diff --git a/homeassistant/helpers/condition.py b/homeassistant/helpers/condition.py
index 6adcb4d1fd9..18ef4c2082e 100644
--- a/homeassistant/helpers/condition.py
+++ b/homeassistant/helpers/condition.py
@@ -96,6 +96,18 @@ def condition_trace_set_result(result: bool, **kwargs: Any) -> None:
     node.set_result(result=result, **kwargs)
 
 
+def condition_trace_update_result(result: bool, **kwargs: Any) -> None:
+    """Update the result of TraceElement at the top of the stack."""
+    node = trace_stack_top(trace_stack_cv)
+
+    # The condition function may be called directly, in which case tracing
+    # is not setup
+    if not node:
+        return
+
+    node.update_result(result=result, **kwargs)
+
+
 @contextmanager
 def trace_condition(variables: TemplateVarsType) -> Generator:
     """Trace condition evaluation."""
@@ -118,7 +130,7 @@ def trace_condition_function(condition: ConditionCheckerType) -> ConditionChecke
         """Trace condition."""
         with trace_condition(variables):
             result = condition(hass, variables)
-            condition_trace_set_result(result)
+            condition_trace_update_result(result)
             return result
 
     return wrapper
@@ -644,15 +656,22 @@ def template(
 
 
 def async_template(
-    hass: HomeAssistant, value_template: Template, variables: TemplateVarsType = None
+    hass: HomeAssistant,
+    value_template: Template,
+    variables: TemplateVarsType = None,
+    trace_result: bool = True,
 ) -> bool:
     """Test if template condition matches."""
     try:
-        value: str = value_template.async_render(variables, parse_result=False)
+        info = value_template.async_render_to_info(variables, parse_result=False)
+        value = info.result()
     except TemplateError as ex:
         raise ConditionErrorMessage("template", str(ex)) from ex
 
-    return value.lower() == "true"
+    result = value.lower() == "true"
+    if trace_result:
+        condition_trace_set_result(result, entities=list(info.entities))
+    return result
 
 
 def async_template_from_config(
diff --git a/homeassistant/helpers/script.py b/homeassistant/helpers/script.py
index bf52fc81b6a..84e7b0639e5 100644
--- a/homeassistant/helpers/script.py
+++ b/homeassistant/helpers/script.py
@@ -456,7 +456,7 @@ class _ScriptRun:
         wait_template.hass = self._hass
 
         # check if condition already okay
-        if condition.async_template(self._hass, wait_template, self._variables):
+        if condition.async_template(self._hass, wait_template, self._variables, False):
             self._variables["wait"]["completed"] = True
             return
 
diff --git a/homeassistant/helpers/trace.py b/homeassistant/helpers/trace.py
index c92766036c6..32e387d972f 100644
--- a/homeassistant/helpers/trace.py
+++ b/homeassistant/helpers/trace.py
@@ -51,6 +51,11 @@ class TraceElement:
         """Set result."""
         self._result = {**kwargs}
 
+    def update_result(self, **kwargs: Any) -> None:
+        """Set result."""
+        old_result = self._result or {}
+        self._result = {**old_result, **kwargs}
+
     def as_dict(self) -> dict[str, Any]:
         """Return dictionary version of this TraceElement."""
         result: dict[str, Any] = {"path": self.path, "timestamp": self._timestamp}
diff --git a/tests/components/trace/test_websocket_api.py b/tests/components/trace/test_websocket_api.py
index 0b7b78b3f1a..8f8428dd517 100644
--- a/tests/components/trace/test_websocket_api.py
+++ b/tests/components/trace/test_websocket_api.py
@@ -223,7 +223,8 @@ async def test_get_trace(
     assert len(trace["trace"].get("condition/0", [])) == len(condition_results)
     for idx, condition_result in enumerate(condition_results):
         assert trace["trace"]["condition/0"][idx]["result"] == {
-            "result": condition_result
+            "result": condition_result,
+            "entities": [],
         }
     contexts[trace["context"]["id"]] = {
         "run_id": trace["run_id"],
@@ -261,7 +262,10 @@ async def test_get_trace(
     trace = response["result"]
     assert set(trace["trace"]) == extra_trace_keys[2]
     assert len(trace["trace"]["condition/0"]) == 1
-    assert trace["trace"]["condition/0"][0]["result"] == {"result": False}
+    assert trace["trace"]["condition/0"][0]["result"] == {
+        "result": False,
+        "entities": [],
+    }
     assert trace["config"] == moon_config
     assert trace["context"]
     assert "error" not in trace
@@ -303,7 +307,10 @@ async def test_get_trace(
     assert "error" not in trace["trace"][f"{prefix}/0"][0]
     assert trace["trace"][f"{prefix}/0"][0]["result"] == moon_action
     assert len(trace["trace"]["condition/0"]) == 1
-    assert trace["trace"]["condition/0"][0]["result"] == {"result": True}
+    assert trace["trace"]["condition/0"][0]["result"] == {
+        "result": True,
+        "entities": [],
+    }
     assert trace["config"] == moon_config
     assert trace["context"]
     assert "error" not in trace
diff --git a/tests/helpers/test_condition.py b/tests/helpers/test_condition.py
index 05f348ddfeb..d46c343dfb1 100644
--- a/tests/helpers/test_condition.py
+++ b/tests/helpers/test_condition.py
@@ -237,6 +237,14 @@ async def test_and_condition_with_template(hass):
 
