diff --git a/CODEOWNERS b/CODEOWNERS
index ce19f14c05..d7cf7269ab 100644
--- a/CODEOWNERS
+++ b/CODEOWNERS
@@ -186,6 +186,7 @@ esphome/components/mitsubishi/* @RubyBailey
 esphome/components/mlx90393/* @functionpointer
 esphome/components/mlx90614/* @jesserockz
 esphome/components/mmc5603/* @benhoff
+esphome/components/mmc5983/* @agoode
 esphome/components/modbus_controller/* @martgras
 esphome/components/modbus_controller/binary_sensor/* @martgras
 esphome/components/modbus_controller/number/* @martgras
diff --git a/esphome/components/hmc5883l/sensor.py b/esphome/components/hmc5883l/sensor.py
index 26e8e2b60c..7edd13965e 100644
--- a/esphome/components/hmc5883l/sensor.py
+++ b/esphome/components/hmc5883l/sensor.py
@@ -3,6 +3,9 @@ import esphome.config_validation as cv
 from esphome.components import i2c, sensor
 from esphome.const import (
     CONF_ADDRESS,
+    CONF_FIELD_STRENGTH_X,
+    CONF_FIELD_STRENGTH_Y,
+    CONF_FIELD_STRENGTH_Z,
     CONF_ID,
     CONF_OVERSAMPLING,
     CONF_RANGE,
@@ -18,9 +21,6 @@ DEPENDENCIES = ["i2c"]
 
 hmc5883l_ns = cg.esphome_ns.namespace("hmc5883l")
 
-CONF_FIELD_STRENGTH_X = "field_strength_x"
-CONF_FIELD_STRENGTH_Y = "field_strength_y"
-CONF_FIELD_STRENGTH_Z = "field_strength_z"
 CONF_HEADING = "heading"
 
 HMC5883LComponent = hmc5883l_ns.class_(
diff --git a/esphome/components/mmc5603/sensor.py b/esphome/components/mmc5603/sensor.py
index 348a0e7dcc..db4e5cbf26 100644
--- a/esphome/components/mmc5603/sensor.py
+++ b/esphome/components/mmc5603/sensor.py
@@ -3,6 +3,9 @@ import esphome.config_validation as cv
 from esphome.components import i2c, sensor
 from esphome.const import (
     CONF_ADDRESS,
+    CONF_FIELD_STRENGTH_X,
+    CONF_FIELD_STRENGTH_Y,
+    CONF_FIELD_STRENGTH_Z,
     CONF_ID,
     ICON_MAGNET,
     STATE_CLASS_MEASUREMENT,
@@ -16,9 +19,6 @@ DEPENDENCIES = ["i2c"]
 
 mmc5603_ns = cg.esphome_ns.namespace("mmc5603")
 
-CONF_FIELD_STRENGTH_X = "field_strength_x"
-CONF_FIELD_STRENGTH_Y = "field_strength_y"
-CONF_FIELD_STRENGTH_Z = "field_strength_z"
 CONF_HEADING = "heading"
 
