diff --git a/CODEOWNERS b/CODEOWNERS
index c006db2a6a..76156db6e6 100644
--- a/CODEOWNERS
+++ b/CODEOWNERS
@@ -159,6 +159,7 @@ esphome/components/midea/* @dudanov
 esphome/components/midea_ir/* @dudanov
 esphome/components/mitsubishi/* @RubyBailey
 esphome/components/mlx90393/* @functionpointer
+esphome/components/mmc5603/* @benhoff
 esphome/components/modbus_controller/* @martgras
 esphome/components/modbus_controller/binary_sensor/* @martgras
 esphome/components/modbus_controller/number/* @martgras
diff --git a/esphome/components/mmc5603/__init__.py b/esphome/components/mmc5603/__init__.py
new file mode 100644
index 0000000000..cc88f26231
--- /dev/null
+++ b/esphome/components/mmc5603/__init__.py
@@ -0,0 +1 @@
+CODEOWNERS = ["@benhoff"]
diff --git a/esphome/components/mmc5603/mmc5603.cpp b/esphome/components/mmc5603/mmc5603.cpp
new file mode 100644
index 0000000000..6fbf4810f2
--- /dev/null
+++ b/esphome/components/mmc5603/mmc5603.cpp
@@ -0,0 +1,162 @@
+#include "mmc5603.h"
+#include "esphome/core/log.h"
+
+namespace esphome {
+namespace mmc5603 {
+
+static const char *const TAG = "mmc5603";
+static const uint8_t MMC5603_ADDRESS = 0x30;
+static const uint8_t MMC56X3_PRODUCT_ID = 0x39;
+
+static const uint8_t MMC56X3_DEFAULT_ADDRESS = 0x30;
+static const uint8_t MMC56X3_CHIP_ID = 0x10;
+
+static const uint8_t MMC56X3_ADDR_XOUT0 = 0x00;
+static const uint8_t MMC56X3_ADDR_XOUT1 = 0x01;
+static const uint8_t MMC56X3_ADDR_XOUT2 = 0x06;
+
+static const uint8_t MMC56X3_ADDR_YOUT0 = 0x02;
+static const uint8_t MMC56X3_ADDR_YOUT1 = 0x03;
+static const uint8_t MMC56X3_ADDR_YOUT2 = 0x07;
+
+static const uint8_t MMC56X3_ADDR_ZOUT0 = 0x04;
+static const uint8_t MMC56X3_ADDR_ZOUT1 = 0x05;
+static const uint8_t MMC56X3_ADDR_ZOUT2 = 0x08;
+
+static const uint8_t MMC56X3_OUT_TEMP = 0x09;
+static const uint8_t MMC56X3_STATUS_REG = 0x18;
+static const uint8_t MMC56X3_CTRL0_REG = 0x1B;
+static const uint8_t MMC56X3_CTRL1_REG = 0x1C;
+static const uint8_t MMC56X3_CTRL2_REG = 0x1D;
+static const uint8_t MMC5603_ODR_REG = 0x1A;
+
+void MMC5603Component::setup() {
+  ESP_LOGCONFIG(TAG, "Setting up MMC5603...");
+  uint8_t id = 0;
+  if (!this->read_byte(MMC56X3_PRODUCT_ID, &id)) {
+    this->error_code_ = COMMUNICATION_FAILED;
+    this->mark_failed();
+    return;
+  }
+
+  if (id != MMC56X3_CHIP_ID) {
+    ESP_LOGCONFIG(TAG, "Chip Wrong");
+    this->error_code_ = ID_REGISTERS;
+    this->mark_failed();
+    return;
+  }
+
+  if (!this->write_byte(MMC56X3_CTRL1_REG, 0x80)) {  // turn on set bit
+    ESP_LOGCONFIG(TAG, "Control 1 Failed for set bit");
+    this->error_code_ = COMMUNICATION_FAILED;
+    this->mark_failed();
+    return;
+  }
+
+  if (!this->write_byte(MMC56X3_CTRL0_REG, 0x08)) {  // turn on set bit
