diff --git a/config/schema/dynamic_entity_reference.schema.yml b/config/schema/dynamic_entity_reference.schema.yml
index fe29f09..1e6c4b3 100644
--- a/config/schema/dynamic_entity_reference.schema.yml
+++ b/config/schema/dynamic_entity_reference.schema.yml
@@ -46,15 +46,18 @@ field.value.dynamic_entity_reference:
       label: 'Type of item to reference'
 
 field.formatter.settings.dynamic_entity_reference_entity_view:
-  type: mapping
+  type: sequence
   label: 'Dynamic entity reference rendered entity display format settings'
-  mapping:
-    view_mode:
-      type: string
-      label: 'View mode'
-    link:
-      type: boolean
-      label: 'Show links'
+  sequence:
+    type: mapping
+    label: 'Entity Type ID'
+    mapping:
+      view_mode:
+        type: string
+        label: 'View modes'
+      link:
+        type: boolean
+        label: 'Show links'
 
 field.formatter.settings.dynamic_entity_reference_entity_id:
   type: mapping
diff --git a/src/Plugin/Field/FieldFormatter/DynamicEntityReferenceEntityFormatter.php b/src/Plugin/Field/FieldFormatter/DynamicEntityReferenceEntityFormatter.php
index 6ef1d5a..f0b11e6 100644
--- a/src/Plugin/Field/FieldFormatter/DynamicEntityReferenceEntityFormatter.php
+++ b/src/Plugin/Field/FieldFormatter/DynamicEntityReferenceEntityFormatter.php
@@ -3,7 +3,10 @@
 namespace Drupal\dynamic_entity_reference\Plugin\Field\FieldFormatter;
 
 use Drupal\Core\Field\FieldDefinitionInterface;
+use Drupal\Core\Field\FieldItemListInterface;
 use Drupal\Core\Field\Plugin\Field\FieldFormatter\EntityReferenceEntityFormatter;
+use Drupal\Core\Form\FormStateInterface;
+use Drupal\dynamic_entity_reference\Plugin\Field\FieldType\DynamicEntityReferenceItem;
 
 /**
  * Plugin implementation of the 'rendered entity' formatter.
@@ -28,4 +31,112 @@ class DynamicEntityReferenceEntityFormatter extends EntityReferenceEntityFormatt
     return TRUE;
   }
 
+  /**
+   * {@inheritdoc}
+   */
+  public static function defaultSettings() {
+    $labels = \Drupal::service('entity_type.repository')->getEntityTypeLabels(TRUE);
+    $options = array_keys($labels[(string) t('Content', [], ['context' => 'Entity type group'])]);
+    return array_fill_keys($options, ['view_mode' => 'default', 'link' => FALSE]);
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public function settingsSummary() {
+    $labels = \Drupal::service('entity_type.repository')->getEntityTypeLabels(TRUE);
+    $options = $labels[(string) t('Content', [], ['context' => 'Entity type group'])];
+    $entity_type_ids = DynamicEntityReferenceItem::getTargetTypes($this->getFieldSettings());
+    $available = [];
+    foreach ($this->getSettings() as $key => $value) {
+      if (in_array($key, array_values($entity_type_ids))) {
+        $available[$key] = $value;
+      }
+    }
+    if (!empty($available)) {
+      return array_map(function ($entity_type_id, $settings) use ($options) {
+        return t('Rendered %entity as view mode: @mode', [
+          '%entity' => $options[$entity_type_id],
+          '@mode' => $settings['view_mode'],
+        ]);
+      }, array_keys($available), $available);
+    }
+    else {
+      return [];
+    }
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public function settingsForm(array $form, FormStateInterface $form_state) {
+    $labels = \Drupal::service('entity_type.repository')->getEntityTypeLabels(TRUE);
+    $options = $labels[(string) t('Content', [], ['context' => 'Entity type group'])];
