diff --git a/esphome/components/waveshare_epaper/display.py b/esphome/components/waveshare_epaper/display.py
index d0276f119a..11deab5310 100644
--- a/esphome/components/waveshare_epaper/display.py
+++ b/esphome/components/waveshare_epaper/display.py
@@ -63,6 +63,7 @@ WaveshareEPaper7P5InHDB = waveshare_epaper_ns.class_(
 WaveshareEPaper2P13InDKE = waveshare_epaper_ns.class_(
     "WaveshareEPaper2P13InDKE", WaveshareEPaper
 )
+GDEW0154M09 = waveshare_epaper_ns.class_("GDEW0154M09", WaveshareEPaper)
 
 WaveshareEPaperTypeAModel = waveshare_epaper_ns.enum("WaveshareEPaperTypeAModel")
 WaveshareEPaperTypeBModel = waveshare_epaper_ns.enum("WaveshareEPaperTypeBModel")
@@ -91,6 +92,7 @@ MODELS = {
     "7.50inv2alt": ("b", WaveshareEPaper7P5InV2alt),
     "7.50in-hd-b": ("b", WaveshareEPaper7P5InHDB),
     "2.13in-ttgo-dke": ("c", WaveshareEPaper2P13InDKE),
+    "1.54in-m5coreink-m09": ("c", GDEW0154M09),
 }
 
 
diff --git a/esphome/components/waveshare_epaper/waveshare_epaper.cpp b/esphome/components/waveshare_epaper/waveshare_epaper.cpp
index 42f5bc54e3..d64a5500dd 100644
--- a/esphome/components/waveshare_epaper/waveshare_epaper.cpp
+++ b/esphome/components/waveshare_epaper/waveshare_epaper.cpp
@@ -763,6 +763,146 @@ void GDEY029T94::dump_config() {
   LOG_UPDATE_INTERVAL(this);
 }
 
+// ========================================================
+//     Good Display 1.54in black/white/grey GDEW0154M09
+// As used in M5Stack Core Ink
+// Datasheet:
+//  - https://v4.cecdn.yun300.cn/100001_1909185148/GDEW0154M09-200709.pdf
+//  - https://github.com/m5stack/M5Core-Ink
+// Reference code from GoodDisplay:
+//  - https://github.com/GoodDisplay/E-paper-Display-Library-of-GoodDisplay/
+//  -> /Monochrome_E-paper-Display/1.54inch_JD79653_GDEW0154M09_200x200/ESP32-Arduino%20IDE/GDEW0154M09_Arduino.ino
+// M5Stack Core Ink spec:
+//  - https://docs.m5stack.com/en/core/coreink
+// ========================================================
+
+void GDEW0154M09::initialize() {
+  this->init_internal_();
+  ExternalRAMAllocator<uint8_t> allocator(ExternalRAMAllocator<uint8_t>::ALLOW_FAILURE);
+  this->lastbuff_ = allocator.allocate(this->get_buffer_length_());
+  if (this->lastbuff_ != nullptr) {
+    memset(this->lastbuff_, 0xff, sizeof(uint8_t) * this->get_buffer_length_());
+  }
+  this->clear_();
+}
+
+void GDEW0154M09::reset_() {
+  // RST is inverse from other einks in this project
+  if (this->reset_pin_ != nullptr) {
+    this->reset_pin_->digital_write(false);
+    delay(10);
+    this->reset_pin_->digital_write(true);
+    delay(10);
+  }
+}
+
+void GDEW0154M09::init_internal_() {
+  this->reset_();
+
+  // clang-format off
+  // 200x200 resolution:        11
+  // LUT from OTP:              0
+  // B/W mode (doesn't work):   1
+  // scan-up:                   1
+  // shift-right:               1
+  // booster ON:                1
+  // no soft reset:             1
+  const uint8_t panel_setting_1 = 0b11011111;
