diff --git a/esphome/components/display/display_color_utils.h b/esphome/components/display/display_color_utils.h
index 202de912de..7f29586932 100644
--- a/esphome/components/display/display_color_utils.h
+++ b/esphome/components/display/display_color_utils.h
@@ -66,6 +66,9 @@ class ColorUtil {
     }
     return color_return;
   }
+  static inline Color rgb332_to_color(uint8_t rgb332_color) {
+    return to_color((uint32_t) rgb332_color, COLOR_ORDER_RGB, COLOR_BITNESS_332);
+  }
   static uint8_t color_to_332(Color color, ColorOrder color_order = ColorOrder::COLOR_ORDER_RGB) {
     uint16_t red_color, green_color, blue_color;
 
@@ -100,7 +103,6 @@ class ColorUtil {
     }
     return 0;
   }
-
   static uint32_t color_to_grayscale4(Color color) {
     uint32_t gs4 = esp_scale8(color.white, 15);
     return gs4;
diff --git a/esphome/components/ili9341/ili9341_display.cpp b/esphome/components/ili9341/ili9341_display.cpp
index a24f0bbb64..09524ba787 100644
--- a/esphome/components/ili9341/ili9341_display.cpp
+++ b/esphome/components/ili9341/ili9341_display.cpp
@@ -112,29 +112,9 @@ void ILI9341Display::display_() {
   this->y_high_ = 0;
 }
 
-uint16_t ILI9341Display::convert_to_16bit_color_(uint8_t color_8bit) {
-  int r = color_8bit >> 5;
-  int g = (color_8bit >> 2) & 0x07;
-  int b = color_8bit & 0x03;
-  uint16_t color = (r * 0x04) << 11;
-  color |= (g * 0x09) << 5;
-  color |= (b * 0x0A);
-
-  return color;
-}
-
-uint8_t ILI9341Display::convert_to_8bit_color_(uint16_t color_16bit) {
-  // convert 16bit color to 8 bit buffer
-  uint8_t r = color_16bit >> 11;
-  uint8_t g = (color_16bit >> 5) & 0x3F;
-  uint8_t b = color_16bit & 0x1F;
-
-  return ((b / 0x0A) | ((g / 0x09) << 2) | ((r / 0x04) << 5));
-}
-
 void ILI9341Display::fill(Color color) {
-  auto color565 = display::ColorUtil::color_to_565(color);
-  memset(this->buffer_, convert_to_8bit_color_(color565), this->get_buffer_length_());
+  uint8_t color332 = display::ColorUtil::color_to_332(color, display::ColorOrder::COLOR_ORDER_RGB);
+  memset(this->buffer_, color332, this->get_buffer_length_());
   this->x_low_ = 0;
   this->y_low_ = 0;
   this->x_high_ = this->get_width_internal() - 1;
@@ -181,8 +161,8 @@ void HOT ILI9341Display::draw_absolute_pixel_internal(int x, int y, Color color)
   this->y_high_ = (y > this->y_high_) ? y : this->y_high_;
 
   uint32_t pos = (y * width_) + x;
-  auto color565 = display::ColorUtil::color_to_565(color);
-  buffer_[pos] = convert_to_8bit_color_(color565);
+  uint8_t color332 = display::ColorUtil::color_to_332(color, display::ColorOrder::COLOR_ORDER_RGB);
+  buffer_[pos] = color332;
 }
 
 // should return the total size: return this->get_width_internal() * this->get_height_internal() * 2 // 16bit color
@@ -247,7 +227,7 @@ uint32_t ILI9341Display::buffer_to_transfer_(uint32_t pos, uint32_t sz) {
   }
 
   for (uint32_t i = 0; i < sz; ++i) {
-    uint16_t color = convert_to_16bit_color_(*src++);
+    uint16_t color = display::ColorUtil::color_to_565(display::ColorUtil::rgb332_to_color(*src++));
     *dst++ = (uint8_t)(color >> 8);
     *dst++ = (uint8_t) color;
   }
diff --git a/esphome/components/ili9341/ili9341_display.h b/esphome/components/ili9341/ili9341_display.h
index d8c90c9d33..eeff688f4f 100644
--- a/esphome/components/ili9341/ili9341_display.h
+++ b/esphome/components/ili9341/ili9341_display.h
@@ -51,8 +51,6 @@ class ILI9341Display : public PollingComponent,
   void reset_();
   void fill_internal_(Color color);
   void display_();
-  uint16_t convert_to_16bit_color_(uint8_t color_8bit);
-  uint8_t convert_to_8bit_color_(uint16_t color_16bit);
 
   ILI9341Model model_;
   int16_t width_{320};   ///< Display width as modified by current rotation