diff --git a/CODEOWNERS b/CODEOWNERS
index 22e46aa2f0..3920a9100e 100644
--- a/CODEOWNERS
+++ b/CODEOWNERS
@@ -131,7 +131,7 @@ esphome/components/i2s_audio/* @jesserockz
 esphome/components/i2s_audio/media_player/* @jesserockz
 esphome/components/i2s_audio/microphone/* @jesserockz
 esphome/components/i2s_audio/speaker/* @jesserockz
-esphome/components/ili9xxx/* @nielsnl68
+esphome/components/ili9xxx/* @clydebarrow @nielsnl68
 esphome/components/improv_base/* @esphome/core
 esphome/components/improv_serial/* @esphome/core
 esphome/components/ina260/* @mreditor97
diff --git a/esphome/components/ili9xxx/display.py b/esphome/components/ili9xxx/display.py
index 0435460b6a..89a6b2d1b9 100644
--- a/esphome/components/ili9xxx/display.py
+++ b/esphome/components/ili9xxx/display.py
@@ -25,7 +25,7 @@ def AUTO_LOAD():
     return []
 
 
-CODEOWNERS = ["@nielsnl68"]
+CODEOWNERS = ["@nielsnl68", "@clydebarrow"]
 
 ili9XXX_ns = cg.esphome_ns.namespace("ili9xxx")
 ili9XXXSPI = ili9XXX_ns.class_(
@@ -42,6 +42,7 @@ MODELS = {
     "ILI9341": ili9XXX_ns.class_("ILI9XXXILI9341", ili9XXXSPI),
     "ILI9342": ili9XXX_ns.class_("ILI9XXXILI9342", ili9XXXSPI),
     "ILI9481": ili9XXX_ns.class_("ILI9XXXILI9481", ili9XXXSPI),
+    "ILI9481-18": ili9XXX_ns.class_("ILI9XXXILI948118", ili9XXXSPI),
     "ILI9486": ili9XXX_ns.class_("ILI9XXXILI9486", ili9XXXSPI),
     "ILI9488": ili9XXX_ns.class_("ILI9XXXILI9488", ili9XXXSPI),
     "ILI9488_A": ili9XXX_ns.class_("ILI9XXXILI9488A", ili9XXXSPI),
@@ -140,8 +141,6 @@ async def to_code(config):
         rhs = []
         for x in range(256):
             rhs.extend([HexInt(x), HexInt(x), HexInt(x)])
-        prog_arr = cg.progmem_array(config[CONF_RAW_DATA_ID], rhs)
-        cg.add(var.set_palette(prog_arr))
     elif config[CONF_COLOR_PALETTE] == "IMAGE_ADAPTIVE":
         cg.add(var.set_buffer_color_mode(ILI9XXXColorMode.BITS_8_INDEXED))
         from PIL import Image
@@ -178,6 +177,4 @@ async def to_code(config):
     if rhs is not None:
         prog_arr = cg.progmem_array(config[CONF_RAW_DATA_ID], rhs)
         cg.add(var.set_palette(prog_arr))
-
-    spi_data_rate = str(spi.SPI_DATA_RATE_OPTIONS[config[CONF_DATA_RATE]])
-    cg.add_define("ILI9XXXDisplay_DATA_RATE", cg.RawExpression(spi_data_rate))
+    cg.add(var.set_data_rate(config[CONF_DATA_RATE]))
diff --git a/esphome/components/ili9xxx/ili9xxx_display.cpp b/esphome/components/ili9xxx/ili9xxx_display.cpp
index 750f629db2..abe01ea8c3 100644
--- a/esphome/components/ili9xxx/ili9xxx_display.cpp
+++ b/esphome/components/ili9xxx/ili9xxx_display.cpp
@@ -59,6 +59,7 @@ void ILI9XXXDisplay::dump_config() {
   if (this->is_18bitdisplay_) {
     ESP_LOGCONFIG(TAG, "  18-Bit Mode: YES");
   }
+  ESP_LOGCONFIG(TAG, "  Data rate: %dMHz", (unsigned) (this->data_rate_ / 1000000));
 
   LOG_PIN("  Reset Pin: ", this->reset_pin_);
   LOG_PIN("  DC Pin: ", this->dc_pin_);
@@ -387,6 +388,17 @@ void ILI9XXXILI9481::initialize() {
   }
 }
 
