diff --git a/changes/1397-AlexECX.md b/changes/1397-AlexECX.md
new file mode 100644
index 0000000..1377f8a
--- /dev/null
+++ b/changes/1397-AlexECX.md
@@ -0,0 +1 @@
+Always use a field's real name with includes/excludes in `model._iter()`, regardless of `by_alias`.
\ No newline at end of file
diff --git a/pydantic/main.py b/pydantic/main.py
index cd33fd4..04e9d26 100644
--- a/pydantic/main.py
+++ b/pydantic/main.py
@@ -690,27 +690,29 @@ class BaseModel(Representation, metaclass=ModelMetaclass):
         value_exclude = ValueItems(self, exclude) if exclude else None
         value_include = ValueItems(self, include) if include else None
 
-        for k, v in self.__dict__.items():
+        for field_key, v in self.__dict__.items():
             if (
-                (allowed_keys is not None and k not in allowed_keys)
+                (allowed_keys is not None and field_key not in allowed_keys)
                 or (exclude_none and v is None)
-                or (exclude_defaults and self.__field_defaults__.get(k, _missing) == v)
+                or (exclude_defaults and self.__field_defaults__.get(field_key, _missing) == v)
             ):
                 continue
-            if by_alias and k in self.__fields__:
-                k = self.__fields__[k].alias
+            if by_alias and field_key in self.__fields__:
+                dict_key = self.__fields__[field_key].alias
+            else:
+                dict_key = field_key
             if to_dict or value_include or value_exclude:
                 v = self._get_value(
                     v,
                     to_dict=to_dict,
                     by_alias=by_alias,
-                    include=value_include and value_include.for_element(k),
-                    exclude=value_exclude and value_exclude.for_element(k),
+                    include=value_include and value_include.for_element(field_key),
+                    exclude=value_exclude and value_exclude.for_element(field_key),
                     exclude_unset=exclude_unset,
                     exclude_defaults=exclude_defaults,
                     exclude_none=exclude_none,
                 )
-            yield k, v
+            yield dict_key, v
 
     def _calculate_keys(
         self,
diff --git a/tests/test_edge_cases.py b/tests/test_edge_cases.py
index 38b6391..d7078d3 100644
--- a/tests/test_edge_cases.py
+++ b/tests/test_edge_cases.py
@@ -436,7 +436,35 @@ def test_advanced_exclude():
     assert m.dict(exclude={'e': ..., 'f': {'d'}}) == {'f': {'c': 'foo'}}
 
 
-def test_advanced_value_inclide():
+def test_advanced_exclude_by_alias():
+    class SubSubModel(BaseModel):
+        a: str
+        aliased_b: str = Field(..., alias='b_alias')
+
+    class SubModel(BaseModel):
+        aliased_c: str = Field(..., alias='c_alias')
+        aliased_d: List[SubSubModel] = Field(..., alias='d_alias')
+
+    class Model(BaseModel):
+        aliased_e: str = Field(..., alias='e_alias')
+        aliased_f: SubModel = Field(..., alias='f_alias')
+
+    m = Model(
+        e_alias='e',
+        f_alias=SubModel(c_alias='foo', d_alias=[SubSubModel(a='a', b_alias='b'), SubSubModel(a='c', b_alias='e')]),
+    )
+
+    excludes = {'aliased_f': {'aliased_c': ..., 'aliased_d': {-1: {'a'}}}}
+    assert m.dict(exclude=excludes, by_alias=True) == {
+        'e_alias': 'e',
+        'f_alias': {'d_alias': [{'a': 'a', 'b_alias': 'b'}, {'b_alias': 'e'}]},
+    }
+
+    excludes = {'aliased_e': ..., 'aliased_f': {'aliased_d'}}
+    assert m.dict(exclude=excludes, by_alias=True) == {'f_alias': {'c_alias': 'foo'}}
+
+
+def test_advanced_value_include():
     class SubSubModel(BaseModel):
         a: str
         b: str