ResT, DataT, DefaultT>(opts: UseFetchOptions<_ResT, DataT, any, DefaultT, any, any>) {
+  const segments: Array<string | undefined | Record<string, string>> = [
+    toValue(opts.method as MaybeRef<string | undefined> | undefined)?.toUpperCase() || 'GET',
+    toValue(opts.baseURL),
+  ]
+  for (const _obj of [opts.params || opts.query, opts.headers]) {
+    const obj = toValue(_obj)
+    if (!obj) { continue }
+
+    const unwrapped: Record<string, string> = {}
+    const iterator = Array.isArray(obj) ? obj : obj instanceof Headers ? obj.entries() : Object.entries(obj)
+    for (const [key, value] of iterator) {
+      unwrapped[toValue(key)] = toValue(value)
+    }
+    segments.push(unwrapped)
+  }
+  return segments
+}
diff --git a/test/nuxt/composables.test.ts b/test/nuxt/composables.test.ts
index 25102c50b6..6086ea5102 100644
--- a/test/nuxt/composables.test.ts
+++ b/test/nuxt/composables.test.ts
@@ -38,6 +38,10 @@ registerEndpoint('/_nuxt/builds/meta/override.json', defineEventHandler(() => ({
   },
   prerendered: ['/specific-prerendered']
 })))
+registerEndpoint('/api/test', defineEventHandler((event) => ({
+  method: event.method,
+  headers: Object.fromEntries(event.headers.entries())
+})))
 
 describe('app config', () => {
   it('can be updated', () => {
@@ -237,6 +241,39 @@ describe('useAsyncData', () => {
   })
 })
 
+describe('useFetch', () => {
+  it('should match with/without computed values', async () => {
+    const nuxtApp = useNuxtApp()
+    const getPayloadEntries = () => Object.keys(nuxtApp.payload.data).length
+    const baseCount = getPayloadEntries()
+
+    await useFetch('/api/test')
+    expect(getPayloadEntries()).toBe(baseCount + 1)
+
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { method: 'POST' }, '')
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { method: ref('POST') }, '')
+    expect.soft(getPayloadEntries()).toBe(baseCount + 2)
+
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { headers: { id: '3' } }, '')
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { headers: { id: ref('3') } }, '')
+    const headers = new Headers()
+    headers.append('id', '3')
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { headers }, '')
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { headers: [['id', '3']] }, '')
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { headers: [['id', ref('3')]] }, '')
+    /* @ts-expect-error Overriding auto-key */
+    await useFetch('/api/test', { headers: [[computed(() => 'id'), '3']] }, '')
+    expect.soft(getPayloadEntries()).toBe(baseCount + 3)
+  })
+})
+
 describe('errors', () => {
   it('createError', () => {
     expect(createError({ statusCode: 404 }).toJSON()).toMatchInlineSnapshot(`