diff --git a/components/usb/CMakeLists.txt b/components/usb/CMakeLists.txt
index fd3210c8ff..ba658c5f6a 100644
--- a/components/usb/CMakeLists.txt
+++ b/components/usb/CMakeLists.txt
@@ -19,12 +19,9 @@ if(CONFIG_SOC_USB_OTG_SUPPORTED)
                      "usb_helpers.c"
                      "usb_host.c"
                      "usb_private.c"
-                     "usbh.c")
-    if(NOT ${target} STREQUAL "esp32p4")
-        list(APPEND srcs "usb_phy.c")
-    else()
-        list(APPEND srcs "usb_phy_p4.c")
-    endif()
+                     "usbh.c"
+                     "usb_phy.c"
+                     )
     list(APPEND include "include")
     list(APPEND priv_includes "private_include")
 endif()
diff --git a/components/usb/include/esp_private/usb_phy.h b/components/usb/include/esp_private/usb_phy.h
index e8e892a856..74a25ccc34 100644
--- a/components/usb/include/esp_private/usb_phy.h
+++ b/components/usb/include/esp_private/usb_phy.h
@@ -11,6 +11,8 @@
 #include "soc/soc_caps.h"
 #include "hal/usb_phy_types.h"
 
+#define USB_PHY_SUPPORTS_P4_OTG11 1 // This version of usb_phy supports P4 OTG1.1 PHY
+
 #ifdef __cplusplus
 extern "C" {
 #endif
diff --git a/components/usb/include/usb/usb_host.h b/components/usb/include/usb/usb_host.h
index d5036fdad9..0524674822 100644
--- a/components/usb/include/usb/usb_host.h
+++ b/components/usb/include/usb/usb_host.h
@@ -1,5 +1,5 @@
 /*
- * SPDX-FileCopyrightText: 2015-2024 Espressif Systems (Shanghai) CO LTD
+ * SPDX-FileCopyrightText: 2015-2025 Espressif Systems (Shanghai) CO LTD
  *
  * SPDX-License-Identifier: Apache-2.0
  */
diff --git a/components/usb/test_apps/.build-test-rules.yml b/components/usb/test_apps/.build-test-rules.yml
index 44446d7b22..947b7394a3 100644
--- a/components/usb/test_apps/.build-test-rules.yml
+++ b/components/usb/test_apps/.build-test-rules.yml
@@ -21,10 +21,6 @@ components/usb/test_apps:
 components/usb/test_apps/phy:
   enable:
     - if: SOC_USB_OTG_SUPPORTED == 1
-  disable_test:
-    - if: IDF_TARGET in ["esp32p4"]
-      temporary: true
-      reason: ESP32-P4 PHY driver not yet migrated
   depends_components:
     - usb
   depends_filepatterns:
diff --git a/components/usb/test_apps/hcd/CMakeLists.txt b/components/usb/test_apps/hcd/CMakeLists.txt
index 3294266f46..f22a5c347a 100644
--- a/components/usb/test_apps/hcd/CMakeLists.txt
+++ b/components/usb/test_apps/hcd/CMakeLists.txt
@@ -6,6 +6,6 @@ include($ENV{IDF_PATH}/tools/cmake/project.cmake)
 set(EXTRA_COMPONENT_DIRS "../common")
 
 # "Trim" the build. Include the minimal set of components, main, and anything it depends on.
-set(COMPONENTS main)
+idf_build_set_property(MINIMAL_BUILD ON)
 
 project(test_app_usb_host)
diff --git a/components/usb/test_apps/hcd/main/test_hcd_common.c b/components/usb/test_apps/hcd/main/test_hcd_common.c
index 3b30beac50..c3f195dd72 100644
--- a/components/usb/test_apps/hcd/main/test_hcd_common.c
+++ b/components/usb/test_apps/hcd/main/test_hcd_common.c
@@ -1,5 +1,5 @@
 /*
- * SPDX-FileCopyrightText: 2015-2024 Espressif Systems (Shanghai) CO LTD
+ * SPDX-FileCopyrightText: 2015-2025 Espressif Systems (Shanghai) CO LTD
  *
  * SPDX-License-Identifier: Apache-2.0
  */
@@ -153,7 +153,11 @@ hcd_port_handle_t test_hcd_setup(void)
     // Initialize the internal USB PHY to connect to the USB OTG peripheral
     usb_phy_config_t phy_config = {
         .controller = USB_PHY_CTRL_OTG,
+#if CONFIG_IDF_TARGET_ESP32P4 // ESP32-P4 has 2 USB-DWC peripherals, each with its dedicated PHY. We support HS+UTMI only ATM.
+        .target = USB_PHY_TARGET_UTMI,
+#else
         .target = USB_PHY_TARGET_INT,
+#endif
         .otg_mode = USB_OTG_MODE_HOST,
         .otg_speed = USB_PHY_SPEED_UNDEFINED,   // In Host mode, the speed is determined by the connected device
         .ext_io_conf = NULL,
diff --git a/components/usb/test_apps/phy/CMakeLists.txt b/components/usb/test_apps/phy/CMakeLists.txt
index 5724e9e640..43d31c8c8c 100644
--- a/components/usb/test_apps/phy/CMakeLists.txt
+++ b/components/usb/test_apps/phy/CMakeLists.txt
@@ -4,6 +4,6 @@ cmake_minimum_required(VERSION 3.16)
 include($ENV{IDF_PATH}/tools/cmake/project.cmake)
 
