diff --git a/esphome/components/ssd1306_base/ssd1306_base.cpp b/esphome/components/ssd1306_base/ssd1306_base.cpp
index b0c39033e3c..e0e7f94ce08 100644
--- a/esphome/components/ssd1306_base/ssd1306_base.cpp
+++ b/esphome/components/ssd1306_base/ssd1306_base.cpp
@@ -32,6 +32,8 @@ static const uint8_t SSD1306_COMMAND_PAGE_ADDRESS = 0x22;
 static const uint8_t SSD1306_COMMAND_NORMAL_DISPLAY = 0xA6;
 static const uint8_t SSD1306_COMMAND_INVERSE_DISPLAY = 0xA7;
 
+static const uint8_t SSD1306B_COMMAND_SELECT_IREF = 0xAD;
+
 static const uint8_t SSD1305_COMMAND_SET_BRIGHTNESS = 0x82;
 static const uint8_t SSD1305_COMMAND_SET_AREA_COLOR = 0xD8;
 
@@ -95,6 +97,12 @@ void SSD1306::setup() {
       this->command(0x8B);
     }
   } else {
+    if (this->is_ssd1306b_()) {
+      // Select external or internal Iref (0xAD)
+      this->command(SSD1306B_COMMAND_SELECT_IREF);
+      // Enable internal Iref and change from 19ua (POR) to 30uA
+      this->command(0x20 | 0x10);
+    }
     // Enable charge pump (0x8D)
     this->command(SSD1306_COMMAND_CHARGE_PUMP);
     if (this->external_vcc_) {
@@ -226,6 +234,8 @@ bool SSD1306::is_sh1107_() const { return this->model_ == SH1107_MODEL_128_64 ||
 bool SSD1306::is_ssd1305_() const {
   return this->model_ == SSD1305_MODEL_128_64 || this->model_ == SSD1305_MODEL_128_32;
 }
+bool SSD1306::is_ssd1306b_() const { return this->model_ == SSD1306_MODEL_72_40; }
+
 void SSD1306::update() {
   this->do_update_();
   this->display();
diff --git a/esphome/components/ssd1306_base/ssd1306_base.h b/esphome/components/ssd1306_base/ssd1306_base.h
index 14ec309ae0d..a5734373861 100644
--- a/esphome/components/ssd1306_base/ssd1306_base.h
+++ b/esphome/components/ssd1306_base/ssd1306_base.h
@@ -63,6 +63,7 @@ class SSD1306 : public display::DisplayBuffer {
   bool is_sh1106_() const;
   bool is_sh1107_() const;
   bool is_ssd1305_() const;
+  bool is_ssd1306b_() const;
 
   void draw_absolute_pixel_internal(int x, int y, Color color) override;
 
diff --git a/esphome/components/ssd1306_i2c/ssd1306_i2c.cpp b/esphome/components/ssd1306_i2c/ssd1306_i2c.cpp
index ab6fee7b02b..47a21a8ff40 100644
--- a/esphome/components/ssd1306_i2c/ssd1306_i2c.cpp
+++ b/esphome/components/ssd1306_i2c/ssd1306_i2c.cpp
@@ -62,9 +62,9 @@ void HOT I2CSSD1306::write_display_data() {
     }
   } else {
     size_t block_size = 16;
-    if ((this->get_buffer_length_() & 8) == 8) {
-      // use smaller block size for e.g. 72x40 displays where buffer size is multiple of 8, not 16
-      block_size = 8;
+    if ((this->get_buffer_length_() % 24) == 0) {
+      // use 24 byte block size for e.g. 72x40 displays where buffer size is multiple of 24, not 16
+      block_size = 24;
     }
 
     for (uint32_t i = 0; i < this->get_buffer_length_();) {