diff --git a/esphome/components/http_request/http_request_idf.cpp b/esphome/components/http_request/http_request_idf.cpp
index b449f046ee..66f064c2ce 100644
--- a/esphome/components/http_request/http_request_idf.cpp
+++ b/esphome/components/http_request/http_request_idf.cpp
@@ -12,6 +12,8 @@
 #include "esp_crt_bundle.h"
 #endif
 
+#include "esp_task_wdt.h"
+
 namespace esphome {
 namespace http_request {
 
@@ -117,11 +119,11 @@ std::shared_ptr<HttpContainer> HttpRequestIDF::start(std::string url, std::strin
     return nullptr;
   }
 
-  App.feed_wdt();
+  container->feed_wdt();
   container->content_length = esp_http_client_fetch_headers(client);
-  App.feed_wdt();
+  container->feed_wdt();
   container->status_code = esp_http_client_get_status_code(client);
-  App.feed_wdt();
+  container->feed_wdt();
   if (is_success(container->status_code)) {
     container->duration_ms = millis() - start;
     return container;
@@ -151,11 +153,11 @@ std::shared_ptr<HttpContainer> HttpRequestIDF::start(std::string url, std::strin
         return nullptr;
       }
 
-      App.feed_wdt();
+      container->feed_wdt();
       container->content_length = esp_http_client_fetch_headers(client);
-      App.feed_wdt();
+      container->feed_wdt();
       container->status_code = esp_http_client_get_status_code(client);
-      App.feed_wdt();
+      container->feed_wdt();
       if (is_success(container->status_code)) {
         container->duration_ms = millis() - start;
         return container;
@@ -185,8 +187,9 @@ int HttpContainerIDF::read(uint8_t *buf, size_t max_len) {
     return 0;
   }
 
-  App.feed_wdt();
+  this->feed_wdt();
   int read_len = esp_http_client_read(this->client_, (char *) buf, bufsize);
+  this->feed_wdt();
   this->bytes_read_ += read_len;
 
   this->duration_ms += (millis() - start);
@@ -201,6 +204,13 @@ void HttpContainerIDF::end() {
   esp_http_client_cleanup(this->client_);
 }
 
+void HttpContainerIDF::feed_wdt() {
+  // Tests to see if the executing task has a watchdog timer attached
+  if (esp_task_wdt_status(nullptr) == ESP_OK) {
+    App.feed_wdt();
+  }
+}
+
 }  // namespace http_request
 }  // namespace esphome
 
diff --git a/esphome/components/http_request/http_request_idf.h b/esphome/components/http_request/http_request_idf.h
index 431794924b..2ed50698b9 100644
--- a/esphome/components/http_request/http_request_idf.h
+++ b/esphome/components/http_request/http_request_idf.h
@@ -18,6 +18,9 @@ class HttpContainerIDF : public HttpContainer {
   int read(uint8_t *buf, size_t max_len) override;
   void end() override;
 
+  /// @brief Feeds the watchdog timer if the executing task has one attached
+  void feed_wdt();
+
  protected:
   esp_http_client_handle_t client_;
 };
diff --git a/esphome/components/http_request/update/http_request_update.cpp b/esphome/components/http_request/update/http_request_update.cpp
index 0e0966c22b..d683495ac6 100644
--- a/esphome/components/http_request/update/http_request_update.cpp
+++ b/esphome/components/http_request/update/http_request_update.cpp
@@ -9,6 +9,13 @@
 namespace esphome {
 namespace http_request {
 
+// The update function runs in a task only on ESP32s.
+#ifdef USE_ESP32
+#define UPDATE_RETURN vTaskDelete(nullptr)  // Delete the current update task
+#else
+#define UPDATE_RETURN return
+#endif
+
 static const char *const TAG = "http_request.update";
 
 static const size_t MAX_READ_SIZE = 256;
@@ -29,113 +36,131 @@ void HttpRequestUpdate::setup() {
 }
 
 void HttpRequestUpdate::update() {
-  auto container = this->request_parent_->get(this->source_url_);
+#ifdef USE_ESP32
+  xTaskCreate(HttpRequestUpdate::update_task, "update_task", 8192, (void *) this, 1, &this->update_task_handle_);
+#else
+  this->update_task(this);
+#endif
+}
+
+void HttpRequestUpdate::update_task(void *params) {
+  HttpRequestUpdate *this_update = (HttpRequestUpdate *) params;
+
+  auto container = this_update->request_parent_->get(this_update->source_url_);
 
   if (container == nullptr || container->status_code != HTTP_STATUS_OK) {
-    std::string msg = str_sprintf("Failed to fetch manifest from %s", this->source_url_.c_str());
-    this->status_set_error(msg.c_str());
-    return;
+    std::string msg = str_sprintf("Failed to fetch manifest from %s", this_update->source_url_.c_str());
+    this_update->status_set_error(msg.c_str());
+    UPDATE_RETURN;
   }
 
