diff --git a/esphome/components/waveshare_epaper/display.py b/esphome/components/waveshare_epaper/display.py
index 42509f39f1..3e1132bb1d 100644
--- a/esphome/components/waveshare_epaper/display.py
+++ b/esphome/components/waveshare_epaper/display.py
@@ -46,6 +46,7 @@ WaveshareEPaperTypeBModel = waveshare_epaper_ns.enum("WaveshareEPaperTypeBModel"
 
 MODELS = {
     "1.54in": ("a", WaveshareEPaperTypeAModel.WAVESHARE_EPAPER_1_54_IN),
+    "1.54inv2": ("a", WaveshareEPaperTypeAModel.WAVESHARE_EPAPER_1_54_IN_V2),
     "2.13in": ("a", WaveshareEPaperTypeAModel.WAVESHARE_EPAPER_2_13_IN),
     "2.13in-ttgo": ("a", WaveshareEPaperTypeAModel.TTGO_EPAPER_2_13_IN),
     "2.13in-ttgo-b1": ("a", WaveshareEPaperTypeAModel.TTGO_EPAPER_2_13_IN_B1),
@@ -67,7 +68,7 @@ def validate_full_update_every_only_type_a(value):
     if MODELS[value[CONF_MODEL]][0] != "a":
         raise cv.Invalid(
             "The 'full_update_every' option is only available for models "
-            "'1.54in', '2.13in', '2.90in', and '2.90inV2'."
+            "'1.54in', '1.54inV2', '2.13in', '2.90in', and '2.90inV2'."
         )
     return value
 
diff --git a/esphome/components/waveshare_epaper/waveshare_epaper.cpp b/esphome/components/waveshare_epaper/waveshare_epaper.cpp
index 0fb783107d..daaa77b7fa 100644
--- a/esphome/components/waveshare_epaper/waveshare_epaper.cpp
+++ b/esphome/components/waveshare_epaper/waveshare_epaper.cpp
@@ -210,6 +210,9 @@ void WaveshareEPaperTypeA::dump_config() {
     case WAVESHARE_EPAPER_1_54_IN:
       ESP_LOGCONFIG(TAG, "  Model: 1.54in");
       break;
+    case WAVESHARE_EPAPER_1_54_IN_V2:
+      ESP_LOGCONFIG(TAG, "  Model: 1.54inV2");
+      break;
     case WAVESHARE_EPAPER_2_13_IN:
       ESP_LOGCONFIG(TAG, "  Model: 2.13in");
       break;
@@ -334,7 +337,7 @@ void HOT WaveshareEPaperTypeA::display() {
 
   // COMMAND DISPLAY UPDATE CONTROL 2
   this->command(0x22);
-  if (this->model_ == WAVESHARE_EPAPER_2_9_IN_V2) {
+  if (this->model_ == WAVESHARE_EPAPER_2_9_IN_V2 || this->model_ == WAVESHARE_EPAPER_1_54_IN_V2) {
     this->data(full_update ? 0xF7 : 0xFF);
   } else if (this->model_ == TTGO_EPAPER_2_13_IN_B73) {
     this->data(0xC7);
@@ -353,6 +356,8 @@ int WaveshareEPaperTypeA::get_width_internal() {
   switch (this->model_) {
     case WAVESHARE_EPAPER_1_54_IN:
       return 200;
+    case WAVESHARE_EPAPER_1_54_IN_V2:
+      return 200;
     case WAVESHARE_EPAPER_2_13_IN:
       return 128;
     case TTGO_EPAPER_2_13_IN:
@@ -372,6 +377,8 @@ int WaveshareEPaperTypeA::get_height_internal() {
   switch (this->model_) {
     case WAVESHARE_EPAPER_1_54_IN:
       return 200;
+    case WAVESHARE_EPAPER_1_54_IN_V2:
+      return 200;
     case WAVESHARE_EPAPER_2_13_IN:
       return 250;
     case TTGO_EPAPER_2_13_IN:
diff --git a/esphome/components/waveshare_epaper/waveshare_epaper.h b/esphome/components/waveshare_epaper/waveshare_epaper.h
index 0b8958e7f0..8ab77d653b 100644
--- a/esphome/components/waveshare_epaper/waveshare_epaper.h
+++ b/esphome/components/waveshare_epaper/waveshare_epaper.h
@@ -66,6 +66,7 @@ class WaveshareEPaper : public PollingComponent,
 
 enum WaveshareEPaperTypeAModel {
   WAVESHARE_EPAPER_1_54_IN = 0,
+  WAVESHARE_EPAPER_1_54_IN_V2,
   WAVESHARE_EPAPER_2_13_IN,
   WAVESHARE_EPAPER_2_9_IN,
   WAVESHARE_EPAPER_2_9_IN_V2,
@@ -85,7 +86,7 @@ class WaveshareEPaperTypeA : public WaveshareEPaper {
   void display() override;
 
   void deep_sleep() override {
-    if (this->model_ == WAVESHARE_EPAPER_2_9_IN_V2) {
+    if (this->model_ == WAVESHARE_EPAPER_2_9_IN_V2 || this->model_ == WAVESHARE_EPAPER_1_54_IN_V2) {
       // COMMAND DEEP SLEEP MODE
       this->command(0x10);
       this->data(0x01);