diff --git a/src/lib/autocomplete/autocomplete-trigger.ts b/src/lib/autocomplete/autocomplete-trigger.ts
index 7f075637cfe6..62da00e5d78e 100644
--- a/src/lib/autocomplete/autocomplete-trigger.ts
+++ b/src/lib/autocomplete/autocomplete-trigger.ts
@@ -20,6 +20,7 @@ import {TemplatePortal} from '@angular/cdk/portal';
 import {DOCUMENT} from '@angular/common';
 import {filter, take, switchMap, delay, tap, map} from 'rxjs/operators';
 import {
+  AfterContentChecked,
   ChangeDetectorRef,
   Directive,
   ElementRef,
@@ -115,7 +116,8 @@ 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;
@@ -143,6 +145,12 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
    */
   private _canOpenOnNextFocus = true;
 
+  /** 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>();
 
@@ -207,6 +215,15 @@ export class MatAutocompleteTrigger implements ControlValueAccessor, OnDestroy {
     }
   }
 
+  ngAfterContentChecked() {
+    if (!this._isInitialized && typeof this._initialValueToSelect !== 'undefined') {
+      this._setTriggerValue(this._initialValueToSelect);
+      this._initialValueToSelect = undefined;
+    }
+
+    this._isInitialized = true;
+  }
+
   ngOnDestroy() {
     if (typeof window !== 'undefined') {
       window.removeEventListener('blur', this._windowBlurHandler);
@@ -336,7 +353,14 @@ 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 8dfe106521f9..67f5fd124eff 100644
--- a/src/lib/autocomplete/autocomplete.spec.ts
+++ b/src/lib/autocomplete/autocomplete.spec.ts
@@ -2199,6 +2199,17 @@ describe('MatAutocomplete', () => {
     expect(Math.floor(overlayRect.top)).toBe(Math.floor(originRect.bottom),
         'Expected autocomplete panel to align with the bottom of the new origin.');
   });
+
+  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({
@@ -2585,3 +2596,29 @@ class AutocompleteWithNativeAutocompleteAttribute {
 })
 class InputWithoutAutocompleteAndDisabled {
 }
+
+
+@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;
+  }
+}