 # "Trim" the build. Include the minimal set of components, main, and anything it depends on.
-set(COMPONENTS main)
+idf_build_set_property(MINIMAL_BUILD ON)
 
 project(test_app_usb_phy)
diff --git a/components/usb/test_apps/phy/main/test_app_main.c b/components/usb/test_apps/phy/main/test_app_main.c
index a7994e8799..d8c9119f73 100644
--- a/components/usb/test_apps/phy/main/test_app_main.c
+++ b/components/usb/test_apps/phy/main/test_app_main.c
@@ -10,6 +10,7 @@
 #include "esp_private/usb_phy.h"
 #include "hal/usb_wrap_ll.h" // For USB_WRAP_LL_EXT_PHY_SUPPORTED symbol
 #include "soc/soc_caps.h"    // For SOC_USB_UTMI_PHY_NUM symbol
+#include "sdkconfig.h"       // For CONFIG_IDF_TARGET_***
 
 #if USB_WRAP_LL_EXT_PHY_SUPPORTED
 #define EXT_PHY_SUPPORTED 1
@@ -55,9 +56,13 @@ void app_main(void)
 
 /**
  * Test init and deinit of internal FSLS PHY
+ *
+ * 1. Init + deinit in Host mode
+ * 2. Init + deinit in Device mode
  */
 TEST_CASE("Init internal FSLS PHY", "[phy]")
 {
+    // Host mode
     usb_phy_handle_t phy_handle = NULL;
     const usb_phy_config_t phy_config = {
         .controller = USB_PHY_CTRL_OTG,
@@ -70,6 +75,20 @@ TEST_CASE("Init internal FSLS PHY", "[phy]")
     TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config, &phy_handle));
     TEST_ASSERT_NOT_NULL(phy_handle);
     TEST_ASSERT_EQUAL(ESP_OK, usb_del_phy(phy_handle));
+
+    // Device mode
+    usb_phy_handle_t phy_handle_2 = NULL;
+    const usb_phy_config_t phy_config_2 = {
+        .controller = USB_PHY_CTRL_OTG,
+        .target = USB_PHY_TARGET_INT,
+        .otg_mode = USB_OTG_MODE_DEVICE,
+        .otg_speed = USB_PHY_SPEED_FULL,
+        .ext_io_conf = NULL,
+        .otg_io_conf = NULL,
+    };
+    TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config_2, &phy_handle_2));
+    TEST_ASSERT_NOT_NULL(phy_handle_2);
+    TEST_ASSERT_EQUAL(ESP_OK, usb_del_phy(phy_handle_2));
 }
 
