diff --git a/homeassistant/components/modbus/binary_sensor.py b/homeassistant/components/modbus/binary_sensor.py
index 4f416874f9d..43f43585775 100644
--- a/homeassistant/components/modbus/binary_sensor.py
+++ b/homeassistant/components/modbus/binary_sensor.py
@@ -115,7 +115,10 @@ class ModbusBinarySensor(BasePlatform, RestoreEntity, BinarySensorEntity):
                 self._result = result.bits
             else:
                 self._result = result.registers
-            self._attr_is_on = bool(self._result[0] & 1)
+            if len(self._result) >= 1:
+                self._attr_is_on = bool(self._result[0] & 1)
+            else:
+                self._attr_available = False
 
         self.async_write_ha_state()
         if self._coordinator:
diff --git a/homeassistant/components/modbus/manifest.json b/homeassistant/components/modbus/manifest.json
index bb64a264248..c2e6b9ef467 100644
--- a/homeassistant/components/modbus/manifest.json
+++ b/homeassistant/components/modbus/manifest.json
@@ -6,5 +6,5 @@
   "iot_class": "local_polling",
   "loggers": ["pymodbus"],
   "quality_scale": "gold",
-  "requirements": ["pymodbus==3.1.3"]
+  "requirements": ["pymodbus==3.3.1"]
 }
diff --git a/requirements_all.txt b/requirements_all.txt
index 55225b9bfb5..2588f88fe0f 100644
--- a/requirements_all.txt
+++ b/requirements_all.txt
@@ -1829,7 +1829,7 @@ pymitv==1.4.3
 pymochad==0.2.0
 
 # homeassistant.components.modbus
-pymodbus==3.1.3
+pymodbus==3.3.1
 
 # homeassistant.components.monoprice
 pymonoprice==0.4
diff --git a/requirements_test_all.txt b/requirements_test_all.txt
index 1b7103467ec..310a50ec9c3 100644
--- a/requirements_test_all.txt
+++ b/requirements_test_all.txt
@@ -1348,7 +1348,7 @@ pymeteoclimatic==0.0.6
 pymochad==0.2.0
 
 # homeassistant.components.modbus
-pymodbus==3.1.3
+pymodbus==3.3.1
 
 # homeassistant.components.monoprice
 pymonoprice==0.4
diff --git a/tests/components/modbus/test_init.py b/tests/components/modbus/test_init.py
index 7a069234045..2daf722bb05 100644
--- a/tests/components/modbus/test_init.py
+++ b/tests/components/modbus/test_init.py
@@ -705,7 +705,6 @@ async def test_pymodbus_connect_fail(
     ExceptionMessage = "test connect exception"
     mock_pymodbus.connect.side_effect = ModbusException(ExceptionMessage)
     assert await async_setup_component(hass, DOMAIN, config) is True
-    assert ExceptionMessage in caplog.text
 
 
 async def test_delay(