diff --git a/CODEOWNERS b/CODEOWNERS
index ed9c13a975..a19f3d75ed 100644
--- a/CODEOWNERS
+++ b/CODEOWNERS
@@ -403,6 +403,7 @@ esphome/components/sun/* @OttoWinter
 esphome/components/sun_gtil2/* @Mat931
 esphome/components/switch/* @esphome/core
 esphome/components/t6615/* @tylermenezes
+esphome/components/tc74/* @sethgirvan
 esphome/components/tca9548a/* @andreashergert1984
 esphome/components/tca9555/* @mobrembski
 esphome/components/tcl112/* @glmnet
diff --git a/esphome/components/tc74/__init__.py b/esphome/components/tc74/__init__.py
new file mode 100644
index 0000000000..c1407c7cad
--- /dev/null
+++ b/esphome/components/tc74/__init__.py
@@ -0,0 +1 @@
+CODEOWNERS = ["@sethgirvan"]
diff --git a/esphome/components/tc74/sensor.py b/esphome/components/tc74/sensor.py
new file mode 100644
index 0000000000..18fc2d9a42
--- /dev/null
+++ b/esphome/components/tc74/sensor.py
@@ -0,0 +1,32 @@
+import esphome.codegen as cg
+from esphome.components import i2c, sensor
+import esphome.config_validation as cv
+from esphome.const import (
+    DEVICE_CLASS_TEMPERATURE,
+    STATE_CLASS_MEASUREMENT,
+    UNIT_CELSIUS,
+)
+
+CODEOWNERS = ["@sethgirvan"]
+DEPENDENCIES = ["i2c"]
+
+tc74_ns = cg.esphome_ns.namespace("tc74")
+TC74Component = tc74_ns.class_("TC74Component", cg.PollingComponent, i2c.I2CDevice)
+
+CONFIG_SCHEMA = (
+    sensor.sensor_schema(
+        TC74Component,
+        unit_of_measurement=UNIT_CELSIUS,
+        accuracy_decimals=1,
+        device_class=DEVICE_CLASS_TEMPERATURE,
+        state_class=STATE_CLASS_MEASUREMENT,
+    )
+    .extend(cv.polling_component_schema("60s"))
+    .extend(i2c.i2c_device_schema(0x48))
+)
+
+
+async def to_code(config):
+    var = await sensor.new_sensor(config)
+    await cg.register_component(var, config)
+    await i2c.register_i2c_device(var, config)
diff --git a/esphome/components/tc74/tc74.cpp b/esphome/components/tc74/tc74.cpp
new file mode 100644
index 0000000000..2acb71f921
--- /dev/null
+++ b/esphome/components/tc74/tc74.cpp
@@ -0,0 +1,68 @@
+// Based on the TC74 datasheet https://ww1.microchip.com/downloads/en/DeviceDoc/21462D.pdf
+
+#include "tc74.h"
+#include "esphome/core/log.h"
+
+namespace esphome {
+namespace tc74 {
+
+static const char *const TAG = "tc74";
+
+static const uint8_t TC74_REGISTER_TEMPERATURE = 0x00;
+static const uint8_t TC74_REGISTER_CONFIGURATION = 0x01;
+static const uint8_t TC74_DATA_READY_MASK = 0x40;
+
+// It is possible the "Data Ready" bit will not be set if the TC74 has not been powered on for at least 250ms, so it not
+// being set does not constitute a failure.
