diff --git a/esphome/components/esp32/__init__.py b/esphome/components/esp32/__init__.py
index 12d0f9fcd5..438225bdfa 100644
--- a/esphome/components/esp32/__init__.py
+++ b/esphome/components/esp32/__init__.py
@@ -296,11 +296,11 @@ ARDUINO_PLATFORM_VERSION = cv.Version(5, 4, 0)
 # The default/recommended esp-idf framework version
 #  - https://github.com/espressif/esp-idf/releases
 #  - https://api.registry.platformio.org/v3/packages/platformio/tool/framework-espidf
-RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION = cv.Version(5, 1, 6)
+RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION = cv.Version(5, 3, 2)
 # The platformio/espressif32 version to use for esp-idf frameworks
 #  - https://github.com/platformio/platform-espressif32/releases
 #  - https://api.registry.platformio.org/v3/packages/platformio/platform/espressif32
-ESP_IDF_PLATFORM_VERSION = cv.Version(51, 3, 7)
+ESP_IDF_PLATFORM_VERSION = cv.Version(53, 3, 13)
 
 # List based on https://registry.platformio.org/tools/platformio/framework-espidf/versions
 SUPPORTED_PLATFORMIO_ESP_IDF_5X = [
@@ -369,8 +369,8 @@ def _arduino_check_versions(value):
 def _esp_idf_check_versions(value):
     value = value.copy()
     lookups = {
-        "dev": (cv.Version(5, 1, 6), "https://github.com/espressif/esp-idf.git"),
-        "latest": (cv.Version(5, 1, 6), None),
+        "dev": (cv.Version(5, 3, 2), "https://github.com/espressif/esp-idf.git"),
+        "latest": (cv.Version(5, 3, 2), None),
         "recommended": (RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION, None),
     }
 
diff --git a/esphome/components/psram/__init__.py b/esphome/components/psram/__init__.py
index 53ba54dd28..c00cbb2ba2 100644
--- a/esphome/components/psram/__init__.py
+++ b/esphome/components/psram/__init__.py
@@ -2,6 +2,7 @@ import logging
 
 import esphome.codegen as cg
 from esphome.components.esp32 import (
+    CONF_CPU_FREQUENCY,
     CONF_ENABLE_IDF_EXPERIMENTAL_FEATURES,
     VARIANT_ESP32,
     add_idf_sdkconfig_option,
@@ -50,18 +51,23 @@ SPIRAM_SPEEDS = {
 
 
 def validate_psram_mode(config):
-    if config[CONF_MODE] == TYPE_OCTAL and config[CONF_SPEED] == 120e6:
-        esp32_config = fv.full_config.get()[PLATFORM_ESP32]
-        if (
-            esp32_config[CONF_FRAMEWORK]
-            .get(CONF_ADVANCED, {})
-            .get(CONF_ENABLE_IDF_EXPERIMENTAL_FEATURES)
-        ):
-            _LOGGER.warning(
-                "120MHz PSRAM in octal mode is an experimental feature - use at your own risk"
+    esp32_config = fv.full_config.get()[PLATFORM_ESP32]
+    if config[CONF_SPEED] == 120e6:
+        if esp32_config[CONF_CPU_FREQUENCY] != "240MHZ":
+            raise cv.Invalid(
+                "PSRAM 120MHz requires 240MHz CPU frequency (set in esp32 component)"
             )
-        else:
-            raise cv.Invalid("PSRAM 120MHz is not supported in octal mode")
+        if config[CONF_MODE] == TYPE_OCTAL:
+            if (
+                esp32_config[CONF_FRAMEWORK]
+                .get(CONF_ADVANCED, {})
+                .get(CONF_ENABLE_IDF_EXPERIMENTAL_FEATURES)
+            ):
+                _LOGGER.warning(
+                    "120MHz PSRAM in octal mode is an experimental feature - use at your own risk"
+                )
+            else:
+                raise cv.Invalid("PSRAM 120MHz is not supported in octal mode")
     if config[CONF_MODE] != TYPE_OCTAL and config[CONF_ENABLE_ECC]:
         raise cv.Invalid("ECC is only available in octal mode.")
     if config[CONF_MODE] == TYPE_OCTAL:
@@ -112,7 +118,7 @@ async def to_code(config):
         add_idf_sdkconfig_option(f"{SPIRAM_MODES[config[CONF_MODE]]}", True)
         add_idf_sdkconfig_option(f"{SPIRAM_SPEEDS[config[CONF_SPEED]]}", True)
         if config[CONF_MODE] == TYPE_OCTAL and config[CONF_SPEED] == 120e6:
-            add_idf_sdkconfig_option("CONFIG_ESP_DEFAULT_CPU_FREQ_MHZ_240", True)
+            add_idf_sdkconfig_option("CONFIG_ESPTOOLPY_FLASHFREQ_120M", True)
             if CORE.data[KEY_CORE][KEY_FRAMEWORK_VERSION] >= cv.Version(5, 4, 0):
                 add_idf_sdkconfig_option(
                     "CONFIG_SPIRAM_TIMING_TUNING_POINT_VIA_TEMPERATURE_SENSOR", True
diff --git a/platformio.ini b/platformio.ini
index 292188c6fa..abea62a4ca 100644
--- a/platformio.ini
+++ b/platformio.ini
@@ -140,9 +140,9 @@ extra_scripts = post:esphome/components/esp32/post_build.py.script
 ; This are common settings for the ESP32 (all variants) using IDF.
 [common:esp32-idf]
 extends = common:idf
-platform = https://github.com/pioarduino/platform-espressif32/releases/download/51.03.06/platform-espressif32.zip
+platform = https://github.com/pioarduino/platform-espressif32/releases/download/53.03.13/platform-espressif32.zip
 platform_packages =
-    pioarduino/framework-espidf@https://github.com/pioarduino/esp-idf/releases/download/v5.1.6/esp-idf-v5.1.6.zip
+    pioarduino/framework-espidf@https://github.com/pioarduino/esp-idf/releases/download/v5.3.2/esp-idf-v5.3.2.zip
 
 framework = espidf
 lib_deps =
diff --git a/tests/components/psram/test.esp32-s3-idf.yaml b/tests/components/psram/test.esp32-s3-idf.yaml
index e0e7fb52f6..75d4ee539c 100644
--- a/tests/components/psram/test.esp32-s3-idf.yaml
+++ b/tests/components/psram/test.esp32-s3-idf.yaml
@@ -1,4 +1,5 @@
 esp32:
+  cpu_frequency: 240MHz
   framework:
     type: esp-idf
     advanced: