diff --git a/esphome/components/mipi/__init__.py b/esphome/components/mipi/__init__.py
index 2b9a150419..3f73f96327 100644
--- a/esphome/components/mipi/__init__.py
+++ b/esphome/components/mipi/__init__.py
@@ -667,23 +667,27 @@ class DriverChip:
         This runs during schema validation (before ID references are resolved) so that a
         model whose default pins live on a pin expander reports the missing expander clearly
         instead of a cryptic "Couldn't find ID" from the unresolved pin reference.
+
+        Also logs a warning if the model is deprecated.
         """
-        requirements = self.get_default("requires", set())
-        if not requirements:
-            return
-        # ``raw_config`` is populated before any component schema runs during a real
-        # validation, so presence of a required component is simply a top-level key.
-        # When it is absent (e.g. a unit test that invokes the schema directly) there
-        # is no config to check against, so skip.
-        global_config = CORE.raw_config
-        if global_config is None:
-            return
-        missing = {x for x in requirements if x not in global_config}
-        if missing:
-            reqstr = ", ".join(f"'{x}'" for x in sorted(missing))
-            raise cv.Invalid(
-                f"{self.name} requires component{'s' if len(missing) > 1 else ''} {reqstr} to be configured"
+        if deprecation_reason := self.get_default("deprecation_reason"):
+            LOGGER.warning(
+                "Display model %s is deprecated: %s", self.name, deprecation_reason
             )
+        if requirements := self.get_default("requires", set()):
+            # ``raw_config`` is populated before any component schema runs during a real
+            # validation, so presence of a required component is simply a top-level key.
+            # When it is absent (e.g. a unit test that invokes the schema directly) there
+            # is no config to check against, so skip.
+            global_config = CORE.raw_config
+            if global_config is None:
+                return
+            missing = {x for x in requirements if x not in global_config}
+            if missing:
+                reqstr = ", ".join(f"'{x}'" for x in sorted(missing))
+                raise cv.Invalid(
+                    f"{self.name} requires component{'s' if len(missing) > 1 else ''} {reqstr} to be configured"
+                )
 
 
 def requires_buffer(config) -> bool:
diff --git a/esphome/components/mipi_dsi/models/m5stack.py b/esphome/components/mipi_dsi/models/m5stack.py
index b947b9ac8a..5b07229ec7 100644
--- a/esphome/components/mipi_dsi/models/m5stack.py
+++ b/esphome/components/mipi_dsi/models/m5stack.py
@@ -54,8 +54,8 @@ DsiDriverChip(
     ],
 )
 
-DsiDriverChip(
-    "M5STACK-TAB5-V2",
+TAB5_ST7123 = DsiDriverChip(
+    "M5STACK-TAB5-ST7123",
     height=1280,
     width=720,
     hsync_back_porch=40,
@@ -94,3 +94,58 @@ DsiDriverChip(
         (0xC9, 0x00, 0x00, 0x10, 0x1F, 0x36, 0x00, 0x5D, 0x04, 0x9D, 0x05, 0x10, 0xF2, 0x06, 0x60, 0x03, 0x11, 0xAD, 0x00, 0xEF, 0x01, 0x22, 0x2E, 0x0E, 0x74, 0x08, 0x32, 0xDC, 0x09, 0x33, 0x0F, 0xF3, 0x77, 0x0D, 0xB0, 0xDC, 0x03, 0xFF),
     ],
 )
+
+TAB5_ST7123.extend(
+    "M5STACK-TAB5-V2",
+    deprecation_reason="Use 'M5STACK-TAB5-ST7123' or 'M5STACK-TAB5-ST7121' instead."
+)
+
+# Some Tab5 "v2" units ship with an ST7121 controller instead of the ST7123.
+# The two are distinguishable at runtime by the touch controller firmware version (the M5
+# factory firmware branches on it), but ESPHome selects the panel at compile time, so ST7121
+# units must select this model explicitly. Values taken from M5's factory source
+# (m5stack/M5Tab5-UserDemo: m5stack_tab5.c is_st7121 path + esp_lcd_st7121.c default table).
+DsiDriverChip(
+    "M5STACK-TAB5-ST7121",
+    height=1280,
+    width=720,
+    hsync_back_porch=40,
+    hsync_pulse_width=2,
+    hsync_front_porch=40,
+    vsync_back_porch=24,
+    vsync_pulse_width=20,
+    vsync_front_porch=200,
+    pclk_frequency="70MHz",
+    lane_bit_rate="965Mbps",
+    color_order="RGB",
+    initsequence=[
+        (0x01,),
+        (0x60, 0x71, 0x21, 0xA2),
+        (0x60, 0x71, 0x21, 0xA3),
+        (0x60, 0x71, 0x21, 0xA4),
+        (0x78, 0x21),
+        (0x79, 0xEF),
+        (0xA4, 0x31),
+        (0xB7, 0x00, 0x00, 0x5F, 0x5F, 0x44, 0x1A),
+        (0xB0, 0x22, 0x6B, 0x11, 0x89, 0x25, 0x43, 0x43),
+        (0xBF, 0xA7, 0xA7),
+        (0xA5, 0xF0, 0x03),
+        (0xD7, 0x10, 0x2C, 0x14, 0x2A, 0x80, 0x80),
+        (0x90, 0x71, 0x23, 0x5A, 0x20, 0x24, 0x11, 0x21),
+        (0xA3, 0x80, 0x01, 0x8C, 0xFF, 0x45, 0x00, 0x00, 0x00, 0x00, 0x00, 0x46, 0x00, 0x00, 0x1E, 0x5C, 0x1E, 0x80, 0x10, 0x00, 0x05, 0x00, 0x00, 0x00, 0x00, 0x00, 0x46, 0x00, 0x00, 0x1E, 0x5C, 0x1E, 0x80, 0x10, 0xEF, 0x58, 0x00, 0x00, 0x00, 0xFF),
+        (0xA6, 0x0A, 0x00, 0x24, 0x71, 0x36, 0x00, 0x00, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x00, 0x24, 0x71, 0x37, 0x00, 0x00, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x00, 0x24, 0x71, 0x00, 0x00, 0x00, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x00, 0x2C, 0x71, 0x00, 0x01, 0x00, 0x00, 0x68, 0x68, 0xFF, 0xFF, 0x00, 0x08, 0x80, 0x08, 0x80, 0x06, 0x00, 0x00, 0x00, 0x00),
+        (0xA7, 0x1A, 0x1A, 0xC0, 0x64, 0x40, 0x04, 0x15, 0x40, 0x00, 0x40, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x08, 0x80, 0x64, 0x40, 0x26, 0x37, 0x40, 0x00, 0x00, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x08, 0x80, 0x64, 0x40, 0x8C, 0x9D, 0x40, 0x00, 0x00, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x08, 0x80, 0x64, 0x40, 0xAE, 0xBF, 0x00, 0x00, 0x20, 0x00, 0x68, 0x68, 0x91, 0xFF, 0x08, 0x80, 0x79),
+        (0xAC, 0x1D, 0x18, 0x19, 0x1D, 0x18, 0x19, 0x04, 0x1C, 0x1D, 0x08, 0x0A, 0x10, 0x12, 0x0C, 0x0E, 0x14, 0x16, 0x00, 0x1D, 0x1D, 0x1D, 0x1D, 0x1D, 0x18, 0x19, 0x1D, 0x18, 0x19, 0x06, 0x1C, 0x1D, 0x09, 0x0B, 0x11, 0x13, 0x0D, 0x0F, 0x15, 0x17, 0x02, 0x1D, 0x1D, 0x1D, 0x1D),
+        (0xAD, 0x0C, 0x40, 0x46, 0x00, 0x07, 0x4B, 0x4B, 0xFF, 0xFF, 0xF0, 0x40, 0x0E, 0x01, 0x07, 0x42, 0x42, 0xFF, 0xFF, 0x01, 0x00, 0x00, 0xFF, 0xFF, 0xFF, 0xFF),
+        (0xAE, 0xF0, 0xFF, 0x03, 0xF0, 0xFF, 0x03, 0x00),
+        (0xB2, 0x15, 0x19, 0x05, 0x23, 0x49, 0x2D, 0x03, 0x2E, 0x5C, 0xD2, 0xFF, 0x10, 0x60, 0xFD, 0x20, 0xC0, 0x00),
+        (0xE8, 0x20, 0x60, 0x04, 0x8E, 0x8E, 0x3E, 0x04, 0xDC, 0xDC, 0x3E, 0x06, 0xFA, 0x26, 0x3E),
+        (0x75, 0x03, 0x04),
+        (0xE7, 0x4B, 0x00, 0x00, 0xBE, 0x4B, 0x8C, 0x20, 0x1A, 0xF0, 0x7D, 0x14, 0x7D, 0x14, 0x7D, 0x14, 0x7D, 0x14, 0xFF, 0x00, 0x32, 0x30, 0x73, 0x00, 0x00, 0xC8, 0x6A, 0xFF, 0x5A, 0x64, 0x38, 0x88, 0x15, 0xB1, 0x01, 0x01, 0x64, 0x01, 0x01, 0x7C, 0xFF, 0x1A, 0x51),
+        (0xE1, 0x0C, 0x0C),
+        (0xEA, 0x15, 0x00, 0x01),
+        (0xC8, 0x00, 0x00, 0x04, 0x08, 0x10, 0x00, 0x1F, 0x01, 0x39, 0x3E, 0x00, 0x78, 0x06, 0xE2, 0x02, 0x11, 0x33, 0x01, 0x7A, 0x0D, 0x21, 0xC4, 0x0B, 0x19, 0x08, 0x32, 0xA0, 0x08, 0x1A, 0x0A, 0xF3, 0x7F, 0x0E, 0xC5, 0xE8, 0x03, 0xFF),
+        (0xC9, 0x00, 0x00, 0x04, 0x08, 0x10, 0x00, 0x1F, 0x01, 0x39, 0x3E, 0x00, 0x78, 0x06, 0xE2, 0x02, 0x11, 0x33, 0x01, 0x7A, 0x0D, 0x21, 0xC4, 0x0B, 0x19, 0x08, 0x32, 0xA0, 0x08, 0x1A, 0x0A, 0xF3, 0x7F, 0x0E, 0xC5, 0xE8, 0x03, 0xFF),
+        (0x60, 0x71, 0x21, 0x00),
+    ],
+)
diff --git a/tests/component_tests/mipi_dsi/test_mipi_dsi_config.py b/tests/component_tests/mipi_dsi/test_mipi_dsi_config.py
index 100366b135..6259d85184 100644
--- a/tests/component_tests/mipi_dsi/test_mipi_dsi_config.py
+++ b/tests/component_tests/mipi_dsi/test_mipi_dsi_config.py
@@ -1,6 +1,7 @@
 """Tests for mpi_dsi configuration validation."""
 
 from collections.abc import Callable
+import logging
 from pathlib import Path
 
 import pytest
@@ -128,6 +129,32 @@ def test_configuration_success(set_core_config: SetCoreConfigCallable) -> None:
         CONFIG_SCHEMA(config)
 
 
+def test_deprecated_model_warning(
+    set_core_config: SetCoreConfigCallable,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """The deprecated M5Stack-Tab5-v2 alias warns and points at the replacement models."""
+    set_core_config(
+        PlatformFramework.ESP32_IDF,
+        platform_data={KEY_BOARD: "esp32-p4-evboard", KEY_VARIANT: VARIANT_ESP32P4},
+    )
+
+    from esphome.components.mipi_dsi.display import CONFIG_SCHEMA
+
+    with caplog.at_level(logging.WARNING):
+        CONFIG_SCHEMA({"id": "deprecated_display", "model": "M5Stack-Tab5-v2"})
+    assert "M5STACK-TAB5-V2 is deprecated" in caplog.text
+    # The warning names the replacement models so users know what to switch to.
+    assert "M5STACK-TAB5-ST7123" in caplog.text
+
+    # The replacement models validate without emitting a deprecation warning.
+    caplog.clear()
+    with caplog.at_level(logging.WARNING):
+        CONFIG_SCHEMA({"id": "st7123_display", "model": "M5Stack-Tab5-ST7123"})
+        CONFIG_SCHEMA({"id": "st7121_display", "model": "M5Stack-Tab5-ST7121"})
+    assert "deprecated" not in caplog.text
+
+
 def test_metadata_records_rotation(set_core_config: SetCoreConfigCallable) -> None:
     """A configured display rotation is recorded in the metadata.