diff --git a/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts b/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts
index adc8ed66c77..82b395e3b9d 100644
--- a/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts
+++ b/packages/runtime-core/__tests__/helpers/useTemplateRef.spec.ts
@@ -1,10 +1,13 @@
 import {
   type ShallowRef,
+  getCurrentInstance,
   h,
+  isReactive,
   nextTick,
   nodeOps,
   ref,
   render,
+  serializeInner,
   useTemplateRef,
 } from '@vue/runtime-test'
 
@@ -70,6 +73,58 @@ describe('useTemplateRef', () => {
     expect(t1!.value).toBe(null)
   })
 
+  // #12731
+  test('should collect refs as reactive array in v-for', async () => {
+    let t1: any
+    const list = ref<number[]>([])
+    let currentInstance: any
+    const Comp = {
+      setup() {
+        t1 = useTemplateRef('refKey')
+        currentInstance = getCurrentInstance()!
+      },
+      render() {
+        return h('div', null, [
+          h('div', null, String(t1.value?.length)),
+          h(
+            'ul',
+            list.value.map(i =>
+              h(
+                'li',
+                {
+                  ref: 'refKey',
+                  ref_for: true,
+                },
+                i,
+              ),
+            ),
+          ),
+        ])
+      },
+    }
+    const root = nodeOps.createElement('div')
+    render(h(Comp), root)
+    expect(t1!.value).toBe(null)
+    expect(serializeInner(root)).toBe(
+      '<div><div>undefined</div><ul></ul></div>',
+    )
+
+    list.value.push(1)
+    await nextTick()
+    expect(isReactive(currentInstance.refs['refKey'])).toBe(true)
+    expect(t1!.value.length).toBe(1)
+    expect(serializeInner(root)).toBe(
+      '<div><div>1</div><ul><li>1</li></ul></div>',
+    )
+
+    list.value.push(2)
+    await nextTick()
+    expect(t1!.value.length).toBe(2)
+    expect(serializeInner(root)).toBe(
+      '<div><div>2</div><ul><li>1</li><li>2</li></ul></div>',
+    )
+  })
+
   test('should warn on duplicate useTemplateRef', () => {
     const root = nodeOps.createElement('div')
     render(
diff --git a/packages/runtime-core/src/rendererTemplateRef.ts b/packages/runtime-core/src/rendererTemplateRef.ts
index ca21030dc35..76f50c4a81a 100644
--- a/packages/runtime-core/src/rendererTemplateRef.ts
+++ b/packages/runtime-core/src/rendererTemplateRef.ts
@@ -11,7 +11,7 @@ import {
 } from '@vue/shared'
 import { isAsyncWrapper } from './apiAsyncComponent'
 import { warn } from './warning'
-import { isRef, toRaw } from '@vue/reactivity'
+import { isRef, shallowReactive, toRaw } from '@vue/reactivity'
 import { ErrorCodes, callWithErrorHandling } from './errorHandling'
 import type { SchedulerJob } from './scheduler'
 import { queuePostRenderEffect } from './renderer'
@@ -125,7 +125,7 @@ export function setRef(
           } else {
             if (!isArray(existing)) {
               if (_isString) {
-                refs[ref] = [refValue]
+                refs[ref] = shallowReactive([refValue])
                 if (canSetSetupRef(ref)) {
                   setupState[ref] = refs[ref]
                 }