diff --git a/esphome/components/mqtt/__init__.py b/esphome/components/mqtt/__init__.py
index d57cedd144..f7518771d7 100644
--- a/esphome/components/mqtt/__init__.py
+++ b/esphome/components/mqtt/__init__.py
@@ -572,9 +572,13 @@ async def register_mqtt_component(var, config):
     if not config.get(CONF_DISCOVERY, True):
         cg.add(var.disable_discovery())
     if CONF_STATE_TOPIC in config:
-        cg.add(var.set_custom_state_topic(config[CONF_STATE_TOPIC]))
+        state_topic = await cg.templatable(config[CONF_STATE_TOPIC], [], cg.std_string)
+        cg.add(var.set_custom_state_topic(state_topic))
     if CONF_COMMAND_TOPIC in config:
-        cg.add(var.set_custom_command_topic(config[CONF_COMMAND_TOPIC]))
+        command_topic = await cg.templatable(
+            config[CONF_COMMAND_TOPIC], [], cg.std_string
+        )
+        cg.add(var.set_custom_command_topic(command_topic))
     if CONF_COMMAND_RETAIN in config:
         cg.add(var.set_command_retain(config[CONF_COMMAND_RETAIN]))
     if CONF_AVAILABILITY in config:
diff --git a/esphome/components/mqtt/mqtt_component.cpp b/esphome/components/mqtt/mqtt_component.cpp
index 40eb15acdd..13f496c6a7 100644
--- a/esphome/components/mqtt/mqtt_component.cpp
+++ b/esphome/components/mqtt/mqtt_component.cpp
@@ -94,14 +94,14 @@ std::string MQTTComponent::get_default_topic_for_(const std::string &suffix) con
 }
 
 std::string MQTTComponent::get_state_topic_() const {
-  if (this->has_custom_state_topic_)
-    return this->custom_state_topic_.str();
+  if (this->custom_state_topic_.has_value())
+    return this->custom_state_topic_.value();
   return this->get_default_topic_for_("state");
 }
 
 std::string MQTTComponent::get_command_topic_() const {
-  if (this->has_custom_command_topic_)
-    return this->custom_command_topic_.str();
+  if (this->custom_command_topic_.has_value())
+    return this->custom_command_topic_.value();
   return this->get_default_topic_for_("command");
 }
 
@@ -273,14 +273,6 @@ MQTTComponent::MQTTComponent() = default;
 
 float MQTTComponent::get_setup_priority() const { return setup_priority::AFTER_CONNECTION; }
 void MQTTComponent::disable_discovery() { this->discovery_enabled_ = false; }
-void MQTTComponent::set_custom_state_topic(const char *custom_state_topic) {
-  this->custom_state_topic_ = StringRef(custom_state_topic);
-  this->has_custom_state_topic_ = true;
-}
-void MQTTComponent::set_custom_command_topic(const char *custom_command_topic) {
-  this->custom_command_topic_ = StringRef(custom_command_topic);
-  this->has_custom_command_topic_ = true;
-}
 void MQTTComponent::set_command_retain(bool command_retain) { this->command_retain_ = command_retain; }
 
 void MQTTComponent::set_availability(std::string topic, std::string payload_available,
@@ -349,13 +341,13 @@ StringRef MQTTComponent::get_default_object_id_to_(std::span<char, OBJECT_ID_MAX
 StringRef MQTTComponent::get_icon_ref_() const { return this->get_entity()->get_icon_ref(); }
 bool MQTTComponent::is_disabled_by_default_() const { return this->get_entity()->is_disabled_by_default(); }
 bool MQTTComponent::is_internal() {
-  if (this->has_custom_state_topic_) {
+  if (this->custom_state_topic_.has_value()) {
     // If the custom state_topic is null, return true as it is internal and should not publish
     // else, return false, as it is explicitly set to a topic, so it is not internal and should publish
     return this->get_state_topic_().empty();
   }
 
-  if (this->has_custom_command_topic_) {
+  if (this->custom_command_topic_.has_value()) {
     // If the custom command_topic is null, return true as it is internal and should not publish
     // else, return false, as it is explicitly set to a topic, so it is not internal and should publish
     return this->get_command_topic_().empty();
diff --git a/esphome/components/mqtt/mqtt_component.h b/esphome/components/mqtt/mqtt_component.h
index e0b751f05f..11dfd093f3 100644
--- a/esphome/components/mqtt/mqtt_component.h
+++ b/esphome/components/mqtt/mqtt_component.h
@@ -6,6 +6,7 @@
 