 /**
@@ -137,44 +156,85 @@ TEST_CASE("Init internal UTMI PHY", "[phy]")
 }
 
 /**
- * Test init and deinit of all PHYs at the same time
+ * Test init and deinit of all PHYs at the same time multiple times
  */
-TEST_CASE("Init all PHYs", "[phy]")
+TEST_CASE("Init all PHYs in a loop", "[phy]")
 {
+    for (int i = 0; i < 2; i++) {
+        usb_phy_handle_t phy_handle = NULL;
+        usb_phy_handle_t phy_handle_2 = NULL;
+        usb_phy_config_t phy_config = {
+            .controller = USB_PHY_CTRL_OTG,
+            .target = USB_PHY_TARGET_INT,
+            .otg_mode = USB_OTG_MODE_HOST,
+            .otg_speed = USB_PHY_SPEED_UNDEFINED,
+            .ext_io_conf = NULL,
+            .otg_io_conf = NULL,
+        };
+        TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config, &phy_handle));
+        TEST_ASSERT_NOT_NULL(phy_handle);
+
+        // Our current targets support either UTMI or external PHY
+        // so if/else suffice here
+#if UTMI_PHY_SUPPORTED
+        phy_config.target = USB_PHY_TARGET_UTMI;
+#else
+        phy_config.target = USB_PHY_TARGET_EXT;
+        const usb_phy_ext_io_conf_t ext_io_conf = { // Some random values
+            .vp_io_num = 1,
+            .vm_io_num = 1,
+            .rcv_io_num = 1,
+            .suspend_n_io_num = 1,
+            .oen_io_num = 1,
+            .vpo_io_num = 1,
+            .vmo_io_num = 1,
+            .fs_edge_sel_io_num = 1,
+        };
+        phy_config.ext_io_conf = &ext_io_conf;
+#endif
+        TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config, &phy_handle_2));
+        TEST_ASSERT_NOT_NULL(phy_handle_2);
+
+        TEST_ASSERT_EQUAL(ESP_OK, usb_del_phy(phy_handle));
+        TEST_ASSERT_EQUAL(ESP_OK, usb_del_phy(phy_handle_2));
+    }
+}
+
+#if CONFIG_IDF_TARGET_ESP32P4
+/**
+ * Test backward compatibility of ESP32-P4 PHY
+ *
+ * Initial P4 device support was for USB-DWC HS and UTMI PHY. To maintain backward compatibility on ESP32-P4 in USB Device mode,
+ * we select UTMI PHY in case otg_speed is UNDEFINED or HIGH
+ */
+TEST_CASE("ESP32-P4 TinyUSB backward compatibility", "[phy]")
+{
+    // This configuration is used in esp_tinyusb
     usb_phy_handle_t phy_handle = NULL;
-    usb_phy_handle_t phy_handle_2 = NULL;
     usb_phy_config_t phy_config = {
         .controller = USB_PHY_CTRL_OTG,
         .target = USB_PHY_TARGET_INT,
-        .otg_mode = USB_OTG_MODE_HOST,
+        .otg_mode = USB_OTG_MODE_DEVICE,
         .otg_speed = USB_PHY_SPEED_UNDEFINED,
         .ext_io_conf = NULL,
         .otg_io_conf = NULL,
     };
     TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config, &phy_handle));
     TEST_ASSERT_NOT_NULL(phy_handle);
-
-    // Our current targets support either UTMI or external PHY
-    // so if/else suffice here
-#if UTMI_PHY_SUPPORTED
-    phy_config.target = USB_PHY_TARGET_UTMI;
-#else
-    const usb_phy_ext_io_conf_t ext_io_conf = { // Some random values
-        .vp_io_num = 1,
-        .vm_io_num = 1,
-        .rcv_io_num = 1,
-        .suspend_n_io_num = 1,
-        .oen_io_num = 1,
-        .vpo_io_num = 1,
-        .vmo_io_num = 1,
-        .fs_edge_sel_io_num = 1,
-    };
-    phy_config.target = USB_PHY_TARGET_EXT;
-    phy_config.ext_io_conf = &ext_io_conf;
-#endif
-    TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config, &phy_handle_2));
-    TEST_ASSERT_NOT_NULL(phy_handle_2);
-
     TEST_ASSERT_EQUAL(ESP_OK, usb_del_phy(phy_handle));
+
+    // This configuration is used in upstream tinyusb examples
+    usb_phy_handle_t phy_handle_2 = NULL;
+    usb_phy_config_t phy_config_2 = {
+        .controller = USB_PHY_CTRL_OTG,
+        .target = USB_PHY_TARGET_INT,
+        .otg_mode = USB_OTG_MODE_DEVICE,
+        .otg_speed = USB_PHY_SPEED_HIGH,
+        .ext_io_conf = NULL,
+        .otg_io_conf = NULL,
+    };
+    TEST_ASSERT_EQUAL(ESP_OK, usb_new_phy(&phy_config_2, &phy_handle_2));
+    TEST_ASSERT_NOT_NULL(phy_handle_2);
     TEST_ASSERT_EQUAL(ESP_OK, usb_del_phy(phy_handle_2));
 }
+#endif
diff --git a/components/usb/test_apps/phy/pytest_usb_phy.py b/components/usb/test_apps/phy/pytest_usb_phy.py
index 27cb20eca7..fef606d3f0 100644
--- a/components/usb/test_apps/phy/pytest_usb_phy.py
+++ b/components/usb/test_apps/phy/pytest_usb_phy.py
@@ -8,6 +8,5 @@ from pytest_embedded import Dut
 @pytest.mark.esp32s3
 @pytest.mark.esp32p4
 @pytest.mark.generic
-@pytest.mark.temp_skip_ci(targets=['esp32p4'], reason='P4 PHY not yet migrated')
 def test_usb_phy(dut: Dut) -> None:
     dut.run_all_single_board_cases(group='phy')
diff --git a/components/usb/test_apps/usb_host/CMakeLists.txt b/components/usb/test_apps/usb_host/CMakeLists.txt
index 3294266f46..f22a5c347a 100644
--- a/components/usb/test_apps/usb_host/CMakeLists.txt
+++ b/components/usb/test_apps/usb_host/CMakeLists.txt
@@ -6,6 +6,6 @@ include($ENV{IDF_PATH}/tools/cmake/project.cmake)
 set(EXTRA_COMPONENT_DIRS "../common")
 
