diff --git a/esphome/components/time_based/time_based_cover.cpp b/esphome/components/time_based/time_based_cover.cpp
index e1936d5ee1..cb51467814 100644
--- a/esphome/components/time_based/time_based_cover.cpp
+++ b/esphome/components/time_based/time_based_cover.cpp
@@ -63,14 +63,18 @@ void TimeBasedCover::control(const CoverCall &call) {
     this->publish_state();
   }
   if (call.get_toggle().has_value()) {
+    // Cover is not idle -> stop it
     if (this->current_operation != COVER_OPERATION_IDLE) {
       this->start_direction_(COVER_OPERATION_IDLE);
       this->publish_state();
     } else {
-      if (this->position == COVER_CLOSED || this->last_operation_ == COVER_OPERATION_CLOSING) {
+      // Cover is idle, check its last direction of movement
+      if (this->position == COVER_CLOSED || this->last_moving_operation_ == COVER_OPERATION_CLOSING) {
+        // Cover was closing -> open it
         this->target_position_ = COVER_OPEN;
         this->start_direction_(COVER_OPERATION_OPENING);
       } else {
+        // Cover was opening -> close it
         this->target_position_ = COVER_CLOSED;
         this->start_direction_(COVER_OPERATION_CLOSING);
       }
@@ -126,17 +130,20 @@ void TimeBasedCover::start_direction_(CoverOperation dir) {
     return;
 
   this->recompute_position_();
+  // Keep track of the previous operation the cover was in
+  this->last_operation_ = current_operation;
+
   Trigger<> *trig;
   switch (dir) {
     case COVER_OPERATION_IDLE:
       trig = this->stop_trigger_;
       break;
     case COVER_OPERATION_OPENING:
-      this->last_operation_ = dir;
+      this->last_moving_operation_ = dir;
       trig = this->open_trigger_;
       break;
     case COVER_OPERATION_CLOSING:
-      this->last_operation_ = dir;
+      this->last_moving_operation_ = dir;
       trig = this->close_trigger_;
       break;
     default:
diff --git a/esphome/components/time_based/time_based_cover.h b/esphome/components/time_based/time_based_cover.h
index 42cf66c2ab..f5d179aca7 100644
--- a/esphome/components/time_based/time_based_cover.h
+++ b/esphome/components/time_based/time_based_cover.h
@@ -23,7 +23,10 @@ class TimeBasedCover : public cover::Cover, public Component {
   void set_has_built_in_endstop(bool value) { this->has_built_in_endstop_ = value; }
   void set_manual_control(bool value) { this->manual_control_ = value; }
   void set_assumed_state(bool value) { this->assumed_state_ = value; }
+  // Return the previous operation the cover was executing.
   cover::CoverOperation get_last_operation() const { return this->last_operation_; }
+  // Return the previous direction of travel of the cover (either OPENING or CLOSING)
+  cover::CoverOperation get_last_moving_operation() const { return this->last_moving_operation_; }
 
  protected:
   void control(const cover::CoverCall &call) override;
@@ -48,7 +51,12 @@ class TimeBasedCover : public cover::Cover, public Component {
   bool has_built_in_endstop_{false};
   bool manual_control_{false};
   bool assumed_state_{false};
-  cover::CoverOperation last_operation_{cover::COVER_OPERATION_OPENING};
+  // Keep track of the previous operation the cover was in.
+  // Useful for instance to decide how to issue a command on the basis on the last received command.
+  cover::CoverOperation last_operation_{cover::COVER_OPERATION_IDLE};
+  // Keep track of the previous direction the cover was moving towards (either OPENING or CLOSING).
+  // Used by the toggle() action to know the previous direction of travel of the cover.
+  cover::CoverOperation last_moving_operation_{cover::COVER_OPERATION_OPENING};
 };
 
 }  // namespace time_based