+
+  // VCOM status off            0
+  // Temp sensing default       1
+  // VGL Power Off Floating     1
+  // NORG expect refresh        1
+  // VCOM Off on displ off      0
+  const uint8_t panel_setting_2 = 0b01110;
+
+  const uint8_t wf_t0154_cz_b3_list[] = {
+      11, //  11 commands in list
+      CMD_PSR_PANEL_SETTING, 2, panel_setting_1, panel_setting_2,
+      CMD_UNDOCUMENTED_0x4D, 1, 0x55,
+      CMD_UNDOCUMENTED_0xAA, 1, 0x0f,
+      CMD_UNDOCUMENTED_0xE9, 1, 0x02,
+      CMD_UNDOCUMENTED_0xB6, 1, 0x11,
+      CMD_UNDOCUMENTED_0xF3, 1, 0x0a,
+      CMD_TRES_RESOLUTION_SETTING, 3, 0xc8, 0x00, 0xc8,
+      CMD_TCON_TCONSETTING, 1, 0x00,
+      CMD_CDI_VCOM_DATA_INTERVAL, 1, 0xd7,
+      CMD_PWS_POWER_SAVING, 1, 0x00,
+      CMD_PON_POWER_ON, 0
+  };
+  // clang-format on
+
+  this->write_init_list_(wf_t0154_cz_b3_list);
+  delay(100);  // NOLINT
+  this->wait_until_idle_();
+}
+
+void GDEW0154M09::write_init_list_(const uint8_t *list) {
+  uint8_t list_limit = list[0];
+  uint8_t *start_ptr = ((uint8_t *) list + 1);
+  for (uint8_t i = 0; i < list_limit; i++) {
+    this->command(*(start_ptr + 0));
+    for (uint8_t dnum = 0; dnum < *(start_ptr + 1); dnum++) {
+      this->data(*(start_ptr + 2 + dnum));
+    }
+    start_ptr += (*(start_ptr + 1) + 2);
+  }
+}
+
+void GDEW0154M09::clear_() {
+  uint32_t pixsize = this->get_buffer_length_();
+  for (uint8_t j = 0; j < 2; j++) {
+    this->command(CMD_DTM1_DATA_START_TRANS);
+    for (int count = 0; count < pixsize; count++) {
+      this->data(0x00);
+    }
+    this->command(CMD_DTM2_DATA_START_TRANS2);
+    for (int count = 0; count < pixsize; count++) {
+      this->data(0xff);
+    }
+    this->command(CMD_DISPLAY_REFRESH);
+    delay(10);
+    this->wait_until_idle_();
+  }
+}
+
+void HOT GDEW0154M09::display() {
+  this->init_internal_();
+  // "Mode 0 display" for now
+  this->command(CMD_DTM1_DATA_START_TRANS);
+  for (int i = 0; i < this->get_buffer_length_(); i++) {
+    this->data(0xff);
+  }
+  this->command(CMD_DTM2_DATA_START_TRANS2);  // write 'new' data to SRAM
+  for (int i = 0; i < this->get_buffer_length_(); i++) {
+    this->data(this->buffer_[i]);
+  }
+  this->command(CMD_DISPLAY_REFRESH);
+  delay(10);
+  this->wait_until_idle_();
+  this->deep_sleep();
+}
+
+void GDEW0154M09::deep_sleep() {
+  // COMMAND DEEP SLEEP
+  this->command(CMD_POF_POWER_OFF);
+  this->wait_until_idle_();
+  delay(1000);  // NOLINT
+  this->command(CMD_DSLP_DEEP_SLEEP);
+  this->data(DATA_DSLP_DEEP_SLEEP);
+}
+
+int GDEW0154M09::get_width_internal() { return 200; }
+int GDEW0154M09::get_height_internal() { return 200; }
+void GDEW0154M09::dump_config() {
+  LOG_DISPLAY("", "M5Stack CoreInk E-Paper (Good Display)", this);
+  ESP_LOGCONFIG(TAG, "  Model: 1.54in Greyscale GDEW0154M09");
+  LOG_PIN("  Reset Pin: ", this->reset_pin_);
+  LOG_PIN("  DC Pin: ", this->dc_pin_);
+  LOG_PIN("  Busy Pin: ", this->busy_pin_);