 #include <memory>
 
+#include "esphome/core/automation.h"
 #include "esphome/core/component.h"
 #include "esphome/core/entity_base.h"
 #include "esphome/core/string_ref.h"
@@ -109,10 +110,13 @@ class MQTTComponent : public Component {
   /// Override this method to return the component type (e.g. "light", "sensor", ...)
   virtual const char *component_type() const = 0;
 
-  /// Set a custom state topic. Set to "" for default behavior.
-  void set_custom_state_topic(const char *custom_state_topic);
-  /// Set a custom command topic. Set to "" for default behavior.
-  void set_custom_command_topic(const char *custom_command_topic);
+  /// Set a custom state topic. Do not set for default behavior.
+  template<typename T> void set_custom_state_topic(T &&custom_state_topic) {
+    this->custom_state_topic_ = std::forward<T>(custom_state_topic);
+  }
+  template<typename T> void set_custom_command_topic(T &&custom_command_topic) {
+    this->custom_command_topic_ = std::forward<T>(custom_command_topic);
+  }
   /// Set whether command message should be retained.
   void set_command_retain(bool command_retain);
 
@@ -203,14 +207,11 @@ class MQTTComponent : public Component {
   /// Get the object ID for this MQTT component, writing to the provided buffer.
   StringRef get_default_object_id_to_(std::span<char, OBJECT_ID_MAX_LEN> buf) const;
 
-  StringRef custom_state_topic_{};
-  StringRef custom_command_topic_{};
+  TemplatableValue<std::string> custom_state_topic_{};
+  TemplatableValue<std::string> custom_command_topic_{};
 
   std::unique_ptr<Availability> availability_;
 
-  bool has_custom_state_topic_{false};
-  bool has_custom_command_topic_{false};
-
   bool command_retain_{false};
   bool retain_{true};
   uint8_t qos_{0};
diff --git a/esphome/config_validation.py b/esphome/config_validation.py
index 81a30cb0b7..8e2fadbea8 100644
--- a/esphome/config_validation.py
+++ b/esphome/config_validation.py
@@ -1966,7 +1966,9 @@ MQTT_COMPONENT_SCHEMA = Schema(
         Optional(CONF_RETAIN): All(requires_component("mqtt"), boolean),
         Optional(CONF_DISCOVERY): All(requires_component("mqtt"), boolean),
         Optional(CONF_SUBSCRIBE_QOS): All(requires_component("mqtt"), mqtt_qos),
-        Optional(CONF_STATE_TOPIC): All(requires_component("mqtt"), publish_topic),
+        Optional(CONF_STATE_TOPIC): All(
+            requires_component("mqtt"), templatable(publish_topic)
+        ),
         Optional(CONF_AVAILABILITY): All(
             requires_component("mqtt"), Any(None, MQTT_COMPONENT_AVAILABILITY_SCHEMA)
         ),
@@ -1975,7 +1977,9 @@ MQTT_COMPONENT_SCHEMA = Schema(
 
 MQTT_COMMAND_COMPONENT_SCHEMA = MQTT_COMPONENT_SCHEMA.extend(
     {
-        Optional(CONF_COMMAND_TOPIC): All(requires_component("mqtt"), subscribe_topic),
+        Optional(CONF_COMMAND_TOPIC): All(
+            requires_component("mqtt"), templatable(subscribe_topic)
+        ),
         Optional(CONF_COMMAND_RETAIN): All(requires_component("mqtt"), boolean),
     }
 )
diff --git a/esphome/core/automation.h b/esphome/core/automation.h
index 585b434bb2..eac469d0fc 100644
--- a/esphome/core/automation.h
+++ b/esphome/core/automation.h
@@ -42,6 +42,10 @@ template<int... S> struct gens<0, S...> { using type = seq<S...>; };
 #define TEMPLATABLE_VALUE(type, name) TEMPLATABLE_VALUE_(type, name)
 
 template<typename T, typename... X> class TemplatableValue {
+  // For std::string, store pointer to heap-allocated string to keep union pointer-sized.
+  // For other types, store value inline.
+  static constexpr bool USE_HEAP_STORAGE = std::same_as<T, std::string>;
+
  public:
   TemplatableValue() : type_(NONE) {}
 