 # "Trim" the build. Include the minimal set of components, main, and anything it depends on.
-set(COMPONENTS main)
+idf_build_set_property(MINIMAL_BUILD ON)
 
 project(test_app_usb_host)
diff --git a/components/usb/usb_host.c b/components/usb/usb_host.c
index e0844ad49f..0f9e017ecc 100644
--- a/components/usb/usb_host.c
+++ b/components/usb/usb_host.c
@@ -1,5 +1,5 @@
 /*
- * SPDX-FileCopyrightText: 2015-2024 Espressif Systems (Shanghai) CO LTD
+ * SPDX-FileCopyrightText: 2015-2025 Espressif Systems (Shanghai) CO LTD
  *
  * SPDX-License-Identifier: Apache-2.0
  */
@@ -469,7 +469,11 @@ esp_err_t usb_host_install(const usb_host_config_t *config)
         // Host Library defaults to internal PHY
         usb_phy_config_t phy_config = {
             .controller = USB_PHY_CTRL_OTG,
+#if CONFIG_IDF_TARGET_ESP32P4 // ESP32-P4 has 2 USB-DWC peripherals, each with its dedicated PHY. We support HS+UTMI only ATM.
+            .target = USB_PHY_TARGET_UTMI,
+#else
             .target = USB_PHY_TARGET_INT,
+#endif
             .otg_mode = USB_OTG_MODE_HOST,
             .otg_speed = USB_PHY_SPEED_UNDEFINED,   // In Host mode, the speed is determined by the connected device
             .ext_io_conf = NULL,
diff --git a/components/usb/usb_phy.c b/components/usb/usb_phy.c
index 5f1a6e7b22..5f8e89c963 100644
--- a/components/usb/usb_phy.c
+++ b/components/usb/usb_phy.c
@@ -6,6 +6,7 @@
 
 #include <esp_types.h>
 #include <string.h>
+#include "sdkconfig.h"
 #include "freertos/FreeRTOS.h"
 #include "esp_log.h"
 #include "esp_check.h"
@@ -13,6 +14,7 @@
 #include "esp_private/usb_phy.h"
 #include "soc/usb_dwc_periph.h"
 #include "hal/usb_wrap_hal.h"
+#include "hal/usb_utmi_hal.h"
 #include "esp_rom_gpio.h"
 #include "driver/gpio.h"
 #include "hal/gpio_ll.h"
@@ -41,7 +43,8 @@ struct phy_context_t {
 };
 
 typedef struct {
-    phy_context_t *internal_phy;                  /**< internal PHY context */
+    phy_context_t *fsls_phy;                      /**< internal FSLS PHY context */
+    phy_context_t *utmi_phy;                      /**< internal UTMI PHY context */
     phy_context_t *external_phy;                  /**< external PHY context */
     uint32_t ref_count;                           /**< reference count used to protect p_phy_ctrl_obj */
 } phy_ctrl_obj_t;
@@ -49,6 +52,13 @@ typedef struct {
 static phy_ctrl_obj_t *p_phy_ctrl_obj = NULL;
 static portMUX_TYPE phy_spinlock = portMUX_INITIALIZER_UNLOCKED;
 
+// Mapping of OTG1.1 peripheral in usb_dwc_info struct
+#if CONFIG_IDF_TARGET_ESP32P4
+static const int otg11_index = 1;
+#else
+static const int otg11_index = 0;
+#endif
+
 static esp_err_t phy_configure_pin_input(int gpio_pin, int signal_idx)
 {
     if (gpio_pin != GPIO_NUM_NC) {
@@ -124,13 +134,21 @@ esp_err_t usb_phy_otg_set_mode(usb_phy_handle_t handle, usb_otg_mode_t mode)
     ESP_RETURN_ON_FALSE(handle->controller == USB_PHY_CTRL_OTG, ESP_FAIL, USBPHY_TAG, "phy source is not USB_OTG");
 