+    ESP_LOGCONFIG(TAG, "Control 0 Failed for set bit");
+    this->error_code_ = COMMUNICATION_FAILED;
+    this->mark_failed();
+    return;
+  }
+
+  if (!this->write_byte(MMC56X3_CTRL0_REG, 0x10)) {
+    this->error_code_ = COMMUNICATION_FAILED;
+    this->mark_failed();
+    return;
+  }
+
+  uint8_t ctrl_2 = 0;
+
+  ctrl_2 &= ~0x10;  // turn off cmm_en bit
+  if (!this->write_byte(MMC56X3_CTRL2_REG, ctrl_2)) {
+    this->error_code_ = COMMUNICATION_FAILED;
+    this->mark_failed();
+    return;
+  }
+}
+void MMC5603Component::dump_config() {
+  ESP_LOGCONFIG(TAG, "MMC5603:");
+  LOG_I2C_DEVICE(this);
+  if (this->error_code_ == COMMUNICATION_FAILED) {
+    ESP_LOGE(TAG, "Communication with MMC5603 failed!");
+  } else if (this->error_code_ == ID_REGISTERS) {
+    ESP_LOGE(TAG, "The ID registers don't match - Is this really an MMC5603?");
+  }
+  LOG_UPDATE_INTERVAL(this);
+
+  LOG_SENSOR("  ", "X Axis", this->x_sensor_);
+  LOG_SENSOR("  ", "Y Axis", this->y_sensor_);
+  LOG_SENSOR("  ", "Z Axis", this->z_sensor_);
+  LOG_SENSOR("  ", "Heading", this->heading_sensor_);
+}
+
+float MMC5603Component::get_setup_priority() const { return setup_priority::DATA; }
+
+void MMC5603Component::update() {
+  if (!this->write_byte(MMC56X3_CTRL0_REG, 0x01)) {
+    this->status_set_warning();
+    return;
+  }
+  uint8_t status = 0;
+  if (!this->read_byte(MMC56X3_STATUS_REG, &status)) {
+    this->status_set_warning();
+    return;
+  }
+
+  uint8_t buffer[9] = {0};
+
+  if (!this->read_byte(MMC56X3_ADDR_XOUT0, &buffer[0]) || !this->read_byte(MMC56X3_ADDR_XOUT1, &buffer[1]) ||
+      !this->read_byte(MMC56X3_ADDR_XOUT2, &buffer[2])) {
+    this->status_set_warning();
+    return;
+  }
+
+  if (!this->read_byte(MMC56X3_ADDR_YOUT0, &buffer[3]) || !this->read_byte(MMC56X3_ADDR_YOUT1, &buffer[4]) ||
+      !this->read_byte(MMC56X3_ADDR_YOUT2, &buffer[5])) {
+    this->status_set_warning();
+    return;
+  }
+
+  if (!this->read_byte(MMC56X3_ADDR_ZOUT0, &buffer[6]) || !this->read_byte(MMC56X3_ADDR_ZOUT1, &buffer[7]) ||
+      !this->read_byte(MMC56X3_ADDR_ZOUT2, &buffer[8])) {
+    this->status_set_warning();
+    return;
+  }
+
+  int32_t raw_x = 0;
+  raw_x |= buffer[0] << 12;
+  raw_x |= buffer[1] << 4;
+  raw_x |= buffer[2] << 0;
+
+  const float x = 0.0625 * (raw_x - 524288);
+
+  int32_t raw_y = 0;
+  raw_y |= buffer[3] << 12;
+  raw_y |= buffer[4] << 4;
+  raw_y |= buffer[5] << 0;
+
+  const float y = 0.0625 * (raw_y - 524288);
+
+  int32_t raw_z = 0;
+  raw_z |= buffer[6] << 12;
+  raw_z |= buffer[7] << 4;
+  raw_z |= buffer[8] << 0;
+
+  const float z = 0.0625 * (raw_z - 524288);
+
+  const float heading = atan2f(0.0f - x, y) * 180.0f / M_PI;
+  ESP_LOGD(TAG, "Got x=%0.02fµT y=%0.02fµT z=%0.02fµT heading=%0.01f°", x, y, z, heading);
+
