diff --git a/.changes/unreleased/Features-20230916-120547.yaml b/.changes/unreleased/Features-20230916-120547.yaml
new file mode 100644
index 00000000000..c31081ca053
--- /dev/null
+++ b/.changes/unreleased/Features-20230916-120547.yaml
@@ -0,0 +1,6 @@
+kind: Features
+body: resolve packages with same git repo and unique subdirectory
+time: 2023-09-16T12:05:47.353417149-04:00
+custom:
+  Author: philippeboyd
+  Issue: "5374"
diff --git a/core/dbt/deps/git.py b/core/dbt/deps/git.py
index 31d83fa6cd4..cc3fa1af6a2 100644
--- a/core/dbt/deps/git.py
+++ b/core/dbt/deps/git.py
@@ -20,13 +20,18 @@ def md5sum(s: str):
 
 
 class GitPackageMixin:
-    def __init__(self, git: str) -> None:
+    def __init__(
+        self,
+        git: str,
+        subdirectory: Optional[str] = None,
+    ) -> None:
         super().__init__()
         self.git = git
+        self.subdirectory = subdirectory
 
     @property
     def name(self):
-        return self.git
+        return f"{self.git}/{self.subdirectory}" if self.subdirectory else self.git
 
     def source_type(self) -> str:
         return "git"
@@ -40,11 +45,11 @@ def __init__(
         warn_unpinned: bool = True,
         subdirectory: Optional[str] = None,
     ) -> None:
-        super().__init__(git)
+        super().__init__(git, subdirectory)
         self.revision = revision
         self.warn_unpinned = warn_unpinned
         self.subdirectory = subdirectory
-        self._checkout_name = md5sum(self.git)
+        self._checkout_name = md5sum(self.name)
 
     def get_version(self):
         return self.revision
@@ -106,7 +111,7 @@ def __init__(
         warn_unpinned: bool = True,
         subdirectory: Optional[str] = None,
     ) -> None:
-        super().__init__(git)
+        super().__init__(git, subdirectory)
         self.revisions = revisions
         self.warn_unpinned = warn_unpinned
         self.subdirectory = subdirectory
@@ -129,7 +134,14 @@ def all_names(self) -> List[str]:
             other = self.git[:-4]
         else:
             other = self.git + ".git"
-        return [self.git, other]
+
+        if self.subdirectory:
+            git_name = f"{self.git}/{self.subdirectory}"
+            other = f"{other}/{self.subdirectory}"
+        else:
+            git_name = self.git
+
+        return [git_name, other]
 
     def incorporate(self, other: "GitUnpinnedPackage") -> "GitUnpinnedPackage":
         warn_unpinned = self.warn_unpinned and other.warn_unpinned
@@ -146,7 +158,7 @@ def resolved(self) -> GitPinnedPackage:
         if len(requested) == 0:
             requested = {"HEAD"}
         elif len(requested) > 1:
-            raise MultipleVersionGitDepsError(self.git, requested)
+            raise MultipleVersionGitDepsError(self.name, requested)
 
         return GitPinnedPackage(
             git=self.git,
diff --git a/tests/unit/test_deps.py b/tests/unit/test_deps.py
index 39a799e638e..aaa55b04c50 100644
--- a/tests/unit/test_deps.py
+++ b/tests/unit/test_deps.py
@@ -120,11 +120,17 @@ def test_resolve_ok(self):
         b_contract = GitPackage.from_dict(
             {"git": "http://example.com", "revision": "0.0.1", "warn-unpinned": False},
         )
+        d_contract = GitPackage.from_dict(
+            {"git": "http://example.com", "revision": "0.0.1", "subdirectory": "foo-bar"},
+        )
         a = GitUnpinnedPackage.from_contract(a_contract)
         b = GitUnpinnedPackage.from_contract(b_contract)
+        c = a.incorporate(b)
+        d = GitUnpinnedPackage.from_contract(d_contract)
+
         self.assertTrue(a.warn_unpinned)
         self.assertFalse(b.warn_unpinned)
-        c = a.incorporate(b)
+        self.assertTrue(d.warn_unpinned)
 
         c_pinned = c.resolved()
         self.assertEqual(c_pinned.name, "http://example.com")
@@ -132,6 +138,12 @@ def test_resolve_ok(self):
         self.assertEqual(c_pinned.source_type(), "git")
         self.assertFalse(c_pinned.warn_unpinned)
 
+        d_pinned = d.resolved()
+        self.assertEqual(d_pinned.name, "http://example.com/foo-bar")
+        self.assertEqual(d_pinned.get_version(), "0.0.1")
+        self.assertEqual(d_pinned.source_type(), "git")
+        self.assertEqual(d_pinned.subdirectory, "foo-bar")
+
     def test_resolve_fail(self):
         a_contract = GitPackage.from_dict(
             {"git": "http://example.com", "revision": "0.0.1"},