+    $entity_type_ids = DynamicEntityReferenceItem::getTargetTypes($this->getFieldSettings());
+    $elements['view_mode'] = [];
+
+    foreach ($entity_type_ids as $entity_type_id) {
+      $elements[$entity_type_id] = [
+        '#type' => 'container',
+      ];
+      $elements[$entity_type_id]['view_mode'] = [
+        '#type' => 'select',
+        '#options' => $this->entityDisplayRepository->getViewModeOptions($entity_type_id),
+        '#title' => t('View mode for %entity', ['%entity' => $options[$entity_type_id]]),
+        '#default_value' => $this->getSetting($entity_type_id)['view_mode'],
+        '#required' => TRUE,
+      ];
+    }
+
+    return $elements;
+  }
+
+  /**
+   * {@inheritdoc}
+   */
+  public function viewElements(FieldItemListInterface $items, $langcode) {
+    $elements = [];
+
+    foreach ($this->getEntitiesToView($items, $langcode) as $delta => $entity) {
+      // Due to render caching and delayed calls, the viewElements() method
+      // will be called later in the rendering process through a '#pre_render'
+      // callback, so we need to generate a counter that takes into account
+      // all the relevant information about this field and the referenced
+      // entity that is being rendered.
+      $recursive_render_id = $items->getFieldDefinition()->getTargetEntityTypeId()
+        . $items->getFieldDefinition()->getTargetBundle()
+        . $items->getName()
+        . $entity->id();
+
+      if (isset(static::$recursiveRenderDepth[$recursive_render_id])) {
+        static::$recursiveRenderDepth[$recursive_render_id]++;
+      }
+      else {
+        static::$recursiveRenderDepth[$recursive_render_id] = 1;
+      }
+
+      // Protect ourselves from recursive rendering.
+      if (static::$recursiveRenderDepth[$recursive_render_id] > static::RECURSIVE_RENDER_LIMIT) {
+        $this->loggerFactory->get('entity')->error('Recursive rendering detected when rendering entity %entity_type: %entity_id, using the %field_name field on the %bundle_name bundle. Aborting rendering.', [
+          '%entity_type' => $entity->getEntityTypeId(),
+          '%entity_id' => $entity->id(),
+          '%field_name' => $items->getName(),
+          '%bundle_name' => $items->getFieldDefinition()->getTargetBundle(),
+        ]);
+        return $elements;
+      }
+      $entity_type_id = $entity->getEntityTypeId();
+      $view_builder = $this->entityTypeManager->getViewBuilder($entity_type_id);
+      $elements[$delta] = $view_builder->view($entity, $this->getSetting($entity_type_id)['view_mode'], $entity->language()->getId());
+      // Add a resource attribute to set the mapping property's value to the
+      // entity's url. Since we don't know what the markup of the entity will
+      // be, we shouldn't rely on it for structured data such as RDFa.
+      if (!empty($items[$delta]->_attributes) && !$entity->isNew() && $entity->hasLinkTemplate('canonical')) {
+        $items[$delta]->_attributes += array('resource' => $entity->toUrl()->toString());
+      }
+    }
+
+    return $elements;
+  }
+
 }
diff --git a/tests/src/FunctionalJavascript/DynamicEntityReferenceTest.php b/tests/src/FunctionalJavascript/DynamicEntityReferenceTest.php
index df92b06..7c5849f 100644
--- a/tests/src/FunctionalJavascript/DynamicEntityReferenceTest.php
+++ b/tests/src/FunctionalJavascript/DynamicEntityReferenceTest.php
@@ -56,6 +56,7 @@ class DynamicEntityReferenceTest extends JavascriptTestBase {
     'field_ui',
     'dynamic_entity_reference',
     'entity_test',
+    'node',
   ];
 