 MMC5603Component = mmc5603_ns.class_(
diff --git a/esphome/components/mmc5983/__init__.py b/esphome/components/mmc5983/__init__.py
new file mode 100644
index 0000000000..c8db8c4300
--- /dev/null
+++ b/esphome/components/mmc5983/__init__.py
@@ -0,0 +1 @@
+CODEOWNERS = ["@agoode"]
diff --git a/esphome/components/mmc5983/mmc5983.cpp b/esphome/components/mmc5983/mmc5983.cpp
new file mode 100644
index 0000000000..5b045ae38b
--- /dev/null
+++ b/esphome/components/mmc5983/mmc5983.cpp
@@ -0,0 +1,141 @@
+// See https://github.com/sparkfun/SparkFun_MMC5983MA_Magnetometer_Arduino_Library/tree/main
+// for datasheets and an Arduino implementation.
+
+#include "mmc5983.h"
+#include "esphome/core/log.h"
+
+namespace esphome {
+namespace mmc5983 {
+
+static const char *const TAG = "mmc5983";
+
+namespace {
+constexpr uint8_t IC0_ADDR = 0x09;
+constexpr uint8_t IC1_ADDR = 0x0a;
+constexpr uint8_t IC2_ADDR = 0x0b;
+constexpr uint8_t IC3_ADDR = 0x0c;
+constexpr uint8_t PRODUCT_ID_ADDR = 0x2f;
+
+float convert_data_to_millitesla(uint8_t data_17_10, uint8_t data_9_2, uint8_t data_1_0) {
+  int32_t counts = (data_17_10 << 10) | (data_9_2 << 2) | data_1_0;
+  counts -= 131072;  // "Null Field Output" from datasheet.
+
+  // Sensitivity is 16384 counts/gauss, which is 163840 counts/mT.
+  return counts / 163840.0f;
+}
+}  // namespace
+
+void MMC5983Component::update() {
+  // Schedule a SET/RESET. This will recalibrate the sensor.
+  // We are supposed to be able to set this once, and have it automatically continue every reading, but
+  // this does not appear to work in continuous mode, even with En_prd_set turned on in Internal Control 2.
+  // Bit 5 = Auto_SR_en (automatic SET/RESET enable).
+  const uint8_t ic0_value = 0b10000;
+  i2c::ErrorCode err = this->write_register(IC0_ADDR, &ic0_value, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGW(TAG, "Writing Internal Control 0 failed with i2c error %d", err);
+    this->status_set_warning();
+  }
+
+  // Read out the data, 7 bytes starting from 0x00.
+  uint8_t data[7];
+  err = this->read_register(0x00, data, sizeof(data));
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGW(TAG, "Reading data failed with i2c error %d", err);
+    this->status_set_warning();
+    return;
+  }
+
+  // Unpack the data and publish to sensors.
+  // Data is in this format:
+  //   data[0]: Xout[17:10]
+  //   data[1]: Xout[9:2]
+  //   data[2]: Yout[17:10]
+  //   data[3]: Yout[9:2]
+  //   data[4]: Zout[17:10]
+  //   data[5]: Zout[9:2]
+  //   data[6]: { Xout[1], Xout[0], Yout[1], Yout[0], Zout[1], Zout[0], 0, 0 }
+  if (this->x_sensor_) {
+    this->x_sensor_->publish_state(convert_data_to_millitesla(data[0], data[1], (data[6] & 0b11000000) >> 6));
+  }
+  if (this->y_sensor_) {
+    this->y_sensor_->publish_state(convert_data_to_millitesla(data[2], data[3], (data[6] & 0b00110000) >> 4));
+  }
+  if (this->z_sensor_) {
+    this->z_sensor_->publish_state(convert_data_to_millitesla(data[4], data[5], (data[6] & 0b00001100) >> 2));
+  }
+}
+
+void MMC5983Component::setup() {
+  ESP_LOGCONFIG(TAG, "Setting up MMC5983...");
+
+  // Verify product id.
+  const uint8_t mmc5983_product_id = 0x30;
+  uint8_t id;
+  i2c::ErrorCode err = this->read_register(PRODUCT_ID_ADDR, &id, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGE(TAG, "Reading product id failed with i2c error %d", err);
+    this->mark_failed();
+    return;
+  }
+  if (id != mmc5983_product_id) {
+    ESP_LOGE(TAG, "Product id 0x%02x does not match expected value 0x%02x", id, mmc5983_product_id);
+    this->mark_failed();
+    return;
+  }
+
+  // Initialize Internal Control registers to 0.
+  // Internal Control 0.
+  const uint8_t zero = 0;
+  err = this->write_register(IC0_ADDR, &zero, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGE(TAG, "Initializing Internal Control 0 failed with i2c error %d", err);
+    this->mark_failed();
+    return;
+  }
+  // Internal Control 1.
+  err = this->write_register(IC1_ADDR, &zero, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGE(TAG, "Initializing Internal Control 1 failed with i2c error %d", err);
+    this->mark_failed();
+    return;
+  }
+  // Internal Control 2.
+  err = this->write_register(IC2_ADDR, &zero, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGE(TAG, "Initializing Internal Control 2 failed with i2c error %d", err);
+    this->mark_failed();
+    return;
+  }
+  // Internal Control 3.