     handle->otg_mode = mode;
-    const usb_otg_signal_conn_t *otg_sig = usb_dwc_info.controllers[0].otg_signals;
+    // On targets with multiple internal PHYs (FSLS and UTMI)
+    // we support only fixed PHY to USB-DWC mapping:
+    // USB-DWC2.0 <-> UTMI PHY
+    // USB-DWC1.1 <-> FSLS PHY
+    if (handle->target == USB_PHY_TARGET_UTMI) {
+        return ESP_OK; // No need to configure anything for UTMI PHY
+    }
+
+    const usb_otg_signal_conn_t *otg_sig = usb_dwc_info.controllers[otg11_index].otg_signals;
     assert(otg_sig);
     if (mode == USB_OTG_MODE_HOST) {
         esp_rom_gpio_connect_in_signal(GPIO_MATRIX_CONST_ZERO_INPUT, otg_sig->iddig, false);     // connected connector is A side
         esp_rom_gpio_connect_in_signal(GPIO_MATRIX_CONST_ZERO_INPUT, otg_sig->bvalid, false);
         esp_rom_gpio_connect_in_signal(GPIO_MATRIX_CONST_ONE_INPUT,  otg_sig->vbusvalid, false);  // receiving a valid Vbus from host
-        esp_rom_gpio_connect_in_signal(GPIO_MATRIX_CONST_ONE_INPUT,  otg_sig->avalid, false);
+        esp_rom_gpio_connect_in_signal(GPIO_MATRIX_CONST_ONE_INPUT,  otg_sig->avalid, false);     // HIGH to force USB host mode
         if (handle->target == USB_PHY_TARGET_INT) {
             // Configure pull resistors for host
             usb_wrap_pull_override_vals_t vals = {
@@ -156,10 +174,15 @@ esp_err_t usb_phy_otg_dev_set_speed(usb_phy_handle_t handle, usb_phy_speed_t spe
     ESP_RETURN_ON_FALSE(handle, ESP_ERR_INVALID_ARG, USBPHY_TAG, "handle argument is invalid");
     ESP_RETURN_ON_FALSE(speed < USB_PHY_SPEED_MAX, ESP_ERR_INVALID_ARG, USBPHY_TAG, "speed argument is invalid");
     ESP_RETURN_ON_FALSE(handle->controller == USB_PHY_CTRL_OTG, ESP_FAIL, USBPHY_TAG, "phy source is not USB_OTG");
-    ESP_RETURN_ON_FALSE((handle->target == USB_PHY_TARGET_INT && handle->otg_mode == USB_OTG_MODE_DEVICE), ESP_FAIL,
+    ESP_RETURN_ON_FALSE((handle->target != USB_PHY_TARGET_EXT && handle->otg_mode == USB_OTG_MODE_DEVICE), ESP_FAIL,
                         USBPHY_TAG, "set speed not supported");
+    ESP_RETURN_ON_FALSE((handle->target == USB_PHY_TARGET_UTMI) == (speed == USB_PHY_SPEED_HIGH), ESP_ERR_NOT_SUPPORTED, USBPHY_TAG, "UTMI can be HighSpeed only"); // This is our software limitation
 
     handle->otg_speed = speed;
+    if (handle->target == USB_PHY_TARGET_UTMI) {
+        return ESP_OK; // No need to configure anything for UTMI PHY
+    }
+
     // Configure pull resistors for device
     usb_wrap_pull_override_vals_t vals = {
         .dp_pd = false,
@@ -179,13 +202,14 @@ esp_err_t usb_phy_otg_dev_set_speed(usb_phy_handle_t handle, usb_phy_speed_t spe
 esp_err_t usb_phy_action(usb_phy_handle_t handle, usb_phy_action_t action)
 {
     ESP_RETURN_ON_FALSE(handle, ESP_ERR_INVALID_ARG, USBPHY_TAG, "handle argument is invalid");
+    ESP_RETURN_ON_FALSE(handle->target != USB_PHY_TARGET_UTMI, ESP_ERR_NOT_SUPPORTED, USBPHY_TAG, "Operation not supported on UTMI PHY");
     ESP_RETURN_ON_FALSE(action < USB_PHY_ACTION_MAX, ESP_ERR_INVALID_ARG, USBPHY_TAG, "action argument is invalid");
     ESP_RETURN_ON_FALSE((action == USB_PHY_ACTION_HOST_ALLOW_CONN && handle->controller == USB_PHY_CTRL_OTG) ||
                         (action == USB_PHY_ACTION_HOST_FORCE_DISCONN && handle->controller == USB_PHY_CTRL_OTG),
                         ESP_ERR_INVALID_ARG, USBPHY_TAG, "wrong target for the action");
 
     esp_err_t ret = ESP_OK;
-    const usb_fsls_serial_signal_conn_t *fsls_sig = usb_dwc_info.controllers[0].fsls_signals;
+    const usb_fsls_serial_signal_conn_t *fsls_sig = usb_dwc_info.controllers[otg11_index].fsls_signals;
     assert(fsls_sig);
 
     switch (action) {
@@ -277,15 +301,31 @@ cleanup:
 
