diff --git a/esphome/components/esp32/__init__.py b/esphome/components/esp32/__init__.py
index b4c7a4e05b..68546b435d 100644
--- a/esphome/components/esp32/__init__.py
+++ b/esphome/components/esp32/__init__.py
@@ -317,11 +317,11 @@ ARDUINO_PLATFORM_VERSION = cv.Version(53, 3, 13)
 # 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, 3, 2)
+RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION = cv.Version(5, 4, 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(53, 3, 13)
+ESP_IDF_PLATFORM_VERSION = cv.Version(54, 3, 21)
 
 # List based on https://registry.platformio.org/tools/platformio/framework-espidf/versions
 SUPPORTED_PLATFORMIO_ESP_IDF_5X = [
@@ -395,8 +395,8 @@ def _arduino_check_versions(value):
 def _esp_idf_check_versions(value):
     value = value.copy()
     lookups = {
-        "dev": (cv.Version(5, 3, 2), "https://github.com/espressif/esp-idf.git"),
-        "latest": (cv.Version(5, 3, 2), None),
+        "dev": (cv.Version(5, 4, 2), "https://github.com/espressif/esp-idf.git"),
+        "latest": (cv.Version(5, 2, 2), None),
         "recommended": (RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION, None),
     }
 
diff --git a/esphome/core/defines.h b/esphome/core/defines.h
index be872689f3..40b8ccc877 100644
--- a/esphome/core/defines.h
+++ b/esphome/core/defines.h
@@ -165,7 +165,7 @@
 #endif
 
 #ifdef USE_ESP_IDF
-#define USE_ESP_IDF_VERSION_CODE VERSION_CODE(5, 3, 2)
+#define USE_ESP_IDF_VERSION_CODE VERSION_CODE(5, 4, 2)
 #define USE_MICRO_WAKE_WORD
 #define USE_MICRO_WAKE_WORD_VAD
 #if defined(USE_ESP32_VARIANT_ESP32C6) || defined(USE_ESP32_VARIANT_ESP32H2)
diff --git a/platformio.ini b/platformio.ini
index 0d67e23222..e741a211d4 100644
--- a/platformio.ini
+++ b/platformio.ini
@@ -160,9 +160,9 @@ 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/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-espidf@https://github.com/pioarduino/esp-idf/releases/download/v5.3.2/esp-idf-v5.3.2.zip
+    pioarduino/framework-espidf@https://github.com/pioarduino/esp-idf/releases/download/v5.4.2/esp-idf-v5.4.2.zip
 
 framework = espidf
 lib_deps =