diff --git a/tools/cmakev2/build.cmake b/tools/cmakev2/build.cmake
index 0e9096e111..f7f0121ef6 100644
--- a/tools/cmakev2/build.cmake
+++ b/tools/cmakev2/build.cmake
@@ -703,7 +703,7 @@ endfunction()
     .. code-block:: cmake
 
         idf_build_generate_metadata(<binary>
-                                    [FILE <file>])
+                                    [OUTPUT_FILE <file>])
 
     *binary[in]*
 
@@ -715,8 +715,8 @@ endfunction()
         the default path ``<build>/project_description.json`` is used.
 
     Generate metadata for the specified ``binary`` and store it in the
-    specified ``FILE``. If no ``FILE`` is provided, the default location
-    ``<build>/project_description.json`` will be used.
+    specified ``OUTPUT_FILE``. If no ``OUTPUT_FILE`` is provided, the default
+    location ``<build>/project_description.json`` will be used.
 #]]
 function(idf_build_generate_metadata binary)
     set(options)
@@ -1180,3 +1180,69 @@ function(idf_check_binary_signed binary)
         "${binary_path}"
         VERBATIM)
 endfunction()
+
+#[[
+.. cmakev2:function:: idf_build_generate_depgraph
+
+    .. code-block:: cmake
+
+        idf_build_generate_depgraph(<executable>
+                                    [OUTPUT_FILE <file>])
+
+    *executable[in]*
+
+        Executable target for which to generate a dependency graph.
+
+    *OUTPUT_FILE[in,opt]*
+
+        Optional output file path for storing the dependency graph. If not
+        provided, the default path ``<build>/component_deps.dot`` is used.
+
+    Generate dependency graph for the specified ``executable`` and store it in
+    the specified ``OUTPUT_FILE``. If no ``OUTPUT_FILE`` is provided, the
+    default location ``<build>/component_deps.dot`` will be used.
+#]]
+function(idf_build_generate_depgraph executable)
+    set(options)
+    set(one_value OUTPUT_FILE)
+    set(multi_value)
+    cmake_parse_arguments(ARG "${options}" "${one_value}" "${multi_value}" ${ARGN})
+
+    idf_build_get_property(depgraph_enabled __BUILD_COMPONENT_DEPGRAPH_ENABLED)
+    if(NOT depgraph_enabled)
+        return()
+    endif()
+
+    __get_executable_library_or_die(TARGET "${executable}" OUTPUT library)
+
+    idf_build_set_property(__BUILD_COMPONENT_DEPGRAPH "")
+    idf_build_get_property(common_reqs __COMPONENT_REQUIRES_COMMON)
+
+    idf_library_get_property(build_components "${library}" LIBRARY_COMPONENTS_LINKED)
+
+    foreach(component_name IN LISTS build_components)
+        idf_component_get_property(reqs "${component_name}" REQUIRES)
+        idf_component_get_property(component_format "${component_name}" COMPONENT_FORMAT)
+        if("${component_format}" STREQUAL "CMAKEV1")
+            # For cmakev1 components, also include commonly required
+            # components.
+            list(APPEND reqs ${common_reqs})
+        endif()
+
+        foreach(req IN LISTS reqs)
+            depgraph_add_edge(${component_name} ${req} REQUIRES)
+        endforeach()
+
+        idf_component_get_property(priv_reqs "${component_name}" PRIV_REQUIRES)
+        foreach(priv_req IN LISTS priv_reqs)
+            depgraph_add_edge(${component_name} ${priv_req} PRIV_REQUIRES)
+        endforeach()
+    endforeach()
+
+    if(NOT DEFINED ARG_OUTPUT_FILE)
+        idf_build_get_property(build_dir BUILD_DIR)
+        set(ARG_OUTPUT_FILE "${build_dir}/component_deps.dot")
+    endif()
+
+    depgraph_generate("${ARG_OUTPUT_FILE}")
+endfunction()
diff --git a/tools/cmakev2/idf.cmake b/tools/cmakev2/idf.cmake
index 6824a9296c..7aaf3f64ad 100644
--- a/tools/cmakev2/idf.cmake
+++ b/tools/cmakev2/idf.cmake
@@ -27,6 +27,11 @@ include(${CMAKE_CURRENT_LIST_DIR}/../cmake/gdbinit.cmake)
 # project_description.json.
 include(${CMAKE_CURRENT_LIST_DIR}/../cmake/openocd.cmake)
 
+# The depgraph.cmake file from cmakev1 contains helper functions for generating
+# a component dependency graph. Let's reuse these functions in the
+# idf_build_generate_depgraph function.
+include(${CMAKE_CURRENT_LIST_DIR}/../cmake/depgraph.cmake)
+
 include(component)
 include(build)
 include(kconfig)
diff --git a/tools/cmakev2/project.cmake b/tools/cmakev2/project.cmake
index f42712b516..d5fed77a53 100644
--- a/tools/cmakev2/project.cmake
+++ b/tools/cmakev2/project.cmake
@@ -770,6 +770,8 @@ function(__project_default)
         idf_create_size_report("${executable}_mapfile"
                                TARGET size)
     endif()
+
+    idf_build_generate_depgraph("${executable}")
 endfunction()
 
 #[[api
diff --git a/tools/cmakev2/test/CMakeLists.txt b/tools/cmakev2/test/CMakeLists.txt
index bc0e3fa2e5..0981ec92af 100644
--- a/tools/cmakev2/test/CMakeLists.txt
+++ b/tools/cmakev2/test/CMakeLists.txt
@@ -15,6 +15,8 @@ add_custom_target(flash)
 
 idf_project_init()
 
+idf_build_set_property(__BUILD_COMPONENT_DEPGRAPH_ENABLED 1)
+
 # Test component priority
 function(test_component_priority)
     # Set the idf component to be replaced with a testing component of higher
@@ -232,6 +234,8 @@ function(test_executable)
                           TARGET menuconfig-fatfs)
     idf_build_generate_metadata(fatfs_example_bin
                                 OUTPUT_FILE project_description_fatfs.json)
+    idf_build_generate_depgraph(fatfs_example
+                                OUTPUT_FILE component_deps_fatfs.dot)
     idf_create_confserver(fatfs_example
                           TARGET confserver-fatfs)
 
@@ -255,6 +259,8 @@ function(test_executable)
                           TARGET menuconfig-hello_world)
     idf_build_generate_metadata(hello_world_example_bin
                                 OUTPUT_FILE project_description_hello_world.json)
+    idf_build_generate_depgraph(hello_world_example
+                                OUTPUT_FILE component_deps_hello_world.dot)
     idf_create_confserver(hello_world_example
                           TARGET confserver-hello_world)