+void TC74Component::setup() {
+  ESP_LOGCONFIG(TAG, "Setting up TC74...");
+  uint8_t config_reg;
+  if (this->read_register(TC74_REGISTER_CONFIGURATION, &config_reg, 1) != i2c::ERROR_OK) {
+    this->mark_failed();
+    return;
+  }
+  this->data_ready_ = config_reg & TC74_DATA_READY_MASK;
+}
+
+void TC74Component::update() { this->read_temperature_(); }
+
+void TC74Component::dump_config() {
+  LOG_SENSOR("", "TC74", this);
+  LOG_I2C_DEVICE(this);
+  if (this->is_failed()) {
+    ESP_LOGE(TAG, "Connection with TC74 failed!");
+  }
+  LOG_UPDATE_INTERVAL(this);
+}
+
+void TC74Component::read_temperature_() {
+  if (!this->data_ready_) {
+    uint8_t config_reg;
+    if (this->read_register(TC74_REGISTER_CONFIGURATION, &config_reg, 1) != i2c::ERROR_OK) {
+      this->status_set_warning();
+      return;
+    }
+
+    if (config_reg & TC74_DATA_READY_MASK) {
+      this->data_ready_ = true;
+    } else {
+      ESP_LOGD(TAG, "TC74 not ready");
+      return;
+    }
+  }
+
+  uint8_t temperature_reg;
+  if (this->read_register(TC74_REGISTER_TEMPERATURE, &temperature_reg, 1) != i2c::ERROR_OK) {
+    this->status_set_warning();
+    return;
+  }
+
+  ESP_LOGD(TAG, "Got Temperature=%d °C", temperature_reg);
+  this->publish_state(temperature_reg);
+  this->status_clear_warning();
+}
+
+float TC74Component::get_setup_priority() const { return setup_priority::DATA; }
+
+}  // namespace tc74
+}  // namespace esphome
diff --git a/esphome/components/tc74/tc74.h b/esphome/components/tc74/tc74.h
new file mode 100644
index 0000000000..5d70c05420
--- /dev/null
+++ b/esphome/components/tc74/tc74.h
@@ -0,0 +1,28 @@
+#pragma once
+
+#include "esphome/core/component.h"
+#include "esphome/components/sensor/sensor.h"
+#include "esphome/components/i2c/i2c.h"
+
+namespace esphome {
+namespace tc74 {
+
+class TC74Component : public PollingComponent, public i2c::I2CDevice, public sensor::Sensor {
+ public:
+  /// Setup the sensor and check connection.
+  void setup() override;
+  void dump_config() override;
+  /// Update the sensor value (temperature).
+  void update() override;
+
+  float get_setup_priority() const override;
+
+ protected:
+  /// Internal method to read the temperature from the component after it has been scheduled.
+  void read_temperature_();
+
+  bool data_ready_ = false;
+};
+
+}  // namespace tc74
+}  // namespace esphome
diff --git a/tests/components/tc74/test.esp32-ard.yaml b/tests/components/tc74/test.esp32-ard.yaml
new file mode 100644
index 0000000000..ef9b40e184
--- /dev/null
+++ b/tests/components/tc74/test.esp32-ard.yaml
@@ -0,0 +1,8 @@
+i2c:
+  - id: i2c_tc74
+    scl: 16
+    sda: 17
+
+sensor:
+  - platform: tc74
+    name: TC74 Temperature
diff --git a/tests/components/tc74/test.esp32-c3-ard.yaml b/tests/components/tc74/test.esp32-c3-ard.yaml
new file mode 100644
index 0000000000..e1a373fbf4
--- /dev/null
+++ b/tests/components/tc74/test.esp32-c3-ard.yaml
@@ -0,0 +1,8 @@
+i2c:
+  - id: i2c_tc74
+    scl: 5
+    sda: 4
+
+sensor:
+  - platform: tc74
+    name: TC74 Temperature
diff --git a/tests/components/tc74/test.esp32-c3-idf.yaml b/tests/components/tc74/test.esp32-c3-idf.yaml
new file mode 100644
index 0000000000..e1a373fbf4
--- /dev/null
+++ b/tests/components/tc74/test.esp32-c3-idf.yaml
@@ -0,0 +1,8 @@
+i2c:
+  - id: i2c_tc74
+    scl: 5
+    sda: 4
+
+sensor:
+  - platform: tc74
+    name: TC74 Temperature
diff --git a/tests/components/tc74/test.esp32-idf.yaml b/tests/components/tc74/test.esp32-idf.yaml
new file mode 100644
index 0000000000..ef9b40e184
--- /dev/null
+++ b/tests/components/tc74/test.esp32-idf.yaml
@@ -0,0 +1,8 @@
+i2c:
+  - id: i2c_tc74
+    scl: 16
+    sda: 17
+
+sensor:
+  - platform: tc74
+    name: TC74 Temperature
diff --git a/tests/components/tc74/test.esp8266-ard.yaml b/tests/components/tc74/test.esp8266-ard.yaml
new file mode 100644
index 0000000000..e1a373fbf4
--- /dev/null
+++ b/tests/components/tc74/test.esp8266-ard.yaml
@@ -0,0 +1,8 @@
+i2c:
+  - id: i2c_tc74
+    scl: 5
+    sda: 4
+
+sensor:
+  - platform: tc74
+    name: TC74 Temperature
diff --git a/tests/components/tc74/test.rp2040-ard.yaml b/tests/components/tc74/test.rp2040-ard.yaml
new file mode 100644
index 0000000000..e1a373fbf4
--- /dev/null
+++ b/tests/components/tc74/test.rp2040-ard.yaml
@@ -0,0 +1,8 @@
+i2c:
+  - id: i2c_tc74
+    scl: 5
+    sda: 4
+
+sensor:
+  - platform: tc74
+    name: TC74 Temperature