+  if (this->x_sensor_ != nullptr)
+    this->x_sensor_->publish_state(x);
+  if (this->y_sensor_ != nullptr)
+    this->y_sensor_->publish_state(y);
+  if (this->z_sensor_ != nullptr)
+    this->z_sensor_->publish_state(z);
+  if (this->heading_sensor_ != nullptr)
+    this->heading_sensor_->publish_state(heading);
+}
+
+}  // namespace mmc5603
+}  // namespace esphome
diff --git a/esphome/components/mmc5603/mmc5603.h b/esphome/components/mmc5603/mmc5603.h
new file mode 100644
index 0000000000..cd0893053c
--- /dev/null
+++ b/esphome/components/mmc5603/mmc5603.h
@@ -0,0 +1,43 @@
+#pragma once
+
+#include "esphome/core/component.h"
+#include "esphome/components/sensor/sensor.h"
+#include "esphome/components/i2c/i2c.h"
+
+namespace esphome {
+namespace mmc5603 {
+
+enum MMC5603Datarate {
+  MMC5603_DATARATE_75_0_HZ,
+  MMC5603_DATARATE_150_0_HZ,
+  MMC5603_DATARATE_255_0_HZ,
+};
+
+class MMC5603Component : public PollingComponent, public i2c::I2CDevice {
+ public:
+  void setup() override;
+  void dump_config() override;
+  float get_setup_priority() const override;
+  void update() override;
+
+  void set_datarate(MMC5603Datarate datarate) { datarate_ = datarate; }
+  void set_x_sensor(sensor::Sensor *x_sensor) { x_sensor_ = x_sensor; }
+  void set_y_sensor(sensor::Sensor *y_sensor) { y_sensor_ = y_sensor; }
+  void set_z_sensor(sensor::Sensor *z_sensor) { z_sensor_ = z_sensor; }
+  void set_heading_sensor(sensor::Sensor *heading_sensor) { heading_sensor_ = heading_sensor; }
+
+ protected:
+  MMC5603Datarate datarate_;
+  sensor::Sensor *x_sensor_{nullptr};
+  sensor::Sensor *y_sensor_{nullptr};
+  sensor::Sensor *z_sensor_{nullptr};
+  sensor::Sensor *heading_sensor_{nullptr};
+  enum ErrorCode {
+    NONE = 0,
+    COMMUNICATION_FAILED,
+    ID_REGISTERS,
+  } error_code_;
+};
+
+}  // namespace mmc5603
+}  // namespace esphome
diff --git a/esphome/components/mmc5603/sensor.py b/esphome/components/mmc5603/sensor.py
new file mode 100644
index 0000000000..348a0e7dcc
--- /dev/null
+++ b/esphome/components/mmc5603/sensor.py
@@ -0,0 +1,91 @@
+import esphome.codegen as cg
+import esphome.config_validation as cv
+from esphome.components import i2c, sensor
+from esphome.const import (
+    CONF_ADDRESS,
+    CONF_ID,
+    ICON_MAGNET,
+    STATE_CLASS_MEASUREMENT,
+    UNIT_MICROTESLA,
+    UNIT_DEGREES,
+    ICON_SCREEN_ROTATION,
+    CONF_UPDATE_INTERVAL,
+)
+
+DEPENDENCIES = ["i2c"]
+
+mmc5603_ns = cg.esphome_ns.namespace("mmc5603")
+
+CONF_FIELD_STRENGTH_X = "field_strength_x"
+CONF_FIELD_STRENGTH_Y = "field_strength_y"
+CONF_FIELD_STRENGTH_Z = "field_strength_z"
+CONF_HEADING = "heading"
+
+MMC5603Component = mmc5603_ns.class_(
+    "MMC5603Component", cg.PollingComponent, i2c.I2CDevice
+)
+
+
+MMC5603Datarate = mmc5603_ns.enum("MMC5603Datarate")