     hass.states.async_set("sensor.temperature", 120)
     assert not test(hass)
+    assert_condition_trace(
+        {
+            "": [{"result": {"result": False}}],
+            "conditions/0": [
+                {"result": {"entities": ["sensor.temperature"], "result": False}}
+            ],
+        }
+    )
 
     hass.states.async_set("sensor.temperature", 105)
     assert not test(hass)
diff --git a/tests/helpers/test_script.py b/tests/helpers/test_script.py
index 7224dd70677..a0207edcbdd 100644
--- a/tests/helpers/test_script.py
+++ b/tests/helpers/test_script.py
@@ -1449,7 +1449,7 @@ async def test_condition_basic(hass, caplog):
         {
             "0": [{"result": {"event": "test_event", "event_data": {}}}],
             "1": [{"result": {"result": True}}],
-            "1/condition": [{"result": {"result": True}}],
+            "1/condition": [{"result": {"entities": ["test.entity"], "result": True}}],
             "2": [{"result": {"event": "test_event", "event_data": {}}}],
         }
     )
@@ -1466,7 +1466,7 @@ async def test_condition_basic(hass, caplog):
         {
             "0": [{"result": {"event": "test_event", "event_data": {}}}],
             "1": [{"error_type": script._StopScript, "result": {"result": False}}],
-            "1/condition": [{"result": {"result": False}}],
+            "1/condition": [{"result": {"entities": ["test.entity"], "result": False}}],
         },
         expected_script_execution="aborted",
     )
@@ -1764,9 +1764,9 @@ async def test_repeat_var_in_condition(hass, condition):
                 },
             ],
             "0/repeat/while/0": [
-                {"result": {"result": True}},
-                {"result": {"result": True}},
-                {"result": {"result": False}},
+                {"result": {"entities": [], "result": True}},
+                {"result": {"entities": [], "result": True}},
+                {"result": {"entities": [], "result": False}},
             ],
             "0/repeat/sequence/0": [
                 {"result": {"event": "test_event", "event_data": {}}}
@@ -1797,8 +1797,8 @@ async def test_repeat_var_in_condition(hass, condition):
                 },
             ],
             "0/repeat/until/0": [
-                {"result": {"result": False}},
-                {"result": {"result": True}},
+                {"result": {"entities": [], "result": False}},
+                {"result": {"entities": [], "result": True}},
             ],
         }
     assert_action_trace(expected_trace)
@@ -2058,10 +2058,14 @@ async def test_choose(hass, caplog, var, result):
     expected_trace = {"0": [{"result": {"choice": expected_choice}}]}
     if var >= 1:
         expected_trace["0/choose/0"] = [{"result": {"result": var == 1}}]
-        expected_trace["0/choose/0/conditions/0"] = [{"result": {"result": var == 1}}]
+        expected_trace["0/choose/0/conditions/0"] = [
+            {"result": {"entities": [], "result": var == 1}}
+        ]
     if var >= 2:
         expected_trace["0/choose/1"] = [{"result": {"result": var == 2}}]
-        expected_trace["0/choose/1/conditions/0"] = [{"result": {"result": var == 2}}]
+        expected_trace["0/choose/1/conditions/0"] = [
+            {"result": {"entities": [], "result": var == 2}}
+        ]
     if var == 1:
         expected_trace["0/choose/0/sequence/0"] = [
             {"result": {"event": "test_event", "event_data": {"choice": "first"}}}