+  err = this->write_register(IC3_ADDR, &zero, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGE(TAG, "Initializing Internal Control 3 failed with i2c error %d", err);
+    this->mark_failed();
+    return;
+  }
+
+  // Enable continuous mode at 100 Hz, using Internal Control 2.
+  // Bit 3 = Cmm_en (continuous mode enable).
+  // Bit [2:0] = Cm_freq. 0b101 = 100 Hz, the fastest reading speed at Bandwidth=100 Hz.
+  const uint8_t ic2_value = 0b00001101;
+  err = this->write_register(IC2_ADDR, &ic2_value, 1);
+  if (err != i2c::ErrorCode::ERROR_OK) {
+    ESP_LOGE(TAG, "Writing Internal Control 2 failed with i2c error %d", err);
+    this->mark_failed();
+    return;
+  }
+}
+
+void MMC5983Component::dump_config() {
+  ESP_LOGD(TAG, "MMC5983:");
+  LOG_I2C_DEVICE(this);
+  LOG_SENSOR("  ", "X", this->x_sensor_);
+  LOG_SENSOR("  ", "Y", this->y_sensor_);
+  LOG_SENSOR("  ", "Z", this->z_sensor_);
+}
+
+float MMC5983Component::get_setup_priority() const { return setup_priority::DATA; }
+
+}  // namespace mmc5983
+}  // namespace esphome
diff --git a/esphome/components/mmc5983/mmc5983.h b/esphome/components/mmc5983/mmc5983.h
new file mode 100644
index 0000000000..d425418904
--- /dev/null
+++ b/esphome/components/mmc5983/mmc5983.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 mmc5983 {
+
+class MMC5983Component : public PollingComponent, public i2c::I2CDevice {
+ public:
+  void update() override;
+  void setup() override;
+  void dump_config() override;
+  float get_setup_priority() const override;
+
+  void set_x_sensor(sensor::Sensor *x_sensor) { x_sensor_ = x_sensor; }
+  void set_y_sensor(sensor::Sensor *y_sensor) { y_sensor_ = y_sensor; }
+  void set_z_sensor(sensor::Sensor *z_sensor) { z_sensor_ = z_sensor; }
+
+ protected:
+  sensor::Sensor *x_sensor_{nullptr};
+  sensor::Sensor *y_sensor_{nullptr};
+  sensor::Sensor *z_sensor_{nullptr};
+};
+
+}  // namespace mmc5983
+}  // namespace esphome
diff --git a/esphome/components/mmc5983/sensor.py b/esphome/components/mmc5983/sensor.py
new file mode 100644
index 0000000000..e3f4209cf9
--- /dev/null
+++ b/esphome/components/mmc5983/sensor.py
@@ -0,0 +1,55 @@
+import esphome.codegen as cg
+import esphome.config_validation as cv
+from esphome.components import i2c, sensor
+from esphome.const import (
+    CONF_FIELD_STRENGTH_X,
+    CONF_FIELD_STRENGTH_Y,
+    CONF_FIELD_STRENGTH_Z,
+    CONF_ID,
+    ICON_MAGNET,
+    STATE_CLASS_MEASUREMENT,
+    UNIT_MICROTESLA,
+)
+
+DEPENDENCIES = ["i2c"]
+
+mmc5983_ns = cg.esphome_ns.namespace("mmc5983")
+MMC5983Component = mmc5983_ns.class_(
+    "MMC5983Component", cg.PollingComponent, i2c.I2CDevice
+)
+
+field_strength_schema = sensor.sensor_schema(
+    unit_of_measurement=UNIT_MICROTESLA,
+    icon=ICON_MAGNET,
+    accuracy_decimals=4,
+    state_class=STATE_CLASS_MEASUREMENT,
+)
+
+CONFIG_SCHEMA = (
+    cv.Schema(
+        {
+            cv.GenerateID(): cv.declare_id(MMC5983Component),
+            cv.Optional(CONF_FIELD_STRENGTH_X): field_strength_schema,
+            cv.Optional(CONF_FIELD_STRENGTH_Y): field_strength_schema,
+            cv.Optional(CONF_FIELD_STRENGTH_Z): field_strength_schema,
+        }
+    )
+    .extend(cv.polling_component_schema("60s"))
+    .extend(i2c.i2c_device_schema(0x30))
+)
+
+
+async def to_code(config):
+    var = cg.new_Pvariable(config[CONF_ID])
+    await cg.register_component(var, config)
+    await i2c.register_i2c_device(var, config)
+
+    if x_config := config.get(CONF_FIELD_STRENGTH_X):
+        sens = await sensor.new_sensor(x_config)
+        cg.add(var.set_x_sensor(sens))
+    if y_config := config.get(CONF_FIELD_STRENGTH_Y):
+        sens = await sensor.new_sensor(y_config)
+        cg.add(var.set_y_sensor(sens))
+    if z_config := config.get(CONF_FIELD_STRENGTH_Z):
+        sens = await sensor.new_sensor(z_config)
+        cg.add(var.set_z_sensor(sens))
diff --git a/esphome/components/qmc5883l/sensor.py b/esphome/components/qmc5883l/sensor.py
index cce4d93843..b819fecfe1 100644
--- a/esphome/components/qmc5883l/sensor.py
+++ b/esphome/components/qmc5883l/sensor.py
@@ -3,6 +3,9 @@ import esphome.config_validation as cv
 from esphome.components import i2c, sensor
 from esphome.const import (
     CONF_ADDRESS,
+    CONF_FIELD_STRENGTH_X,
+    CONF_FIELD_STRENGTH_Y,
+    CONF_FIELD_STRENGTH_Z,
     CONF_ID,
     CONF_OVERSAMPLING,
     CONF_RANGE,
@@ -18,9 +21,6 @@ DEPENDENCIES = ["i2c"]
 