+MMC5603Datarates = {
+    75: MMC5603Datarate.MMC5603_DATARATE_75_0_HZ,
+    150: MMC5603Datarate.MMC5603_DATARATE_150_0_HZ,
+    255: MMC5603Datarate.MMC5603_DATARATE_255_0_HZ,
+}
+
+
+field_strength_schema = sensor.sensor_schema(
+    unit_of_measurement=UNIT_MICROTESLA,
+    icon=ICON_MAGNET,
+    accuracy_decimals=1,
+    state_class=STATE_CLASS_MEASUREMENT,
+)
+heading_schema = sensor.sensor_schema(
+    unit_of_measurement=UNIT_DEGREES,
+    icon=ICON_SCREEN_ROTATION,
+    accuracy_decimals=1,
+)
+
+CONFIG_SCHEMA = (
+    cv.Schema(
+        {
+            cv.GenerateID(): cv.declare_id(MMC5603Component),
+            cv.Optional(CONF_ADDRESS): cv.i2c_address,
+            cv.Optional(CONF_FIELD_STRENGTH_X): field_strength_schema,
+            cv.Optional(CONF_FIELD_STRENGTH_Y): field_strength_schema,
+            cv.Optional(CONF_FIELD_STRENGTH_Z): field_strength_schema,
+            cv.Optional(CONF_HEADING): heading_schema,
+        }
+    )
+    .extend(cv.polling_component_schema("60s"))
+    .extend(i2c.i2c_device_schema(0x1E))
+)
+
+
+def auto_data_rate(config):
+    interval_msec = config[CONF_UPDATE_INTERVAL].total_milliseconds
+    interval_hz = 1000.0 / interval_msec
+    for datarate in sorted(MMC5603Datarates.keys()):
+        if float(datarate) >= interval_hz:
+            return MMC5603Datarates[datarate]
+    return MMC5603Datarates[75]
+
+
+async def to_code(config):
+    var = cg.new_Pvariable(config[CONF_ID])
+    await cg.register_component(var, config)
+    await i2c.register_i2c_device(var, config)
+
+    cg.add(var.set_datarate(auto_data_rate(config)))
+    if CONF_FIELD_STRENGTH_X in config:
+        sens = await sensor.new_sensor(config[CONF_FIELD_STRENGTH_X])
+        cg.add(var.set_x_sensor(sens))
+    if CONF_FIELD_STRENGTH_Y in config:
+        sens = await sensor.new_sensor(config[CONF_FIELD_STRENGTH_Y])
+        cg.add(var.set_y_sensor(sens))
+    if CONF_FIELD_STRENGTH_Z in config:
+        sens = await sensor.new_sensor(config[CONF_FIELD_STRENGTH_Z])
+        cg.add(var.set_z_sensor(sens))
+    if CONF_HEADING in config:
+        sens = await sensor.new_sensor(config[CONF_HEADING])
+        cg.add(var.set_heading_sensor(sens))
diff --git a/tests/test1.yaml b/tests/test1.yaml
index 5be6395729..c2a2ed5c95 100644
--- a/tests/test1.yaml
+++ b/tests/test1.yaml
@@ -831,6 +831,15 @@ sensor:
     temperature:
       name: MPU6886 Temperature
     i2c_id: i2c_bus
+  - platform: mmc5603
+    address: 0x30
+    field_strength_x:
+      name: HMC5883L Field Strength X
+    field_strength_y:
+      name: HMC5883L Field Strength Y
+    field_strength_z:
+      name: HMC5883L Field Strength Z
+    i2c_id: i2c_bus
   - platform: dps310
     temperature:
       name: DPS310 Temperature