diff --git a/esphome/components/esp32/__init__.py b/esphome/components/esp32/__init__.py
index db24b9aa29..d84663b2d6 100644
--- a/esphome/components/esp32/__init__.py
+++ b/esphome/components/esp32/__init__.py
@@ -147,8 +147,9 @@ def _arduino_check_versions(value):
     value[CONF_VERSION] = str(version)
     value[CONF_SOURCE] = source or _format_framework_arduino_version(version)
 
-    platform_version = value.get(CONF_PLATFORM_VERSION, ARDUINO_PLATFORM_VERSION)
-    value[CONF_PLATFORM_VERSION] = str(platform_version)
+    value[CONF_PLATFORM_VERSION] = value.get(
+        CONF_PLATFORM_VERSION, _parse_platform_version(str(ARDUINO_PLATFORM_VERSION))
+    )
 
     if version != RECOMMENDED_ARDUINO_FRAMEWORK_VERSION:
         _LOGGER.warning(
@@ -184,8 +185,9 @@ def _esp_idf_check_versions(value):
     value[CONF_VERSION] = str(version)
     value[CONF_SOURCE] = source or _format_framework_espidf_version(version)
 
-    platform_version = value.get(CONF_PLATFORM_VERSION, ESP_IDF_PLATFORM_VERSION)
-    value[CONF_PLATFORM_VERSION] = str(platform_version)
+    value[CONF_PLATFORM_VERSION] = value.get(
+        CONF_PLATFORM_VERSION, _parse_platform_version(str(ESP_IDF_PLATFORM_VERSION))
+    )
 
     if version != RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION:
         _LOGGER.warning(
@@ -196,6 +198,15 @@ def _esp_idf_check_versions(value):
     return value
 
 
+def _parse_platform_version(value):
+    try:
+        # if platform version is a valid version constraint, prefix the default package
+        cv.platformio_version_constraint(value)
+        return f"platformio/espressif32 @ {value}"
+    except cv.Invalid:
+        return value
+
+
 def _detect_variant(value):
     if CONF_VARIANT not in value:
         board = value[CONF_BOARD]
@@ -218,7 +229,7 @@ ARDUINO_FRAMEWORK_SCHEMA = cv.All(
         {
             cv.Optional(CONF_VERSION, default="recommended"): cv.string_strict,
             cv.Optional(CONF_SOURCE): cv.string_strict,
-            cv.Optional(CONF_PLATFORM_VERSION): cv.string_strict,
+            cv.Optional(CONF_PLATFORM_VERSION): _parse_platform_version,
         }
     ),
     _arduino_check_versions,
@@ -230,7 +241,7 @@ ESP_IDF_FRAMEWORK_SCHEMA = cv.All(
         {
             cv.Optional(CONF_VERSION, default="recommended"): cv.string_strict,
             cv.Optional(CONF_SOURCE): cv.string_strict,
-            cv.Optional(CONF_PLATFORM_VERSION): cv.string_strict,
+            cv.Optional(CONF_PLATFORM_VERSION): _parse_platform_version,
             cv.Optional(CONF_SDKCONFIG_OPTIONS, default={}): {
                 cv.string_strict: cv.string_strict
             },
@@ -280,10 +291,9 @@ async def to_code(config):
     cg.add_platformio_option("lib_ldf_mode", "off")
 
     conf = config[CONF_FRAMEWORK]
+    cg.add_platformio_option("platform", conf[CONF_PLATFORM_VERSION])
+
     if conf[CONF_TYPE] == FRAMEWORK_ESP_IDF:
-        cg.add_platformio_option(
-            "platform", f"espressif32 @ {conf[CONF_PLATFORM_VERSION]}"
-        )
         cg.add_platformio_option("framework", "espidf")
         cg.add_build_flag("-DUSE_ESP_IDF")
         cg.add_build_flag("-DUSE_ESP32_FRAMEWORK_ESP_IDF")
@@ -314,9 +324,6 @@ async def to_code(config):
             )
 