   ExternalRAMAllocator<uint8_t> allocator(ExternalRAMAllocator<uint8_t>::ALLOW_FAILURE);
   uint8_t *data = allocator.allocate(container->content_length);
   if (data == nullptr) {
     std::string msg = str_sprintf("Failed to allocate %d bytes for manifest", container->content_length);
-    this->status_set_error(msg.c_str());
+    this_update->status_set_error(msg.c_str());
     container->end();
-    return;
+    UPDATE_RETURN;
   }
 
   size_t read_index = 0;
   while (container->get_bytes_read() < container->content_length) {
     int read_bytes = container->read(data + read_index, MAX_READ_SIZE);
 
-    App.feed_wdt();
     yield();
 
     read_index += read_bytes;
   }
 
-  std::string response((char *) data, read_index);
-  allocator.deallocate(data, container->content_length);
+  bool valid = false;
+  {  // Ensures the response string falls out of scope and deallocates before the task ends
+    std::string response((char *) data, read_index);
+    allocator.deallocate(data, container->content_length);
 
-  container->end();
+    container->end();
+    container.reset();  // Release ownership of the container's shared_ptr
 
-  bool valid = json::parse_json(response, [this](JsonObject root) -> bool {
-    if (!root.containsKey("name") || !root.containsKey("version") || !root.containsKey("builds")) {
-      ESP_LOGE(TAG, "Manifest does not contain required fields");
-      return false;
-    }
-    this->update_info_.title = root["name"].as<std::string>();
-    this->update_info_.latest_version = root["version"].as<std::string>();
-
-    for (auto build : root["builds"].as<JsonArray>()) {
-      if (!build.containsKey("chipFamily")) {
+    valid = json::parse_json(response, [this_update](JsonObject root) -> bool {
+      if (!root.containsKey("name") || !root.containsKey("version") || !root.containsKey("builds")) {
         ESP_LOGE(TAG, "Manifest does not contain required fields");
         return false;
       }
-      if (build["chipFamily"] == ESPHOME_VARIANT) {
-        if (!build.containsKey("ota")) {
+      this_update->update_info_.title = root["name"].as<std::string>();
+      this_update->update_info_.latest_version = root["version"].as<std::string>();
+
+      for (auto build : root["builds"].as<JsonArray>()) {
+        if (!build.containsKey("chipFamily")) {
           ESP_LOGE(TAG, "Manifest does not contain required fields");
           return false;
         }
-        auto ota = build["ota"];
-        if (!ota.containsKey("path") || !ota.containsKey("md5")) {
-          ESP_LOGE(TAG, "Manifest does not contain required fields");
-          return false;
+        if (build["chipFamily"] == ESPHOME_VARIANT) {
+          if (!build.containsKey("ota")) {
+            ESP_LOGE(TAG, "Manifest does not contain required fields");
+            return false;
+          }
+          auto ota = build["ota"];
+          if (!ota.containsKey("path") || !ota.containsKey("md5")) {
+            ESP_LOGE(TAG, "Manifest does not contain required fields");
+            return false;
+          }
+          this_update->update_info_.firmware_url = ota["path"].as<std::string>();
+          this_update->update_info_.md5 = ota["md5"].as<std::string>();
+
+          if (ota.containsKey("summary"))
+            this_update->update_info_.summary = ota["summary"].as<std::string>();
+          if (ota.containsKey("release_url"))
+            this_update->update_info_.release_url = ota["release_url"].as<std::string>();
+
+          return true;
         }
-        this->update_info_.firmware_url = ota["path"].as<std::string>();
-        this->update_info_.md5 = ota["md5"].as<std::string>();
-
-        if (ota.containsKey("summary"))
-          this->update_info_.summary = ota["summary"].as<std::string>();
-        if (ota.containsKey("release_url"))
-          this->update_info_.release_url = ota["release_url"].as<std::string>();
-
-        return true;
       }
-    }
-    return false;
-  });
+      return false;
+    });
+  }
 
   if (!valid) {
-    std::string msg = str_sprintf("Failed to parse JSON from %s", this->source_url_.c_str());
-    this->status_set_error(msg.c_str());
-    return;
+    std::string msg = str_sprintf("Failed to parse JSON from %s", this_update->source_url_.c_str());
+    this_update->status_set_error(msg.c_str());
+    UPDATE_RETURN;
   }
 