+void ILI9XXXILI948118::initialize() {
+  this->init_lcd_(INITCMD_ILI9481_18);
+  if (this->width_ == 0) {
+    this->width_ = 320;
+  }
+  if (this->height_ == 0) {
+    this->height_ = 480;
+  }
+  this->is_18bitdisplay_ = true;
+}
+
 //   35_TFT display
 void ILI9XXXILI9486::initialize() {
   this->init_lcd_(INITCMD_ILI9486);
diff --git a/esphome/components/ili9xxx/ili9xxx_display.h b/esphome/components/ili9xxx/ili9xxx_display.h
index 15b08e6c76..4e8355b9a5 100644
--- a/esphome/components/ili9xxx/ili9xxx_display.h
+++ b/esphome/components/ili9xxx/ili9xxx_display.h
@@ -120,6 +120,12 @@ class ILI9XXXILI9481 : public ILI9XXXDisplay {
   void initialize() override;
 };
 
+//-----------   ILI9481 in 18 bit mode --------------
+class ILI9XXXILI948118 : public ILI9XXXDisplay {
+ protected:
+  void initialize() override;
+};
+
 //-----------   ILI9XXX_35_TFT rotated display --------------
 class ILI9XXXILI9486 : public ILI9XXXDisplay {
  protected:
diff --git a/esphome/components/ili9xxx/ili9xxx_init.h b/esphome/components/ili9xxx/ili9xxx_init.h
index 1856fb06ab..031dc25f91 100644
--- a/esphome/components/ili9xxx/ili9xxx_init.h
+++ b/esphome/components/ili9xxx/ili9xxx_init.h
@@ -94,12 +94,36 @@ static const uint8_t PROGMEM INITCMD_ILI9481[] = {
   ILI9XXX_IFCTR  , 1, 0x83,
   ILI9XXX_GMCTR  ,12, 0x00, 0x26, 0x21, 0x00, 0x00, 0x1F, 0x65, 0x23, 0x77, 0x00, 0x0F, 0x00,
   ILI9XXX_IFMODE , 1, 0x00,  // CommandAccessProtect
+  ILI9XXX_PTLAR , 4, 0, 0, 1, 0xDF,
   0xE4        , 1, 0xA0,
+  ILI9XXX_MADCTL  , 1, MADCTL_MV | MADCTL_BGR,       // Memory Access Control
   ILI9XXX_CSCON , 1, 0x01,
+  ILI9XXX_PIXFMT, 1, 0x55,  // 16 bit mode
+  ILI9XXX_INVON, 0,
   ILI9XXX_DISPON, 0x80,     // Set display on
   0x00 // end
 };
 
+static const uint8_t PROGMEM INITCMD_ILI9481_18[] = {
+    ILI9XXX_SLPOUT ,  0x80,    // Exit sleep mode
+    ILI9XXX_PWSET  , 3, 0x07, 0x41, 0x1D,
+    ILI9XXX_VMCTR  , 3, 0x00, 0x1C, 0x1F,
+    ILI9XXX_PWSETN , 2, 0x01, 0x11,
+    ILI9XXX_PWCTR1 , 5, 0x10, 0x3B, 0x00, 0x02, 0x11,
+    ILI9XXX_VMCTR1 , 1, 0x03,
+    ILI9XXX_IFCTR  , 1, 0x83,
+    ILI9XXX_GMCTR  ,12, 0x00, 0x26, 0x21, 0x00, 0x00, 0x1F, 0x65, 0x23, 0x77, 0x00, 0x0F, 0x00,
+    ILI9XXX_IFMODE , 1, 0x00,  // CommandAccessProtect
+    ILI9XXX_PTLAR , 4, 0, 0, 1, 0xDF,
+    0xE4        , 1, 0xA0,
+    ILI9XXX_MADCTL  , 1, MADCTL_MX| MADCTL_BGR,       // Memory Access Control
+    ILI9XXX_CSCON , 1, 0x01,
+    ILI9XXX_PIXFMT, 1, 0x66,  // 18 bit mode
+    ILI9XXX_INVON, 0,
+    ILI9XXX_DISPON, 0x80,     // Set display on
+    0x00 // end
+};
+
 static const uint8_t PROGMEM INITCMD_ILI9486[] = {
   ILI9XXX_SLPOUT, 0x80,
   ILI9XXX_PIXFMT, 1, 0x55,
diff --git a/tests/test1.yaml b/tests/test1.yaml
index fe983cf421..350057e3cc 100644
--- a/tests/test1.yaml
+++ b/tests/test1.yaml
@@ -2972,6 +2972,7 @@ display:
     model: TFT 2.4
     cs_pin: GPIO5
     dc_pin: GPIO4
+    color_palette: GRAYSCALE
     reset_pin: GPIO22
     lambda: |-
       it.rectangle(0, 0, it.get_width(), it.get_height());