diff --git a/esphome/components/ina219/ina219.cpp b/esphome/components/ina219/ina219.cpp
index 2fb3bea356..e3846c4c8f 100644
--- a/esphome/components/ina219/ina219.cpp
+++ b/esphome/components/ina219/ina219.cpp
@@ -129,6 +129,36 @@ void INA219Component::setup() {
   }
 }
 
+void INA219Component::sleep() {
+  // Set operating mode bits to power-down mode (bits 0-2 set to 0)
+  ESP_LOGD(TAG, "Putting INA219 to sleep");
+  this->sleeping_ = true;
+  uint16_t config;
+  if (!this->read_byte_16(INA219_REGISTER_CONFIG, &config)) {
+    ESP_LOGD(TAG, "INA219 did not respond to sleep action, failed to read config register");
+    return;
+  }
+  config &= ~0b0000000000000111;  // Clear last 3 bits
+  if (!this->write_byte_16(INA219_REGISTER_CONFIG, config)) {
+    ESP_LOGD(TAG, "INA219 did not respond to sleep action, failed to write config register");
+  }
+}
+
+void INA219Component::wake_up() {
+  // Set operating mode bits to continuous operation of Bus and Shunt ADCs (bits 0-2 set to 1)
+  ESP_LOGD(TAG, "Waking up INA219");
+  this->sleeping_ = false;
+  uint16_t config;
+  if (!this->read_byte_16(INA219_REGISTER_CONFIG, &config)) {
+    ESP_LOGD(TAG, "INA219 did not respond to wake up action, failed to read config register");
+    return;
+  }
+  config |= 0b0000000000000111;  // Set last 3 bits
+  if (!this->write_byte_16(INA219_REGISTER_CONFIG, config)) {
+    ESP_LOGD(TAG, "INA219 did not respond to wake up action, failed to write config register");
+  }
+}
+
 void INA219Component::dump_config() {
   ESP_LOGCONFIG(TAG, "INA219:");
   LOG_I2C_DEVICE(this);
@@ -148,6 +178,10 @@ void INA219Component::dump_config() {
 float INA219Component::get_setup_priority() const { return setup_priority::DATA; }
 
 void INA219Component::update() {
+  if (this->sleeping_) {
+    return;
+  }
+
   if (this->bus_voltage_sensor_ != nullptr) {
     uint16_t raw_bus_voltage;
     if (!this->read_byte_16(INA219_REGISTER_BUS_VOLTAGE, &raw_bus_voltage)) {
diff --git a/esphome/components/ina219/ina219.h b/esphome/components/ina219/ina219.h
index a6c0f2bc4c..9e4a9724e6 100644
--- a/esphome/components/ina219/ina219.h
+++ b/esphome/components/ina219/ina219.h
@@ -3,6 +3,7 @@
 #include "esphome/core/component.h"
 #include "esphome/components/sensor/sensor.h"
 #include "esphome/components/i2c/i2c.h"
+#include "esphome/core/automation.h"
 
 #include <cinttypes>
 
@@ -15,6 +16,8 @@ class INA219Component : public PollingComponent, public i2c::I2CDevice {
   void dump_config() override;
   float get_setup_priority() const override;
   void update() override;
+  void sleep();
+  void wake_up();
 
   void set_shunt_resistance_ohm(float shunt_resistance_ohm) { shunt_resistance_ohm_ = shunt_resistance_ohm; }
   void set_max_current_a(float max_current_a) { max_current_a_ = max_current_a; }
@@ -28,12 +31,20 @@ class INA219Component : public PollingComponent, public i2c::I2CDevice {
   float shunt_resistance_ohm_;
   float max_current_a_;
   float max_voltage_v_;
+  bool sleeping_{false};
   uint32_t calibration_lsb_;
   sensor::Sensor *bus_voltage_sensor_{nullptr};
   sensor::Sensor *shunt_voltage_sensor_{nullptr};
   sensor::Sensor *current_sensor_{nullptr};
   sensor::Sensor *power_sensor_{nullptr};
 };
+template<typename... Ts> class SleepAction : public Action<Ts...>, public Parented<INA219Component> {
+  void play(Ts... x) override { this->parent_->sleep(); }
+};
+
+template<typename... Ts> class WakeUpAction : public Action<Ts...>, public Parented<INA219Component> {
+  void play(Ts... x) override { this->parent_->wake_up(); }
+};
 
 }  // namespace ina219
 }  // namespace esphome
diff --git a/esphome/components/ina219/sensor.py b/esphome/components/ina219/sensor.py
index 020be9bc6e..aa17cca309 100644
--- a/esphome/components/ina219/sensor.py
+++ b/esphome/components/ina219/sensor.py
@@ -1,6 +1,7 @@
+from esphome import automation
 import esphome.codegen as cg
-import esphome.config_validation as cv
 from esphome.components import i2c, sensor
+import esphome.config_validation as cv
 from esphome.const import (
     CONF_BUS_VOLTAGE,
     CONF_CURRENT,
@@ -14,8 +15,8 @@ from esphome.const import (
     DEVICE_CLASS_POWER,
     DEVICE_CLASS_VOLTAGE,
     STATE_CLASS_MEASUREMENT,
-    UNIT_VOLT,
     UNIT_AMPERE,
+    UNIT_VOLT,
     UNIT_WATT,
 )
 
@@ -70,6 +71,40 @@ CONFIG_SCHEMA = (
 )
 
 
+SleepAction = ina219_ns.class_("SleepAction", automation.Action)
+WakeUpAction = ina219_ns.class_("WakeUpAction", automation.Action)
+
+
+@automation.register_action(
+    "ina219.sleep",
+    SleepAction,
+    cv.Schema(
+        {
+            cv.GenerateID(): cv.use_id(INA219Component),
+        }
+    ),
+)
+async def ina219_sleep_to_code(config, action_id, template_arg, args):
+    var = cg.new_Pvariable(action_id, template_arg)
+    await cg.register_parented(var, config[CONF_ID])
+    return var
+
+
+@automation.register_action(
+    "ina219.wake_up",
+    WakeUpAction,
+    cv.Schema(
+        {
+            cv.GenerateID(): cv.use_id(INA219Component),
+        }
+    ),
+)
+async def ina219_wake_up_to_code(config, action_id, template_arg, args):
+    var = cg.new_Pvariable(action_id, template_arg)
+    await cg.register_parented(var, config[CONF_ID])
+    return var
+
+
 async def to_code(config):
     var = cg.new_Pvariable(config[CONF_ID])
     await cg.register_component(var, config)