 esp_err_t usb_new_phy(const usb_phy_config_t *config, usb_phy_handle_t *handle_ret)
 {
+    usb_phy_target_t phy_target = config->target;
+
+    // Backward compatibility code:
+    // Initial P4 device support was for USB-DWC HS and UTMI PHY.
+    // To maintain backward compatibility on ESP32-P4 in USB Device mode, we select UTMI PHY
+    // In case otg_speed is UNDEFINED or HIGH
+#if CONFIG_IDF_TARGET_ESP32P4
+    if (config->otg_mode == USB_OTG_MODE_DEVICE &&
+            (config->otg_speed == USB_PHY_SPEED_UNDEFINED || config->otg_speed == USB_PHY_SPEED_HIGH)) {
+        if (phy_target != USB_PHY_TARGET_UTMI) {
+            ESP_LOGW(USBPHY_TAG, "Using UTMI PHY instead of requested %s PHY", (phy_target == USB_PHY_TARGET_INT) ? "internal" : "external");
+            phy_target = USB_PHY_TARGET_UTMI;
+        }
+    }
+#endif
+
     ESP_RETURN_ON_FALSE(config, ESP_ERR_INVALID_ARG, USBPHY_TAG, "config argument is invalid");
-    ESP_RETURN_ON_FALSE(config->target < USB_PHY_TARGET_MAX, ESP_ERR_INVALID_ARG, USBPHY_TAG, "specified PHY argument is invalid");
+    ESP_RETURN_ON_FALSE(phy_target < USB_PHY_TARGET_MAX, ESP_ERR_INVALID_ARG, USBPHY_TAG, "specified PHY argument is invalid");
     ESP_RETURN_ON_FALSE(config->controller < USB_PHY_CTRL_MAX, ESP_ERR_INVALID_ARG, USBPHY_TAG, "specified source argument is invalid");
-    ESP_RETURN_ON_FALSE(config->target != USB_PHY_TARGET_EXT || config->ext_io_conf, ESP_ERR_INVALID_ARG, USBPHY_TAG, "ext_io_conf must be provided for ext PHY");
+    ESP_RETURN_ON_FALSE(phy_target != USB_PHY_TARGET_EXT || config->ext_io_conf, ESP_ERR_INVALID_ARG, USBPHY_TAG, "ext_io_conf must be provided for ext PHY");
 #if !USB_WRAP_LL_EXT_PHY_SUPPORTED
-    ESP_RETURN_ON_FALSE(config->target != USB_PHY_TARGET_EXT, ESP_ERR_NOT_SUPPORTED, USBPHY_TAG, "Ext PHY not supported on this target");
+    ESP_RETURN_ON_FALSE(phy_target != USB_PHY_TARGET_EXT, ESP_ERR_NOT_SUPPORTED, USBPHY_TAG, "Ext PHY not supported on this target");
 #endif
 #if !SOC_USB_UTMI_PHY_NUM
-    ESP_RETURN_ON_FALSE(config->target != USB_PHY_TARGET_UTMI, ESP_ERR_NOT_SUPPORTED, USBPHY_TAG, "UTMI PHY not supported on this target");
+    ESP_RETURN_ON_FALSE(phy_target != USB_PHY_TARGET_UTMI, ESP_ERR_NOT_SUPPORTED, USBPHY_TAG, "UTMI PHY not supported on this target");
 #endif
 
     ESP_RETURN_ON_ERROR(usb_phy_install(), USBPHY_TAG, "usb_phy driver installation failed");
@@ -299,39 +339,53 @@ esp_err_t usb_new_phy(const usb_phy_config_t *config, usb_phy_handle_t *handle_r
     if (phy_context->status == USB_PHY_STATUS_FREE) {
         new_phy = true;
         p_phy_ctrl_obj->ref_count++;
-        if (config->target == USB_PHY_TARGET_EXT) {
+        if (phy_target == USB_PHY_TARGET_EXT) {
             p_phy_ctrl_obj->external_phy = phy_context;
-        } else {
-            p_phy_ctrl_obj->internal_phy = phy_context;
+        } else if (phy_target == USB_PHY_TARGET_INT) {
+            p_phy_ctrl_obj->fsls_phy = phy_context;
+        } else { // USB_PHY_TARGET_UTMI
+            p_phy_ctrl_obj->utmi_phy = phy_context;
         }
     }
     portEXIT_CRITICAL(&phy_spinlock);
     ESP_GOTO_ON_FALSE(new_phy, ESP_ERR_INVALID_STATE, cleanup, USBPHY_TAG, "selected PHY is in use");
 
-    phy_context->target = config->target;
+    phy_context->target = phy_target;
     phy_context->controller = config->controller;
     phy_context->status = USB_PHY_STATUS_IN_USE;
 
