diff --git a/HISTORY.rst b/HISTORY.rst
index 2adfdf86..76c53d72 100644
--- a/HISTORY.rst
+++ b/HISTORY.rst
@@ -24,6 +24,7 @@ test-driven methodologies, and modern toolchains for unrivaled success.
 * Drastically enhanced the speed of project building when operating in verbose mode (`issue #4783 <https://github.com/platformio/platformio-core/issues/4783>`_)
 * Upgraded the build engine to the latest version of SCons (4.6.0) to improve build performance, reliability, and compatibility with other tools and systems (`release notes <https://github.com/SCons/scons/releases/tag/4.6.0>`__)
 * Enhanced the handling of built-in variables in |PIOCONF| during |INTERPOLATION| (`issue #4695 <https://github.com/platformio/platformio-core/issues/4695>`_)
+* Rectified an issue where ``${platformio.name}`` erroneously represented ``None`` as the default `project name <https://docs.platformio.org/en/latest/projectconf/sections/platformio/options/generic/name.html>`__ (`issue #4717 <https://github.com/platformio/platformio-core/issues/4717>`_)
 * Resolved an issue where the ``COMPILATIONDB_INCLUDE_TOOLCHAIN`` setting was not correctly applying to private libraries (`issue #4762 <https://github.com/platformio/platformio-core/issues/4762>`_)
 * Resolved an issue where ``get_systype()`` inaccurately returned the architecture when executed within a Docker container on a 64-bit kernel with a 32-bit userspace (`issue #4777 <https://github.com/platformio/platformio-core/issues/4777>`_)
 * Resolved an issue with incorrect handling of the ``check_src_filters`` option when used in multiple environments (`issue #4788 <https://github.com/platformio/platformio-core/issues/4788>`_)
diff --git a/platformio/project/options.py b/platformio/project/options.py
index 70f3219e..51611d24 100644
--- a/platformio/project/options.py
+++ b/platformio/project/options.py
@@ -110,6 +110,7 @@ ProjectOptions = OrderedDict(
                 group="generic",
                 name="name",
                 description="A project name",
+                default=lambda: os.path.basename(os.getcwd()),
             ),
             ConfigPlatformioOption(
                 group="generic",
diff --git a/tests/project/test_config.py b/tests/project/test_config.py
index 47c8f283..6880dd7c 100644
--- a/tests/project/test_config.py
+++ b/tests/project/test_config.py
@@ -624,6 +624,30 @@ custom_option = ${this.board}
     assert config.get("env:myenv", "build_flags") == ["-Dmyenv"]
 
 
+def test_project_name(tmp_path: Path):
+    project_dir = tmp_path / "my-project-name"
+    project_dir.mkdir()
+    project_conf = project_dir / "platformio.ini"
+    project_conf.write_text(
+        """
+[env:myenv]
+    """
+    )
+    with fs.cd(str(project_dir)):
+        config = ProjectConfig(str(project_conf))
+        assert config.get("platformio", "name") == "my-project-name"
+
+    # custom name
+    project_conf.write_text(
+        """
+[platformio]
+name = custom-project-name
+    """
+    )
+    config = ProjectConfig(str(project_conf))
+    assert config.get("platformio", "name") == "custom-project-name"
+
+
 def test_nested_interpolation(tmp_path: Path):
     project_conf = tmp_path / "platformio.ini"
     project_conf.write_text(