+  LOG_UPDATE_INTERVAL(this);
+}
+
 static const uint8_t LUT_VCOM_DC_4_2[] = {
     0x00, 0x17, 0x00, 0x00, 0x00, 0x02, 0x00, 0x17, 0x17, 0x00, 0x00, 0x02, 0x00, 0x0A, 0x01,
     0x00, 0x00, 0x01, 0x00, 0x0E, 0x0E, 0x00, 0x00, 0x02, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00,
diff --git a/esphome/components/waveshare_epaper/waveshare_epaper.h b/esphome/components/waveshare_epaper/waveshare_epaper.h
index 1cb46bdb9d..a84a1d4541 100644
--- a/esphome/components/waveshare_epaper/waveshare_epaper.h
+++ b/esphome/components/waveshare_epaper/waveshare_epaper.h
@@ -170,6 +170,46 @@ class GDEY029T94 : public WaveshareEPaper {
   int get_height_internal() override;
 };
 
+class GDEW0154M09 : public WaveshareEPaper {
+ public:
+  void initialize() override;
+  void display() override;
+  void dump_config() override;
+  void deep_sleep() override;
+
+ protected:
+  int get_width_internal() override;
+  int get_height_internal() override;
+
+ private:
+  static const uint8_t CMD_DTM1_DATA_START_TRANS = 0x10;
+  static const uint8_t CMD_DTM2_DATA_START_TRANS2 = 0x13;
+  static const uint8_t CMD_DISPLAY_REFRESH = 0x12;
+  static const uint8_t CMD_AUTO_SEQ = 0x17;
+  static const uint8_t DATA_AUTO_PON_DSR_POF_DSLP = 0xA7;
+  static const uint8_t CMD_PSR_PANEL_SETTING = 0x00;
+  static const uint8_t CMD_UNDOCUMENTED_0x4D = 0x4D;  //  NOLINT
+  static const uint8_t CMD_UNDOCUMENTED_0xAA = 0xaa;  //  NOLINT
+  static const uint8_t CMD_UNDOCUMENTED_0xE9 = 0xe9;  //  NOLINT
+  static const uint8_t CMD_UNDOCUMENTED_0xB6 = 0xb6;  //  NOLINT
+  static const uint8_t CMD_UNDOCUMENTED_0xF3 = 0xf3;  //  NOLINT
+  static const uint8_t CMD_TRES_RESOLUTION_SETTING = 0x61;
+  static const uint8_t CMD_TCON_TCONSETTING = 0x60;
+  static const uint8_t CMD_CDI_VCOM_DATA_INTERVAL = 0x50;
+  static const uint8_t CMD_POF_POWER_OFF = 0x02;
+  static const uint8_t CMD_DSLP_DEEP_SLEEP = 0x07;
+  static const uint8_t DATA_DSLP_DEEP_SLEEP = 0xA5;
+  static const uint8_t CMD_PWS_POWER_SAVING = 0xe3;
+  static const uint8_t CMD_PON_POWER_ON = 0x04;
+  static const uint8_t CMD_PTL_PARTIAL_WINDOW = 0x90;
+
+  uint8_t *lastbuff_ = nullptr;
+  void reset_();
+  void clear_();
+  void write_init_list_(const uint8_t *list);
+  void init_internal_();
+};
+
 class WaveshareEPaper2P9InB : public WaveshareEPaper {
  public:
   void initialize() override;
diff --git a/tests/test4.yaml b/tests/test4.yaml
index 3c9f9f610c..2a8cb02413 100644
--- a/tests/test4.yaml
+++ b/tests/test4.yaml
@@ -504,6 +504,14 @@ display:
     full_update_every: 30
     lambda: |-
       it.rectangle(0, 0, it.get_width(), it.get_height());
+  - platform: waveshare_epaper
+    cs_pin: GPIO23
+    dc_pin: GPIO23
+    busy_pin: GPIO23
+    reset_pin: GPIO23
+    model: 1.54in-m5coreink-m09
+    lambda: |-
+      it.rectangle(0, 0, it.get_width(), it.get_height());
   - platform: inkplate6
     id: inkplate_display
     greyscale: false