diff --git a/components/mbedtls/CMakeLists.txt b/components/mbedtls/CMakeLists.txt
index c408101e7d..839e2d8991 100644
--- a/components/mbedtls/CMakeLists.txt
+++ b/components/mbedtls/CMakeLists.txt
@@ -108,9 +108,13 @@ list(REMOVE_ITEM src_x509 x509_crt.c)
 set_property(TARGET mbedx509 PROPERTY SOURCES ${src_x509})
 endif()
 
+# Core libraries from the mbedTLS project
 set(mbedtls_targets mbedtls mbedcrypto mbedx509)
+# 3rd party libraries from the mbedTLS project
+list(APPEND mbedtls_targets everest p256m)
 
-set(mbedtls_target_sources "${COMPONENT_DIR}/port/mbedtls_debug.c")
+set(mbedtls_target_sources "${COMPONENT_DIR}/port/mbedtls_debug.c"
+                           "${COMPONENT_DIR}/port/esp_platform_time.c")
 
 if(CONFIG_MBEDTLS_DYNAMIC_BUFFER)
 set(mbedtls_target_sources ${mbedtls_target_sources}
diff --git a/components/mbedtls/mbedtls b/components/mbedtls/mbedtls
index 727a037da6..dd91f30058 160000
--- a/components/mbedtls/mbedtls
+++ b/components/mbedtls/mbedtls
@@ -1 +1 @@
-Subproject commit 727a037da6f9a62a9d3d5def5bd21a2bc9c621c6
+Subproject commit dd91f30058dfad68d80267cc82cd8472c4aa54b5
diff --git a/components/mbedtls/port/esp_platform_time.c b/components/mbedtls/port/esp_platform_time.c
new file mode 100644
index 0000000000..541b664ab9
--- /dev/null
+++ b/components/mbedtls/port/esp_platform_time.c
@@ -0,0 +1,25 @@
+/*
+ * SPDX-FileCopyrightText: 2023 Espressif Systems (Shanghai) CO LTD
+ *
+ * SPDX-License-Identifier: Apache-2.0
+ */
+
+#include "mbedtls/build_info.h"
+#include "mbedtls/platform_time.h"
+
+#ifdef MBEDTLS_PLATFORM_MS_TIME_ALT
+mbedtls_ms_time_t mbedtls_ms_time()
+{
+    int ret;
+    struct timespec tv = {};
+    mbedtls_ms_time_t current_ms;
+
+    ret = clock_gettime(CLOCK_MONOTONIC, &tv);
+    if (ret) {
+        return time(NULL) * 1000L;
+    }
+
+    current_ms = tv.tv_sec;
+    return current_ms * 1000L + tv.tv_nsec / 1000000L;
+}
+#endif // MBEDTLS_PLATFORM_MS_TIME_ALT
diff --git a/components/mbedtls/port/include/mbedtls/esp_config.h b/components/mbedtls/port/include/mbedtls/esp_config.h
index 06841348b2..dcd06b485e 100644
--- a/components/mbedtls/port/include/mbedtls/esp_config.h
+++ b/components/mbedtls/port/include/mbedtls/esp_config.h
@@ -56,8 +56,15 @@
  */
 #ifdef CONFIG_MBEDTLS_HAVE_TIME
 #define MBEDTLS_HAVE_TIME
+/**
+ * \def MBEDTLS_PLATFORM_MS_TIME_ALT
+ *
+ * Define platform specific function to get time since bootup in milliseconds.
+ */
+#define MBEDTLS_PLATFORM_MS_TIME_ALT
 #else
 #undef MBEDTLS_HAVE_TIME
+#undef MBEDTLS_PLATFORM_MS_TIME_ALT
 #endif
 
 /**