diff --git a/src/lib/autocomplete/autocomplete-trigger.ts b/src/lib/autocomplete/autocomplete-trigger.ts
index e918e5cebe58..16201170efc4 100644
--- a/src/lib/autocomplete/autocomplete-trigger.ts
+++ b/src/lib/autocomplete/autocomplete-trigger.ts
@@ -22,6 +22,7 @@ import {switchMap} from 'rxjs/operators/switchMap';
 import {tap} from 'rxjs/operators/tap';
 import {delay} from 'rxjs/operators/delay';
 import {
+  AfterContentChecked,
   ChangeDetectorRef,
   Directive,
   ElementRef,
@@ -121,10 +122,11 @@ export function getMatAutocompleteMissingPanelError(): Error {
   exportAs: 'matAutocompleteTrigger',
   providers: [MAT_AUTOCOMPLETE_VALUE_ACCESSOR]
 })
-export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
+export class MatAutocompleteTrigger implements ControlValueAccessor, AfterContentChecked,
+  OnDestroy {
   private _overlayRef: OverlayRef | null;
   private _portal: TemplatePortal;
-  private _componentDestroyed = false;
+  private _isDestroyed = false;
 
   /** Old value of the native input. Used to work around issues with the `input` event on IE. */
   private _previousValue: string | number | null;
@@ -138,6 +140,12 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
   /** The subscription for closing actions (some are bound to document). */
   private _closingActionsSubscription: Subscription;
 
+  /** Whether the component has been initializied. */
+  private _isInitialized: boolean;
+
+  /** Initial value that should be shown after the component is initialized. */
+  private _initialValueToSelect: any;
+
   /** Stream of keyboard events that can close the panel. */
   private readonly _closeKeyEventStream = new Subject<void>();
 
@@ -150,7 +158,8 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
   /** The autocomplete panel to be attached to this trigger. */
   @Input('matAutocomplete') autocomplete: MatAutocomplete;
 
-  constructor(private _element: ElementRef, private _overlay: Overlay,
+  constructor(private _element: ElementRef,
+              private _overlay: Overlay,
               private _viewContainerRef: ViewContainerRef,
               private _zone: NgZone,
               private _changeDetectorRef: ChangeDetectorRef,
@@ -159,8 +168,17 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
               @Optional() @Host() private _formField: MatFormField,
               @Optional() @Inject(DOCUMENT) private _document: any) {}
 
+  ngAfterContentChecked() {
+    if (!this._isInitialized && typeof this._initialValueToSelect !== 'undefined') {
+      this._setTriggerValue(this._initialValueToSelect);
+      this._initialValueToSelect = undefined;
+    }
+
+    this._isInitialized = true;
+  }
+
   ngOnDestroy() {
-    this._componentDestroyed = true;
+    this._isDestroyed = true;
     this._destroyPanel();
     this._closeKeyEventStream.complete();
   }
@@ -189,7 +207,7 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
 
       // Note that in some cases this can end up being called after the component is destroyed.
       // Add a check to ensure that we don't try to run change detection on a destroyed view.
-      if (!this._componentDestroyed) {
+      if (!this._isDestroyed) {
         // We need to trigger change detection manually, because
         // `fromEvent` doesn't seem to do it at the proper time.
         // This ensures that the label is reset when the
@@ -261,7 +279,14 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
 
   // Implemented as part of ControlValueAccessor.
   writeValue(value: any): void {
-    Promise.resolve(null).then(() => this._setTriggerValue(value));
+    if (this._isInitialized) {
+      this._setTriggerValue(value);
+    } else {
+      // If the component isn't initialized yet, defer until the first CD pass, otherwise we'll
+      // miss the initial `displayWith` value. By deferring until the first `AfterContentChecked`
+      // we avoid making the method async while preventing "changed after checked" errors.
+      this._initialValueToSelect = value;
+    }
   }
 
   // Implemented as part of ControlValueAccessor.
diff --git a/src/lib/autocomplete/autocomplete.spec.ts b/src/lib/autocomplete/autocomplete.spec.ts
index 3bf1f45483b4..4a0e438927ee 100644
--- a/src/lib/autocomplete/autocomplete.spec.ts
+++ b/src/lib/autocomplete/autocomplete.spec.ts
@@ -1805,6 +1805,17 @@ describe('MatAutocomplete', () => {
     expect(event.source).toBe(fixture.componentInstance.autocomplete);
     expect(event.option.value).toBe('Puerto Rico');
   }));
+
+  it('should evaluate `displayWith` before assigning the initial value', fakeAsync(() => {
+    const fixture = createComponent(PreselectedAutocompleteDisplayWith);
+    const input = fixture.nativeElement.querySelector('input');
+
+    fixture.detectChanges();
+    flush();
+
+    expect(input.value).toBe('Alaska');
+  }));
+
 });
 
 @Component({
@@ -2134,3 +2145,28 @@ class AutocompleteWithNumberInputAndNgModel {
   selectedValue: number;
   values = [1, 2, 3];
 }
+
+@Component({
+  template: `
+    <mat-form-field>
+      <input matInput [matAutocomplete]="auto" [formControl]="stateCtrl">
+    </mat-form-field>
+
+    <mat-autocomplete #auto="matAutocomplete" [displayWith]="displayFn">
+      <mat-option *ngFor="let state of states" [value]="state">
+        <span>{{ state.name }}</span>
+      </mat-option>
+    </mat-autocomplete>
+  `
+})
+class PreselectedAutocompleteDisplayWith {
+  stateCtrl = new FormControl({code: 'AK', name: 'Alaska'});
+  states = [
+    {code: 'AL', name: 'Alabama'},
+    {code: 'AK', name: 'Alaska'}
+  ];
+
+  displayFn(value: any): string {
+    return value && typeof value === 'object' ? value.name : value;
+  }
+}