diff --git a/esphome/components/esp32/__init__.py b/esphome/components/esp32/__init__.py
index 68546b435d..d1745b72bb 100644
--- a/esphome/components/esp32/__init__.py
+++ b/esphome/components/esp32/__init__.py
@@ -309,10 +309,10 @@ def _format_framework_espidf_version(
 
 # The default/recommended arduino framework version
 #  - https://github.com/espressif/arduino-esp32/releases
-RECOMMENDED_ARDUINO_FRAMEWORK_VERSION = cv.Version(3, 1, 3)
+RECOMMENDED_ARDUINO_FRAMEWORK_VERSION = cv.Version(3, 2, 1)
 # The platform-espressif32 version to use for arduino frameworks
 #  - https://github.com/pioarduino/platform-espressif32/releases
-ARDUINO_PLATFORM_VERSION = cv.Version(53, 3, 13)
+ARDUINO_PLATFORM_VERSION = cv.Version(54, 3, 21)
 
 # The default/recommended esp-idf framework version
 #  - https://github.com/espressif/esp-idf/releases
@@ -356,8 +356,8 @@ SUPPORTED_PIOARDUINO_ESP_IDF_5X = [
 def _arduino_check_versions(value):
     value = value.copy()
     lookups = {
-        "dev": (cv.Version(3, 1, 3), "https://github.com/espressif/arduino-esp32.git"),
-        "latest": (cv.Version(3, 1, 3), None),
+        "dev": (cv.Version(3, 2, 1), "https://github.com/espressif/arduino-esp32.git"),
+        "latest": (cv.Version(3, 2, 1), None),
         "recommended": (RECOMMENDED_ARDUINO_FRAMEWORK_VERSION, None),
     }
 
diff --git a/esphome/core/defines.h b/esphome/core/defines.h
index 40b8ccc877..e34a1c7807 100644
--- a/esphome/core/defines.h
+++ b/esphome/core/defines.h
@@ -160,7 +160,7 @@
 #define USE_WIFI_11KV_SUPPORT
 
 #ifdef USE_ARDUINO
-#define USE_ARDUINO_VERSION_CODE VERSION_CODE(3, 1, 3)
+#define USE_ARDUINO_VERSION_CODE VERSION_CODE(3, 2, 1)
 #define USE_ETHERNET
 #endif
 
diff --git a/platformio.ini b/platformio.ini
index e741a211d4..41deb19837 100644
--- a/platformio.ini
+++ b/platformio.ini
@@ -124,9 +124,9 @@ extra_scripts = post:esphome/components/esp8266/post_build.py.script
 ; This are common settings for the ESP32 (all variants) using Arduino.
 [common:esp32-arduino]
 extends = common:arduino
-platform = https://github.com/pioarduino/platform-espressif32/releases/download/53.03.13/platform-espressif32.zip
+platform = https://github.com/pioarduino/platform-espressif32/releases/download/54.03.21/platform-espressif32.zip
 platform_packages =
-    pioarduino/framework-arduinoespressif32@https://github.com/espressif/arduino-esp32/releases/download/3.1.3/esp32-3.1.3.zip
+    pioarduino/framework-arduinoespressif32@https://github.com/espressif/arduino-esp32/releases/download/3.2.1/esp32-3.2.1.zip
 
 framework = arduino
 lib_deps =