diff --git a/esphome/components/touchscreen/__init__.py b/esphome/components/touchscreen/__init__.py
index 5417878b1c..400ba7d5ad 100644
--- a/esphome/components/touchscreen/__init__.py
+++ b/esphome/components/touchscreen/__init__.py
@@ -7,6 +7,7 @@ from esphome import automation
 from esphome.const import (
     CONF_ON_TOUCH,
     CONF_ON_RELEASE,
+    CONF_ON_UPDATE,
     CONF_SWAP_XY,
     CONF_MIRROR_X,
     CONF_MIRROR_Y,
@@ -33,7 +34,6 @@ TouchListener = touchscreen_ns.class_("TouchListener")
 CONF_DISPLAY = "display"
 CONF_TOUCHSCREEN_ID = "touchscreen_id"
 CONF_REPORT_INTERVAL = "report_interval"  # not used yet:
-CONF_ON_UPDATE = "on_update"
 CONF_TOUCH_TIMEOUT = "touch_timeout"
 
 
diff --git a/esphome/const.py b/esphome/const.py
index 044465de7b..ed0fdf4fa9 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -537,6 +537,7 @@ CONF_ON_TOUCH = "on_touch"
 CONF_ON_TURN_OFF = "on_turn_off"
 CONF_ON_TURN_ON = "on_turn_on"
 CONF_ON_UNLOCK = "on_unlock"
+CONF_ON_UPDATE = "on_update"
 CONF_ON_VALUE = "on_value"
 CONF_ON_VALUE_RANGE = "on_value_range"
 CONF_ONE = "one"
diff --git a/esphome/core/base_automation.h b/esphome/core/base_automation.h
index 50087f3efd..b0ae0aff84 100644
--- a/esphome/core/base_automation.h
+++ b/esphome/core/base_automation.h
@@ -2,6 +2,8 @@
 
 #include "esphome/core/automation.h"
 #include "esphome/core/component.h"
+#include "esphome/core/defines.h"
+#include "esphome/core/preferences.h"
 
 #include <vector>
 
@@ -125,6 +127,27 @@ class LoopTrigger : public Trigger<>, public Component {
   float get_setup_priority() const override { return setup_priority::DATA; }
 };
 
+#ifdef ESPHOME_PROJECT_NAME
+class ProjectUpdateTrigger : public Trigger<std::string>, public Component {
+ public:
+  void setup() override {
+    uint32_t hash = fnv1_hash(ESPHOME_PROJECT_NAME);
+    ESPPreferenceObject pref = global_preferences->make_preference<char[30]>(hash, true);
+    char previous_version[30];
+    char current_version[30] = ESPHOME_PROJECT_VERSION;
+    if (pref.load(&previous_version)) {
+      int cmp = strcmp(previous_version, current_version);
+      if (cmp < 0) {
+        this->trigger(previous_version);
+      }
+    }
+    pref.save(&current_version);
+    global_preferences->sync();
+  }
+  float get_setup_priority() const override { return setup_priority::PROCESSOR; }
+};
+#endif
+
 template<typename... Ts> class DelayAction : public Action<Ts...>, public Component {
  public:
   explicit DelayAction() = default;
diff --git a/esphome/core/config.py b/esphome/core/config.py
index 7449d8850b..792f9da6dd 100644
--- a/esphome/core/config.py
+++ b/esphome/core/config.py
@@ -24,6 +24,7 @@ from esphome.const import (
     CONF_ON_BOOT,
     CONF_ON_LOOP,
     CONF_ON_SHUTDOWN,
+    CONF_ON_UPDATE,
     CONF_PLATFORM,
     CONF_PLATFORMIO_OPTIONS,
     CONF_PRIORITY,
@@ -52,6 +53,9 @@ ShutdownTrigger = cg.esphome_ns.class_(
 LoopTrigger = cg.esphome_ns.class_(
     "LoopTrigger", cg.Component, automation.Trigger.template()
 )
+ProjectUpdateTrigger = cg.esphome_ns.class_(
+    "ProjectUpdateTrigger", cg.Component, automation.Trigger.template(cg.std_string)
+)
 
 VERSION_REGEX = re.compile(r"^[0-9]+\.[0-9]+\.[0-9]+(?:[ab]\d+)?$")
 
@@ -151,6 +155,13 @@ CONFIG_SCHEMA = cv.All(
                         cv.string_strict, valid_project_name
                     ),
                     cv.Required(CONF_VERSION): cv.string_strict,
+                    cv.Optional(CONF_ON_UPDATE): automation.validate_automation(
+                        {
+                            cv.GenerateID(CONF_TRIGGER_ID): cv.declare_id(
+                                ProjectUpdateTrigger
+                            ),
+                        }
+                    ),
                 }
             ),
             cv.Optional(CONF_MIN_VERSION, default=ESPHOME_VERSION): cv.All(
@@ -380,9 +391,15 @@ async def to_code(config):
     if config[CONF_INCLUDES]:
         CORE.add_job(add_includes, config[CONF_INCLUDES])
 
-    if CONF_PROJECT in config:
-        cg.add_define("ESPHOME_PROJECT_NAME", config[CONF_PROJECT][CONF_NAME])
-        cg.add_define("ESPHOME_PROJECT_VERSION", config[CONF_PROJECT][CONF_VERSION])
+    if project_conf := config.get(CONF_PROJECT):
+        cg.add_define("ESPHOME_PROJECT_NAME", project_conf[CONF_NAME])
+        cg.add_define("ESPHOME_PROJECT_VERSION", project_conf[CONF_VERSION])
+        for conf in project_conf.get(CONF_ON_UPDATE, []):
+            trigger = cg.new_Pvariable(conf[CONF_TRIGGER_ID])
+            await cg.register_component(trigger, conf)
+            await automation.build_automation(
+                trigger, [(cg.std_string, "version")], conf
+            )
 
     if config[CONF_PLATFORMIO_OPTIONS]:
         CORE.add_job(_add_platformio_options, config[CONF_PLATFORMIO_OPTIONS])