diff --git a/esphome/components/psram/__init__.py b/esphome/components/psram/__init__.py
index 9399e51ded..f7a2ef7b92 100644
--- a/esphome/components/psram/__init__.py
+++ b/esphome/components/psram/__init__.py
@@ -4,6 +4,8 @@ from esphome.components.esp32 import add_idf_sdkconfig_option, get_esp32_variant
 from esphome.core import CORE
 from esphome.const import (
     CONF_ID,
+    CONF_MODE,
+    CONF_SPEED,
 )
 
 CODEOWNERS = ["@esphome/core"]
@@ -11,8 +13,26 @@ CODEOWNERS = ["@esphome/core"]
 psram_ns = cg.esphome_ns.namespace("psram")
 PsramComponent = psram_ns.class_("PsramComponent", cg.Component)
 
+SPIRAM_MODES = {
+    "quad": "CONFIG_SPIRAM_MODE_QUAD",
+    "octal": "CONFIG_SPIRAM_MODE_OCT",
+}
+
+SPIRAM_SPEEDS = {
+    40e6: "CONFIG_SPIRAM_SPEED_40M",
+    80e6: "CONFIG_SPIRAM_SPEED_80M",
+    120e6: "CONFIG_SPIRAM_SPEED_120M",
+}
+
 CONFIG_SCHEMA = cv.All(
-    cv.Schema({cv.GenerateID(): cv.declare_id(PsramComponent)}), cv.only_on_esp32
+    cv.Schema(
+        {
+            cv.GenerateID(): cv.declare_id(PsramComponent),
+            cv.Optional(CONF_MODE): cv.enum(SPIRAM_MODES, lower=True),
+            cv.Optional(CONF_SPEED): cv.All(cv.frequency, cv.one_of(*SPIRAM_SPEEDS)),
+        }
+    ),
+    cv.only_on_esp32,
 )
 
 
@@ -29,5 +49,10 @@ async def to_code(config):
         add_idf_sdkconfig_option("CONFIG_SPIRAM_USE_CAPS_ALLOC", True)
         add_idf_sdkconfig_option("CONFIG_SPIRAM_IGNORE_NOTFOUND", True)
 
+        if CONF_MODE in config:
+            add_idf_sdkconfig_option(f"{SPIRAM_MODES[config[CONF_MODE]]}", True)
+        if CONF_SPEED in config:
+            add_idf_sdkconfig_option(f"{SPIRAM_SPEEDS[config[CONF_SPEED]]}", True)
+
     var = cg.new_Pvariable(config[CONF_ID])
     await cg.register_component(var, config)