diff --git a/esphome/components/esp32/__init__.py b/esphome/components/esp32/__init__.py
index aa7d215c06..45fe8d1c26 100644
--- a/esphome/components/esp32/__init__.py
+++ b/esphome/components/esp32/__init__.py
@@ -20,6 +20,7 @@ from esphome.const import (
     CONF_IGNORE_EFUSE_MAC_CRC,
     CONF_LOG_LEVEL,
     CONF_NAME,
+    CONF_OTA,
     CONF_PATH,
     CONF_PLATFORM_VERSION,
     CONF_PLATFORMIO_OPTIONS,
@@ -620,11 +621,18 @@ def final_validate(config):
             )
         )
     if advanced[CONF_ENABLE_OTA_ROLLBACK]:
-        safe_mode_config = full_config.get(CONF_SAFE_MODE)
-        if safe_mode_config is None or safe_mode_config.get(CONF_DISABLED, False):
-            _LOGGER.warning(
-                "OTA rollback requires safe_mode, disabling rollback support"
-            )
+        # "disabled: false" means safe mode *is* enabled.
+        safe_mode_config = full_config.get(CONF_SAFE_MODE, {CONF_DISABLED: True})
+        safe_mode_enabled = not safe_mode_config[CONF_DISABLED]
+        ota_enabled = CONF_OTA in full_config
+        # Both need to be enabled for rollback to work
+        if not (ota_enabled and safe_mode_enabled):
+            # But only warn if ota is even possible
+            if ota_enabled:
+                _LOGGER.warning(
+                    "OTA rollback requires safe_mode, disabling rollback support"
+                )
+            # disable the rollback feature anyway since it can't be used.
             advanced[CONF_ENABLE_OTA_ROLLBACK] = False
     if errs:
         raise cv.MultipleInvalid(errs)