@@ -52,7 +56,11 @@ template<typename T, typename... X> class TemplatableValue {
   }
 
   template<typename F> TemplatableValue(F value) requires(!std::invocable<F, X...>) : type_(VALUE) {
-    new (&this->value_) T(std::move(value));
+    if constexpr (USE_HEAP_STORAGE) {
+      this->value_ = new T(std::move(value));
+    } else {
+      new (&this->value_) T(std::move(value));
+    }
   }
 
   // For stateless lambdas (convertible to function pointer): use function pointer
@@ -71,7 +79,11 @@ template<typename T, typename... X> class TemplatableValue {
   // Copy constructor
   TemplatableValue(const TemplatableValue &other) : type_(other.type_) {
     if (this->type_ == VALUE) {
-      new (&this->value_) T(other.value_);
+      if constexpr (USE_HEAP_STORAGE) {
+        this->value_ = new T(*other.value_);
+      } else {
+        new (&this->value_) T(other.value_);
+      }
     } else if (this->type_ == LAMBDA) {
       this->f_ = new std::function<T(X...)>(*other.f_);
     } else if (this->type_ == STATELESS_LAMBDA) {
@@ -84,7 +96,12 @@ template<typename T, typename... X> class TemplatableValue {
   // Move constructor
   TemplatableValue(TemplatableValue &&other) noexcept : type_(other.type_) {
     if (this->type_ == VALUE) {
-      new (&this->value_) T(std::move(other.value_));
+      if constexpr (USE_HEAP_STORAGE) {
+        this->value_ = other.value_;
+        other.value_ = nullptr;
+      } else {
+        new (&this->value_) T(std::move(other.value_));
+      }
     } else if (this->type_ == LAMBDA) {
       this->f_ = other.f_;
       other.f_ = nullptr;
@@ -115,23 +132,31 @@ template<typename T, typename... X> class TemplatableValue {
 
   ~TemplatableValue() {
     if (this->type_ == VALUE) {
-      this->value_.~T();
+      if constexpr (USE_HEAP_STORAGE) {
+        delete this->value_;
+      } else {
+        this->value_.~T();
+      }
     } else if (this->type_ == LAMBDA) {
       delete this->f_;
     }
     // STATELESS_LAMBDA/STATIC_STRING/NONE: no cleanup needed (pointers, not heap-allocated)
   }
 
-  bool has_value() { return this->type_ != NONE; }
+  bool has_value() const { return this->type_ != NONE; }
 
-  T value(X... x) {
+  T value(X... x) const {
     switch (this->type_) {
       case STATELESS_LAMBDA:
         return this->stateless_f_(x...);  // Direct function pointer call
       case LAMBDA:
         return (*this->f_)(x...);  // std::function call
       case VALUE:
-        return this->value_;
+        if constexpr (USE_HEAP_STORAGE) {
+          return *this->value_;
+        } else {
+          return this->value_;
+        }
       case STATIC_STRING:
         // if constexpr required: code must compile for all T, but STATIC_STRING
         // can only be set when T is std::string (enforced by constructor constraint)
@@ -174,8 +199,11 @@ template<typename T, typename... X> class TemplatableValue {
     STATIC_STRING,  // For const char* when T is std::string - avoids heap allocation
   } type_;
 
+  // For std::string, use heap pointer to minimize union size (4 bytes vs 12+).
+  // For other types, store value inline as before.
+  using ValueStorage = std::conditional_t<USE_HEAP_STORAGE, T *, T>;
   union {
-    T value_;
+    ValueStorage value_;  // T for inline storage, T* for heap storage
     std::function<T(X...)> *f_;
     T (*stateless_f_)(X...);
     const char *static_str_;  // For STATIC_STRING type
diff --git a/tests/components/mqtt/common.yaml b/tests/components/mqtt/common.yaml
index 33988cebb4..4cf2692593 100644
--- a/tests/components/mqtt/common.yaml
+++ b/tests/components/mqtt/common.yaml
@@ -91,6 +91,7 @@ button:
   - platform: template
     name: "Template Button"
     state_topic: some/topic/button
+    command_topic: !lambda return "some/topic/button/command";
     qos: 2
     on_press:
       - mqtt.disable
@@ -295,7 +296,7 @@ event:
 fan:
   - platform: template
     name: Template Fan
-    state_topic: some/topic/fan
+    state_topic: !lambda return "some/topic/fan";
     direction_state_topic: some/topic/direction/state
     direction_command_topic: some/topic/direction/command
     qos: 2