diff --git a/esphome/core/scheduler.cpp b/esphome/core/scheduler.cpp
index 2531baf9d5..a1a179e2d0 100644
--- a/esphome/core/scheduler.cpp
+++ b/esphome/core/scheduler.cpp
@@ -11,7 +11,7 @@ static const uint32_t SCHEDULER_DONT_RUN = 4294967295UL;
 
 void HOT Scheduler::set_timeout(Component *component, const std::string &name, uint32_t timeout,
                                 std::function<void()> &&func) {
-  const uint32_t now = millis();
+  const uint32_t now = this->millis_();
 
   if (!name.empty())
     this->cancel_timeout(component, name);
@@ -27,6 +27,7 @@ void HOT Scheduler::set_timeout(Component *component, const std::string &name, u
   item->type = SchedulerItem::TIMEOUT;
   item->timeout = timeout;
   item->last_execution = now;
+  item->last_execution_major = this->millis_major_;
   item->f = std::move(func);
   item->remove = false;
   this->push_(item);
@@ -36,7 +37,7 @@ bool HOT Scheduler::cancel_timeout(Component *component, const std::string &name
 }
 void HOT Scheduler::set_interval(Component *component, const std::string &name, uint32_t interval,
                                  std::function<void()> &&func) {
-  const uint32_t now = millis();
+  const uint32_t now = this->millis_();
 
   if (!name.empty())
     this->cancel_interval(component, name);
@@ -57,6 +58,9 @@ void HOT Scheduler::set_interval(Component *component, const std::string &name,
   item->type = SchedulerItem::INTERVAL;
   item->interval = interval;
   item->last_execution = now - offset;
+  item->last_execution_major = this->millis_major_;
+  if (item->last_execution > now)
+    item->last_execution_major--;
   item->f = std::move(func);
   item->remove = false;
   this->push_(item);
@@ -65,28 +69,40 @@ bool HOT Scheduler::cancel_interval(Component *component, const std::string &nam
   return this->cancel_item_(component, name, SchedulerItem::INTERVAL);
 }
 optional<uint32_t> HOT Scheduler::next_schedule_in() {
-  if (this->items_.empty())
+  if (this->empty_())
     return {};
   auto *item = this->items_[0];
-  const uint32_t now = millis();
+  const uint32_t now = this->millis_();
   uint32_t next_time = item->last_execution + item->interval;
   if (next_time < now)
     return 0;
   return next_time - now;
 }
 void ICACHE_RAM_ATTR HOT Scheduler::call() {
-  const uint32_t now = millis();
+  const uint32_t now = this->millis_();
   this->process_to_add();
 
-  while (true) {
-    this->cleanup_();
-    if (this->items_.empty())
-      // No more item left, done!
-      break;
+  // Uncomment for debugging the scheduler:
 
+  //  if (random_uint32() % 400 == 0) {
+  //    std::vector<SchedulerItem *> old_items = this->items_;
+  //    ESP_LOGVV(TAG, "Items: (%u)", this->items_.size());
+  //    while (!this->empty_()) {
+  //      auto *item = this->items_[0];
+  //      const char *type = item->type == SchedulerItem::INTERVAL ? "interval" : "timeout";
+  //      ESP_LOGVV(TAG, "  %s '%s' interval=%u last_execution=%u next=%u",
+  //               type, item->name.c_str(), item->interval, item->last_execution, item->last_execution +
+  //               item->interval);
+  //      this->pop_raw_();
+  //    }
+  //    ESP_LOGVV(TAG, "\n");
+  //    this->items_ = old_items;
+  //  }
+
+  while (!this->empty_()) {
     // Don't copy-by value yet
     auto *item = this->items_[0];
-    if ((now - item->last_execution) < item->interval)
+    if ((now - item->last_execution) < item->interval || item->last_execution_major != this->millis_major_)
       // Not reached timeout yet, done for this call
       break;
 
@@ -120,8 +136,11 @@ void ICACHE_RAM_ATTR HOT Scheduler::call() {
 
     if (item->type == SchedulerItem::INTERVAL) {
       if (item->interval != 0) {
+        const uint32_t before = item->last_execution;
         const uint32_t amount = (now - item->last_execution) / item->interval;
         item->last_execution += amount * item->interval;
+        if (item->last_execution < before)
+          item->last_execution_major++;
       }
       this->push_(item);
     } else {
@@ -173,16 +192,33 @@ bool HOT Scheduler::cancel_item_(Component *component, const std::string &name,
 
   return ret;
 }
+uint32_t Scheduler::millis_() {
+  const uint32_t now = millis();
+  if (now < this->last_millis_) {
+    ESP_LOGD(TAG, "Incrementing scheduler major");
+    this->millis_major_++;
+  }
+  return now;
+}
 
 bool HOT Scheduler::SchedulerItem::cmp(Scheduler::SchedulerItem *a, Scheduler::SchedulerItem *b) {
   // min-heap
+  // return true if *a* will happen after *b*
   uint32_t a_next_exec = a->last_execution + a->timeout;
-  bool a_overflow = a_next_exec < a->last_execution;
-  uint32_t b_next_exec = b->last_execution + b->timeout;
-  bool b_overflow = b_next_exec < b->last_execution;
-  if (a_overflow == b_overflow)
-    return a_next_exec > b_next_exec;
+  uint8_t a_next_exec_major = a->last_execution_major;
+  if (a_next_exec < a->last_execution)
+    a_next_exec_major++;
 
-  return a_overflow;
+  uint32_t b_next_exec = b->last_execution + b->timeout;
+  uint8_t b_next_exec_major = b->last_execution_major;
+  if (b_next_exec < b->last_execution)
+    b_next_exec_major++;
+
+  if (a_next_exec_major != b_next_exec_major) {
+    return a_next_exec_major > b_next_exec_major;
+  }
+
+  return a_next_exec > b_next_exec;
 }
+
 }  // namespace esphome
diff --git a/esphome/core/scheduler.h b/esphome/core/scheduler.h
index ee2a082265..1faadfabd0 100644
--- a/esphome/core/scheduler.h
+++ b/esphome/core/scheduler.h
@@ -32,17 +32,25 @@ class Scheduler {
     uint32_t last_execution;
     std::function<void()> f;
     bool remove;
+    uint8_t last_execution_major;
 
     static bool cmp(SchedulerItem *a, SchedulerItem *b);
   };
 
+  uint32_t millis_();
   void cleanup_();
   void pop_raw_();
   void push_(SchedulerItem *item);
   bool cancel_item_(Component *component, const std::string &name, SchedulerItem::Type type);
+  bool empty_() {
+    this->cleanup_();
+    return this->items_.empty();
+  }
 
   std::vector<SchedulerItem *> items_;
   std::vector<SchedulerItem *> to_add_;
+  uint32_t last_millis_{0};
+  uint8_t millis_major_{0};
 };
 
 }  // namespace esphome