-    USB_PHY_RCC_ATOMIC() {
-        usb_wrap_hal_init(&phy_context->wrap_hal);
+    if (phy_target != USB_PHY_TARGET_UTMI) {
+        USB_PHY_RCC_ATOMIC() {
+            usb_wrap_hal_init(&phy_context->wrap_hal);
+        }
+    } else {
+#if (SOC_USB_UTMI_PHY_NUM > 0)
+        usb_utmi_hal_context_t utmi_hal_context; // Unused for now
+        USB_PHY_RCC_ATOMIC() {
+            usb_utmi_hal_init(&utmi_hal_context);
+        }
+#endif
     }
     if (config->controller == USB_PHY_CTRL_OTG) {
 #if USB_WRAP_LL_EXT_PHY_SUPPORTED
-        usb_wrap_hal_phy_set_external(&phy_context->wrap_hal, (config->target == USB_PHY_TARGET_EXT));
+        usb_wrap_hal_phy_set_external(&phy_context->wrap_hal, (phy_target == USB_PHY_TARGET_EXT));
 #endif
     }
 
-    if (config->target == USB_PHY_TARGET_INT) {
+    // For FSLS PHY that shares pads with GPIO peripheral, we must set drive capability to 3 (40mA)
+#if !CONFIG_IDF_TARGET_ESP32P4 // TODO: We must set drive capability for FSLS PHY for P4 too, to pass Full Speed eye diagram test
+    if (phy_target == USB_PHY_TARGET_INT) {
         gpio_set_drive_capability(USBPHY_DM_NUM, GPIO_DRIVE_CAP_3);
         gpio_set_drive_capability(USBPHY_DP_NUM, GPIO_DRIVE_CAP_3);
     }
+#endif
 
     *handle_ret = (usb_phy_handle_t) phy_context;
-    if (config->ext_io_conf && config->target == USB_PHY_TARGET_EXT) {
+    if (phy_target == USB_PHY_TARGET_EXT) {
         phy_context->iopins = (usb_phy_ext_io_conf_t *) calloc(1, sizeof(usb_phy_ext_io_conf_t));
         ESP_GOTO_ON_FALSE(phy_context->iopins, ESP_ERR_NO_MEM, cleanup, USBPHY_TAG, "no mem for storing I/O pins");
         memcpy(phy_context->iopins, config->ext_io_conf, sizeof(usb_phy_ext_io_conf_t));
-        const usb_fsls_serial_signal_conn_t *fsls_sig = usb_dwc_info.controllers[0].fsls_signals;
+        const usb_fsls_serial_signal_conn_t *fsls_sig = usb_dwc_info.controllers[otg11_index].fsls_signals;
         ESP_ERROR_CHECK(phy_external_iopins_configure(phy_context->iopins, fsls_sig));
     }
     if (config->otg_mode != USB_PHY_MODE_DEFAULT) {
@@ -341,7 +395,7 @@ esp_err_t usb_new_phy(const usb_phy_config_t *config, usb_phy_handle_t *handle_r
         ESP_ERROR_CHECK(usb_phy_otg_dev_set_speed(*handle_ret, config->otg_speed));
     }
     if (config->otg_io_conf && (phy_context->controller == USB_PHY_CTRL_OTG)) {
-        const usb_otg_signal_conn_t *otg_sig = usb_dwc_info.controllers[0].otg_signals;
+        const usb_otg_signal_conn_t *otg_sig = usb_dwc_info.controllers[otg11_index].otg_signals;
         ESP_ERROR_CHECK(phy_otg_iopins_configure(config->otg_io_conf, otg_sig));
     }
     return ESP_OK;
@@ -366,6 +420,9 @@ static void phy_uninstall(void)
         USB_PHY_RCC_ATOMIC() {
             // Disable USB peripheral without reset the module
             usb_wrap_hal_disable();
+#if (SOC_USB_UTMI_PHY_NUM > 0)
+            usb_utmi_hal_disable();
+#endif
         }
     }
     portEXIT_CRITICAL(&phy_spinlock);
@@ -380,10 +437,12 @@ esp_err_t usb_del_phy(usb_phy_handle_t handle)
     p_phy_ctrl_obj->ref_count--;
     if (handle->target == USB_PHY_TARGET_EXT) {
         p_phy_ctrl_obj->external_phy = NULL;
-    } else {
+    } else if (handle->target == USB_PHY_TARGET_INT) {
         // Clear pullup and pulldown loads on D+ / D-, and disable the pads
         usb_wrap_hal_phy_disable_pull_override(&handle->wrap_hal);
-        p_phy_ctrl_obj->internal_phy = NULL;
+        p_phy_ctrl_obj->fsls_phy = NULL;
+    } else { // USB_PHY_TARGET_UTMI
+        p_phy_ctrl_obj->utmi_phy = NULL;
     }
     portEXIT_CRITICAL(&phy_spinlock);
     free(handle->iopins);
@@ -399,8 +458,10 @@ esp_err_t usb_phy_get_phy_status(usb_phy_target_t target, usb_phy_status_t *stat
 
