diff --git a/tools/cmakev2/idf.cmake b/tools/cmakev2/idf.cmake
index 2c1b10588b7..1d13cabd79a 100644
--- a/tools/cmakev2/idf.cmake
+++ b/tools/cmakev2/idf.cmake
@@ -9,6 +9,10 @@ cmake_minimum_required(VERSION 3.22)
 # included.
 set(CMAKE_MODULE_PATH "${CMAKE_CURRENT_LIST_DIR}" ${CMAKE_MODULE_PATH})
 
+# The version.cmake file, which contains the IDF_VERSION variables, is the only
+# file included from the cmakev1 build system.
+include(${CMAKE_CURRENT_LIST_DIR}/../cmake/version.cmake)
+
 include(component)
 include(build)
 
@@ -152,7 +156,6 @@ __init_components()
 Many of the following things are already implemented in PoC !38337, but they
 need to be reviewed.
 
-* Set IDF version.
 * Set and check python interpreter.
 * Set build target.
 * Set the toolchain before invoking project().
diff --git a/tools/cmakev2/test/CMakeLists.txt b/tools/cmakev2/test/CMakeLists.txt
index fc3cf158156..77835c5ffc1 100644
--- a/tools/cmakev2/test/CMakeLists.txt
+++ b/tools/cmakev2/test/CMakeLists.txt
@@ -65,6 +65,19 @@ function(test_component_priority)
     __dump_component_properties("${component_name}")
 endfunction()
 
+# Test that IDF_VERSION is set
+function(test_idf_version)
+    if(NOT DEFINED IDF_VERSION_MAJOR OR
+       NOT DEFINED IDF_VERSION_MINOR OR
+       NOT DEFINED IDF_VERSION_PATCH OR
+       NOT DEFINED ENV{IDF_VERSION})
+        idf_die("IDF_VERSION not set")
+   endif()
+endfunction()
+
 # Run tests
 test_dump_properties()
 test_component_priority()
+test_idf_version()
+
+message("ALL TESTS PASSED")