diff --git a/esphome/components/audio/__init__.py b/esphome/components/audio/__init__.py
index 2aceff0c97..091f496e33 100644
--- a/esphome/components/audio/__init__.py
+++ b/esphome/components/audio/__init__.py
@@ -395,11 +395,11 @@ async def to_code(config):
         )
     if data.mp3_support:
         cg.add_define("USE_AUDIO_MP3_SUPPORT")
-        add_idf_component(name="esphome/micro-mp3", ref="0.2.3")
+        add_idf_component(name="esphome/micro-mp3", ref="0.3.0")
         _emit_memory_pair(
             data.mp3.buffer_memory,
-            "CONFIG_MP3_DECODER_PREFER_PSRAM",
-            "CONFIG_MP3_DECODER_PREFER_INTERNAL",
+            "CONFIG_MICRO_MP3_PREFER_PSRAM",
+            "CONFIG_MICRO_MP3_PREFER_INTERNAL",
         )
     if data.opus_support:
         cg.add_define("USE_AUDIO_OPUS_SUPPORT")
diff --git a/esphome/idf_component.yml b/esphome/idf_component.yml
index 5f3000e52d..b3b670d77b 100644
--- a/esphome/idf_component.yml
+++ b/esphome/idf_component.yml
@@ -12,7 +12,7 @@ dependencies:
   esphome/micro-flac:
     version: 0.2.0
   esphome/micro-mp3:
-    version: 0.2.3
+    version: 0.3.0
   esphome/micro-opus:
     version: 0.4.1
   esphome/micro-wav: