diff --git a/.changes/unreleased/Fixes-20240610-200522.yaml b/.changes/unreleased/Fixes-20240610-200522.yaml
new file mode 100644
index 00000000000..456575644ac
--- /dev/null
+++ b/.changes/unreleased/Fixes-20240610-200522.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Use model alias for the CTE identifier generated during ephemeral materialization
+time: 2024-06-10T20:05:22.510814008Z
+custom:
+    Author: jeancochrane
+    Issue: "5273"
diff --git a/core/dbt/compilation.py b/core/dbt/compilation.py
index d03407b2a4c..08de60490d3 100644
--- a/core/dbt/compilation.py
+++ b/core/dbt/compilation.py
@@ -371,7 +371,7 @@ def _recursively_prepend_ctes(
 
             _extend_prepended_ctes(prepended_ctes, new_prepended_ctes)
 
-            new_cte_name = self.add_ephemeral_prefix(cte_model.name)
+            new_cte_name = self.add_ephemeral_prefix(cte_model.identifier)
             rendered_sql = cte_model._pre_injected_sql or cte_model.compiled_code
             sql = f" {new_cte_name} as (\n{rendered_sql}\n)"
 
diff --git a/tests/functional/compile/fixtures.py b/tests/functional/compile/fixtures.py
index e0be7c895bf..97ccd6d16b6 100644
--- a/tests/functional/compile/fixtures.py
+++ b/tests/functional/compile/fixtures.py
@@ -42,6 +42,15 @@
 select sum(n) from t;
 """
 
+first_ephemeral_model_with_alias_sql = """
+{{ config(materialized = 'ephemeral', alias = 'first_alias') }}
+select 1 as fun
+"""
+
+second_ephemeral_model_with_alias_sql = """
+select * from {{ ref('first_ephemeral_model_with_alias') }}
+"""
+
 schema_yml = """
 version: 2
 
diff --git a/tests/functional/compile/test_compile.py b/tests/functional/compile/test_compile.py
index e7732b09a8c..956169eddf1 100644
--- a/tests/functional/compile/test_compile.py
+++ b/tests/functional/compile/test_compile.py
@@ -10,10 +10,12 @@
 from tests.functional.assertions.test_runner import dbtTestRunner
 from tests.functional.compile.fixtures import (
     first_ephemeral_model_sql,
+    first_ephemeral_model_with_alias_sql,
     first_model_sql,
     model_multiline_jinja,
     schema_yml,
     second_ephemeral_model_sql,
+    second_ephemeral_model_with_alias_sql,
     second_model_sql,
     third_ephemeral_model_sql,
     with_recursive_model_sql,
@@ -128,6 +130,24 @@ def test_with_recursive_cte(self, project):
         ]
 
 
+class TestEphemeralModelWithAlias:
+    @pytest.fixture(scope="class")
+    def models(self):
+        return {
+            "first_ephemeral_model_with_alias.sql": first_ephemeral_model_with_alias_sql,
+            "second_ephemeral_model_with_alias.sql": second_ephemeral_model_with_alias_sql,
+        }
+
+    def test_compile(self, project):
+        run_dbt(["compile"])
+
+        assert get_lines("second_ephemeral_model_with_alias") == [
+            "with __dbt__cte__first_alias as (",
+            "select 1 as fun",
+            ") select * from __dbt__cte__first_alias",
+        ]
+
+
 class TestCompile:
     @pytest.fixture(scope="class")
     def models(self):