     if (target == USB_PHY_TARGET_EXT && p_phy_ctrl_obj->external_phy) {
         *status = p_phy_ctrl_obj->external_phy->status;
-    } else if (target == USB_PHY_TARGET_INT && p_phy_ctrl_obj->internal_phy) {
-        *status = p_phy_ctrl_obj->internal_phy->status;
+    } else if (target == USB_PHY_TARGET_INT && p_phy_ctrl_obj->fsls_phy) {
+        *status = p_phy_ctrl_obj->fsls_phy->status;
+    } else if (target == USB_PHY_TARGET_UTMI && p_phy_ctrl_obj->utmi_phy) {
+        *status = p_phy_ctrl_obj->utmi_phy->status;
     } else {
         *status = USB_PHY_STATUS_FREE;
     }
diff --git a/components/usb/usb_phy_p4.c b/components/usb/usb_phy_p4.c
deleted file mode 100644
index 43611c393c..0000000000
--- a/components/usb/usb_phy_p4.c
+++ /dev/null
@@ -1,46 +0,0 @@
-/*
- * SPDX-FileCopyrightText: 2024 Espressif Systems (Shanghai) CO LTD
- *
- * SPDX-License-Identifier: Apache-2.0
- */
-
-// TODO: Remove this file when proper support of P4 PHYs is implemented IDF-11144
-#include "hal/usb_utmi_hal.h"
-#include "esp_private/usb_phy.h"
-
-#include "soc/soc_caps.h"
-#if SOC_RCC_IS_INDEPENDENT
-#define USB_UTMI_BUS_CLK_ATOMIC()
-#else
-#include "esp_private/periph_ctrl.h"
-#define USB_UTMI_BUS_CLK_ATOMIC()       PERIPH_RCC_ATOMIC()
-#endif
-
-static usb_utmi_hal_context_t s_utmi_hal_context;
-
-esp_err_t usb_new_phy(const usb_phy_config_t *config, usb_phy_handle_t *handle_ret)
-{
-    USB_UTMI_BUS_CLK_ATOMIC() {
-        usb_utmi_hal_init(&s_utmi_hal_context);
-    }
-    return ESP_OK;
-}
-
-esp_err_t usb_del_phy(usb_phy_handle_t handle)
-{
-    // Note: handle argument is not checked, because we don't have phy_handle for P4 yet
-    USB_UTMI_BUS_CLK_ATOMIC() {
-        usb_utmi_hal_disable();
-    }
-    return ESP_OK;
-}
-
-esp_err_t usb_phy_get_phy_status(usb_phy_target_t target, usb_phy_status_t *status)
-{
-    return ESP_OK;
-}
-
-esp_err_t usb_phy_action(usb_phy_handle_t handle, usb_phy_action_t action)
-{
-    return ESP_OK;
-}
diff --git a/examples/peripherals/usb/README.md b/examples/peripherals/usb/README.md
index 2d23a497d7..b7bbe88360 100644
--- a/examples/peripherals/usb/README.md
+++ b/examples/peripherals/usb/README.md
@@ -1,23 +1,28 @@
 # USB-OTG Examples
 
-See the [README.md](../README.md) file in the upper level [examples](../) directory for more information about examples.
+See the [README.md](../../README.md) file in the upper level [examples](../../) directory for more information about examples.
 
 ## Common Pin Assignments
 
-Pin assignment is only needed for ESP chips that have an USB-OTG peripheral.
+Pin assignment is only needed for ESP chips that have a USB-OTG peripheral.
 If your board doesn't have a USB connector connected to the USB-OTG dedicated GPIOs, you may have to DIY a cable and connect **D+** and **D-** to the pins listed below.
 
 ```
-ESP BOARD          USB CONNECTOR (type A)
-                          --
-                         | || VCC
-[USBPHY_DM_NUM]  ------> | || D-
-[USBPHY_DP_NUM]  ------> | || D+
-                         | || GND
-                          --
+ESP BOARD       USB CONNECTOR (type A)
+                   --
+                  | || VBUS (5V)
+[USB_DM]  ------> | || D-
+[USB_DP]  ------> | || D+
+                  | || GND
+                   --
 ```
-Refer to `soc/usb_pins.h` to find the real GPIO number of **USBPHY_DP_NUM** and **USBPHY_DM_NUM**.
 
-|             | USB_DP | USB_DM |
-| ----------- | ------ | ------ |
-| ESP32-S2/S3 | GPIO20 | GPIO19 |
+### USB PHY pin mapping
+
+|              | USB_DP | USB_DM |
+| ------------ | ------ | ------ |
+| ESP32-S2/S3  | GPIO20 | GPIO19 |
+| ESP32-P4 2.0 | pin 51 | pin 50 |
+| ESP32-P4 1.1 | GPIO27 | GPIO26 |
+
+> Note: On the ESP32-P4, the USB 2.0 PHY pins are dedicated to USB-OTG functionality and cannot be used as general-purpose GPIOs.