 qmc5883l_ns = cg.esphome_ns.namespace("qmc5883l")
 
-CONF_FIELD_STRENGTH_X = "field_strength_x"
-CONF_FIELD_STRENGTH_Y = "field_strength_y"
-CONF_FIELD_STRENGTH_Z = "field_strength_z"
 CONF_HEADING = "heading"
 
 QMC5883LComponent = qmc5883l_ns.class_(
diff --git a/esphome/const.py b/esphome/const.py
index 75ed874cfd..01555c35ec 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -265,6 +265,9 @@ CONF_FAN_ONLY_MODE = "fan_only_mode"
 CONF_FAN_WITH_COOLING = "fan_with_cooling"
 CONF_FAN_WITH_HEATING = "fan_with_heating"
 CONF_FAST_CONNECT = "fast_connect"
+CONF_FIELD_STRENGTH_X = "field_strength_x"
+CONF_FIELD_STRENGTH_Y = "field_strength_y"
+CONF_FIELD_STRENGTH_Z = "field_strength_z"
 CONF_FILE = "file"
 CONF_FILES = "files"
 CONF_FILTER = "filter"
diff --git a/tests/test1.yaml b/tests/test1.yaml
index 5110500e26..c504012481 100644
--- a/tests/test1.yaml
+++ b/tests/test1.yaml
@@ -1482,6 +1482,17 @@ sensor:
       name: "Loop Time"
     psram:
       name: "PSRAM Free"
+  - platform: mmc5983
+    i2c_id: i2c_bus
+    field_strength_x:
+      name: "Magnet X"
+      id: magnet_x
+    field_strength_y:
+      name: "Magnet Y"
+      id: magnet_y
+    field_strength_z:
+      name: "Magnet Z"
+      id: magnet_z
 
 esp32_touch:
   setup_mode: false