-  // Merge source_url_ and this->update_info_.firmware_url
-  if (this->update_info_.firmware_url.find("http") == std::string::npos) {
-    std::string path = this->update_info_.firmware_url;
+  // Merge source_url_ and this_update->update_info_.firmware_url
+  if (this_update->update_info_.firmware_url.find("http") == std::string::npos) {
+    std::string path = this_update->update_info_.firmware_url;
     if (path[0] == '/') {
-      std::string domain = this->source_url_.substr(0, this->source_url_.find('/', 8));
-      this->update_info_.firmware_url = domain + path;
+      std::string domain = this_update->source_url_.substr(0, this_update->source_url_.find('/', 8));
+      this_update->update_info_.firmware_url = domain + path;
     } else {
-      std::string domain = this->source_url_.substr(0, this->source_url_.rfind('/') + 1);
-      this->update_info_.firmware_url = domain + path;
+      std::string domain = this_update->source_url_.substr(0, this_update->source_url_.rfind('/') + 1);
+      this_update->update_info_.firmware_url = domain + path;
     }
   }
 
-  std::string current_version;
+  {  // Ensures the current version string falls out of scope and deallocates before the task ends
+    std::string current_version;
 #ifdef ESPHOME_PROJECT_VERSION
-  current_version = ESPHOME_PROJECT_VERSION;
+    current_version = ESPHOME_PROJECT_VERSION;
 #else
-  current_version = ESPHOME_VERSION;
+    current_version = ESPHOME_VERSION;
 #endif
 
-  this->update_info_.current_version = current_version;
-
-  if (this->update_info_.latest_version.empty() || this->update_info_.latest_version == update_info_.current_version) {
-    this->state_ = update::UPDATE_STATE_NO_UPDATE;
-  } else {
-    this->state_ = update::UPDATE_STATE_AVAILABLE;
+    this_update->update_info_.current_version = current_version;
   }
 
-  this->update_info_.has_progress = false;
-  this->update_info_.progress = 0.0f;
+  if (this_update->update_info_.latest_version.empty() ||
+      this_update->update_info_.latest_version == this_update->update_info_.current_version) {
+    this_update->state_ = update::UPDATE_STATE_NO_UPDATE;
+  } else {
+    this_update->state_ = update::UPDATE_STATE_AVAILABLE;
+  }
 
-  this->status_clear_error();
-  this->publish_state();
+  this_update->update_info_.has_progress = false;
+  this_update->update_info_.progress = 0.0f;
+
+  this_update->status_clear_error();
+  this_update->publish_state();
+
+  UPDATE_RETURN;
 }
 
 void HttpRequestUpdate::perform(bool force) {
diff --git a/esphome/components/http_request/update/http_request_update.h b/esphome/components/http_request/update/http_request_update.h
index 45c7e6a447..e05fdb0cc2 100644
--- a/esphome/components/http_request/update/http_request_update.h
+++ b/esphome/components/http_request/update/http_request_update.h
@@ -7,6 +7,10 @@
 #include "esphome/components/http_request/ota/ota_http_request.h"
 #include "esphome/components/update/update_entity.h"
 
+#ifdef USE_ESP32
+#include <freertos/FreeRTOS.h>
+#endif
+
 namespace esphome {
 namespace http_request {
 
@@ -29,6 +33,11 @@ class HttpRequestUpdate : public update::UpdateEntity, public PollingComponent {
   HttpRequestComponent *request_parent_;
   OtaHttpRequestComponent *ota_parent_;
   std::string source_url_;
+
+  static void update_task(void *params);
+#ifdef USE_ESP32
+  TaskHandle_t update_task_handle_{nullptr};
+#endif
 };
 
 }  // namespace http_request
diff --git a/esphome/components/libretiny/preferences.cpp b/esphome/components/libretiny/preferences.cpp
index ceeb30baf5..a090f42aa7 100644
--- a/esphome/components/libretiny/preferences.cpp
+++ b/esphome/components/libretiny/preferences.cpp
@@ -147,7 +147,7 @@ class LibreTinyPreferences : public ESPPreferences {
       ESP_LOGV(TAG, "fdb_kv_get_obj('%s'): nullptr - the key might not be set yet", to_save.key.c_str());
       return true;
     }
-    stored_data.data.reserve(kv.value_len);
+    stored_data.data.resize(kv.value_len);
     fdb_blob_make(&blob, stored_data.data.data(), kv.value_len);
     size_t actual_len = fdb_kv_get_blob(db, to_save.key.c_str(), &blob);
     if (actual_len != kv.value_len) {
diff --git a/esphome/const.py b/esphome/const.py
index 10ad9454fd..a86e20c2e5 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2024.12.2"
+__version__ = "2024.12.3"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"
 VALID_SUBSTITUTIONS_CHARACTERS = (