A new and unique cultivar of Hakonechloa named `Naomi` that is characterized by its variegated foliage that is creamy white to yellow green with green bands in the spring and summer and turning deep red to deep purple in fall. As the mature foliage changes to a red and purple with cool temperatures, a combination of summer and fall foliage creates a unique combination of foliage color. `Naomi` is further characterized by its dwarf plant habit, its hardiness in U.S.D.A. Zones 5 to 9, and its relatively vigorous growth habit.