     elif conf[CONF_TYPE] == FRAMEWORK_ARDUINO:
-        cg.add_platformio_option(
-            "platform", f"espressif32 @ {conf[CONF_PLATFORM_VERSION]}"
-        )
         cg.add_platformio_option("framework", "arduino")
         cg.add_build_flag("-DUSE_ARDUINO")
         cg.add_build_flag("-DUSE_ESP32_FRAMEWORK_ARDUINO")
diff --git a/esphome/components/esp8266/__init__.py b/esphome/components/esp8266/__init__.py
index 7c7758b943..5b97d2d9d5 100644
--- a/esphome/components/esp8266/__init__.py
+++ b/esphome/components/esp8266/__init__.py
@@ -93,12 +93,12 @@ def _arduino_check_versions(value):
     platform_version = value.get(CONF_PLATFORM_VERSION)
     if platform_version is None:
         if version >= cv.Version(3, 0, 0):
-            platform_version = ARDUINO_3_PLATFORM_VERSION
+            platform_version = _parse_platform_version(str(ARDUINO_3_PLATFORM_VERSION))
         elif version >= cv.Version(2, 5, 0):
-            platform_version = ARDUINO_2_PLATFORM_VERSION
+            platform_version = _parse_platform_version(str(ARDUINO_2_PLATFORM_VERSION))
         else:
-            platform_version = cv.Version(1, 8, 0)
-    value[CONF_PLATFORM_VERSION] = str(platform_version)
+            platform_version = _parse_platform_version(str(cv.Version(1, 8, 0)))
+    value[CONF_PLATFORM_VERSION] = platform_version
 
     if version != RECOMMENDED_ARDUINO_FRAMEWORK_VERSION:
         _LOGGER.warning(
@@ -109,13 +109,22 @@ def _arduino_check_versions(value):
     return value
 
 
+def _parse_platform_version(value):
+    try:
+        # if platform version is a valid version constraint, prefix the default package
+        cv.platformio_version_constraint(value)
+        return f"platformio/espressif8266 @ {value}"
+    except cv.Invalid:
+        return value
+
+
 CONF_PLATFORM_VERSION = "platform_version"
 ARDUINO_FRAMEWORK_SCHEMA = cv.All(
     cv.Schema(
         {
             cv.Optional(CONF_VERSION, default="recommended"): cv.string_strict,
             cv.Optional(CONF_SOURCE): cv.string_strict,
-            cv.Optional(CONF_PLATFORM_VERSION): cv.string_strict,
+            cv.Optional(CONF_PLATFORM_VERSION): _parse_platform_version,
         }
     ),
     _arduino_check_versions,
@@ -152,13 +161,11 @@ async def to_code(config):
     cg.add_platformio_option("framework", "arduino")
     cg.add_build_flag("-DUSE_ARDUINO")
     cg.add_build_flag("-DUSE_ESP8266_FRAMEWORK_ARDUINO")
+    cg.add_platformio_option("platform", conf[CONF_PLATFORM_VERSION])
     cg.add_platformio_option(
         "platform_packages",
         [f"platformio/framework-arduinoespressif8266 @ {conf[CONF_SOURCE]}"],
     )
-    cg.add_platformio_option(
-        "platform", f"platformio/espressif8266 @ {conf[CONF_PLATFORM_VERSION]}"
-    )
 
     # Default for platformio is LWIP2_LOW_MEMORY with:
     #  - MSS=536
diff --git a/esphome/config_validation.py b/esphome/config_validation.py
index 5d4ff64193..fcd014f62d 100644
--- a/esphome/config_validation.py
+++ b/esphome/config_validation.py
@@ -1668,6 +1668,25 @@ def version_number(value):
         raise Invalid("Not a version number") from e
 
 
+def platformio_version_constraint(value):
+    # for documentation on valid version constraints:
+    # https://docs.platformio.org/en/latest/core/userguide/platforms/cmd_install.html#cmd-platform-install
+
+    value = string_strict(value)
+    constraints = []
+    for item in value.split(","):
+        # find and strip prefix operator
+        op = None
+        for test_op in ("^", "~", ">=", ">", "<=", "<", "!="):
+            if item.startswith(test_op):
+                op = test_op
+                item = item[len(test_op) :]
+                break
+
+        constraints.append((op, version_number(item)))
+    return constraints
+
+
 def require_framework_version(
     *,
     esp_idf=None,