   /**
@@ -68,6 +69,8 @@ class DynamicEntityReferenceTest extends JavascriptTestBase {
     'view test entity',
     'administer entity_test fields',
     'administer entity_test content',
+    'administer node fields',
+    'administer node display',
     'access user profiles',
   ];
 
@@ -187,6 +190,76 @@ class DynamicEntityReferenceTest extends JavascriptTestBase {
   }
 
   /**
+   * Tests view modes in formatter of dynamic entity reference field.
+   */
+  public function testFieldFormatterViewModes() {
+    $assert_session = $this->assertSession();
+    $this->drupalLogin($this->adminUser);
+    $this->drupalCreateContentType(['type' => 'test_content']);
+    $this->drupalGet('/admin/structure/types/manage/test_content/fields/add-field');
+    $edit = [
+      'label' => 'Foobar',
+      'field_name' => 'foobar',
+      'new_storage_type' => 'dynamic_entity_reference',
+    ];
+    $this->submitForm($edit, t('Save and continue'), 'field-ui-field-storage-add-form');
+    $page = $this->getSession()->getPage();
+    $entity_type_ids_select = $assert_session->selectExists('settings[entity_type_ids][]', $page);
+    $entity_type_ids_select->selectOption('user');
+    $assert_session->selectExists('cardinality', $page)
+      ->selectOption(FieldStorageDefinitionInterface::CARDINALITY_UNLIMITED);
+    $page->uncheckField('settings[exclude_entity_types]');
+    $this->submitForm([], t('Save field settings'), 'field-storage-config-edit-form');
+    $this->drupalGet('admin/structure/types/manage/test_content/display');
+    $page = $this->getSession()->getPage();
+    $formats = $assert_session->selectExists('fields[field_foobar][type]', $page);
+    $formats->selectOption('dynamic_entity_reference_entity_view');
+    $assert_session->assertWaitOnAjaxRequest();
+    $page->pressButton('Edit');
+    $assert_session->assertWaitOnAjaxRequest();
+    $page = $this->getSession()->getPage();
+    $assert_session->selectExists('fields[field_foobar][settings_edit_form][settings][user][view_mode]', $page);
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][user][view_mode]', 'compact', $page);
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][user][view_mode]', 'full', $page);
+    // Edit field, turn on exclude entity types and check display again.
+    $this->drupalGet('admin/structure/types/manage/test_content/fields/node.test_content.field_foobar/storage');
+    $page->checkField('settings[exclude_entity_types]');
+    $this->submitForm([], t('Save field settings'), 'field-storage-config-edit-form');
+    $this->drupalGet('admin/structure/types/manage/test_content/display');
+    $page = $this->getSession()->getPage();
+    $formats = $assert_session->selectExists('fields[field_foobar][type]', $page);
+    $formats->selectOption('dynamic_entity_reference_entity_view');
+    $assert_session->assertWaitOnAjaxRequest();
+    // Assert node view mode is set on default.
+    $assert_session->responseContains("Rendered <em class=\"placeholder\">Content</em> as view mode: default");
+    $page->pressButton('Edit');
+    $assert_session->assertWaitOnAjaxRequest();
+    $page = $this->getSession()->getPage();
+    // Assert we have multi select form items for view mode settings.
+    $assert_session->selectExists('fields[field_foobar][settings_edit_form][settings][entity_test_with_bundle][view_mode]', $page);
+    $assert_session->responseContains("View mode for <em class=\"placeholder\">Test entity with bundle</em>");
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][entity_test_with_bundle][view_mode]', 'default', $page);
+    $assert_session->optionNotExists('fields[field_foobar][settings_edit_form][settings][entity_test_with_bundle][view_mode]', 'rss', $page);
+    $node_view_modes = $assert_session->selectExists('fields[field_foobar][settings_edit_form][settings][node][view_mode]', $page);
+    $assert_session->responseContains("View mode for <em class=\"placeholder\">Content</em>");
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][node][view_mode]', 'default', $page);
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][node][view_mode]', 'full', $page);
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][node][view_mode]', 'rss', $page);
+    $assert_session->optionExists('fields[field_foobar][settings_edit_form][settings][node][view_mode]', 'teaser', $page);
+    // Select different select options and assert summary is changed properly.
+    $node_view_modes->selectOption('teaser');
+    $page->pressButton('Update');
+    $assert_session->assertWaitOnAjaxRequest();
+    $assert_session->responseContains("Rendered <em class=\"placeholder\">Content</em> as view mode: teaser");
+    $page->pressButton('Edit');
+    $assert_session->assertWaitOnAjaxRequest();
+    $node_view_modes->selectOption('rss');
+    $page->pressButton('Update');
+    $assert_session->assertWaitOnAjaxRequest();
+    $assert_session->responseContains("Rendered <em class=\"placeholder\">Content</em> as view mode: rss");
+  }
+
+  /**
    * Creates auto complete path for the given target type.
    *
    * @param string $target_type
diff --git a/tests/src/Kernel/DynamicEntityReferenceFormatterTest.php b/tests/src/Kernel/DynamicEntityReferenceFormatterTest.php
index b5bd51f..87fca8f 100644
--- a/tests/src/Kernel/DynamicEntityReferenceFormatterTest.php
+++ b/tests/src/Kernel/DynamicEntityReferenceFormatterTest.php
@@ -182,6 +182,7 @@ class DynamicEntityReferenceFormatterTest extends EntityKernelTestBase {
       entity_get_display($this->entityType, $this->bundle, 'default')
         ->setComponent($field_name, [
           'type' => $formatter,
+          'settings' => $formatter == 'dynamic_entity_reference_entity_view' ? ['view_mode' => [$referencing_entity->getEntityTypeId() => 'default']] : [],
         ])
         ->save();
 
@@ -212,7 +213,16 @@ class DynamicEntityReferenceFormatterTest extends EntityKernelTestBase {
     /** @var \Drupal\Core\Render\RendererInterface $renderer */
     $renderer = $this->container->get('renderer');
     $formatter = 'dynamic_entity_reference_entity_view';
-    $build = $this->buildRenderArray([$this->referencedEntity, $this->unsavedReferencedEntity], $formatter);
+    $build = $this->buildRenderArray([$this->referencedEntity, $this->unsavedReferencedEntity], $formatter, [
+      $this->referencedEntity->getEntityTypeId() => [
+        'view_mode' => 'default',
+        'link' => FALSE,
+      ],
+      $this->unsavedReferencedEntity->getEntityTypeId() => [
+        'view_mode' => 'default',
+        'link' => FALSE,
+      ],
+    ]);
 
     // Test the first field item.
     $expected_rendered_name_field_1 = '
diff --git a/tests/src/Kernel/DynamicEntityReferenceSchemaTest.php b/tests/src/Kernel/DynamicEntityReferenceSchemaTest.php
index 696bd68..07e6647 100644
--- a/tests/src/Kernel/DynamicEntityReferenceSchemaTest.php
+++ b/tests/src/Kernel/DynamicEntityReferenceSchemaTest.php
@@ -142,8 +142,10 @@ class DynamicEntityReferenceSchemaTest extends EntityKernelTestBase {
       'type' => 'dynamic_entity_reference_entity_view',
       'label' => 'above',
       'settings' => [
-        'view_mode' => 'default',
-        'link' => FALSE,
+        $referenced_entity->getEntityTypeId() => [
+          'view_mode' => 'default',
+          'link' => FALSE,
+        ],
       ],
       'third_party_settings' => [],
     ])->save();