diff --git a/changelogs/fragments/3702-ipmi-encryption-key.yml b/changelogs/fragments/3702-ipmi-encryption-key.yml
new file mode 100644
index 0000000000..c26f392de8
--- /dev/null
+++ b/changelogs/fragments/3702-ipmi-encryption-key.yml
@@ -0,0 +1,4 @@
+---
+minor_changes:
+  - ipmi_boot - add support for user-specified IPMI encryption key (https://github.com/ansible-collections/community.general/issues/3698).
+  - ipmi_power - add support for user-specified IPMI encryption key (https://github.com/ansible-collections/community.general/issues/3698).
diff --git a/plugins/modules/remote_management/ipmi/ipmi_boot.py b/plugins/modules/remote_management/ipmi/ipmi_boot.py
index f4bdbb2112..f8cff0e7e0 100644
--- a/plugins/modules/remote_management/ipmi/ipmi_boot.py
+++ b/plugins/modules/remote_management/ipmi/ipmi_boot.py
@@ -35,6 +35,12 @@ options:
       - Password to connect to the BMC.
     required: true
     type: str
+  key:
+    description:
+      - Encryption key to connect to the BMC in hex format.
+    required: false
+    type: str
+    version_added: 4.1.0
   bootdev:
     description:
       - Set boot device to use on next reboot
@@ -115,11 +121,13 @@ EXAMPLES = '''
     name: test.testdomain.com
     user: admin
     password: password
+    key: 1234567890AABBCCDEFF000000EEEE12
     bootdev: network
     state: absent
 '''
 
 import traceback
+import binascii
 
 PYGHMI_IMP_ERR = None
 try:
@@ -138,6 +146,7 @@ def main():
             port=dict(default=623, type='int'),
             user=dict(required=True, no_log=True),
             password=dict(required=True, no_log=True),
+            key=dict(type='str', no_log=True),
             state=dict(default='present', choices=['present', 'absent']),
             bootdev=dict(required=True, choices=['network', 'hd', 'floppy', 'safe', 'optical', 'setup', 'default']),
             persistent=dict(default=False, type='bool'),
@@ -162,10 +171,18 @@ def main():
     if state == 'absent' and bootdev == 'default':
         module.fail_json(msg="The bootdev 'default' cannot be used with state 'absent'.")
 
+    try:
+        if module.params['key']:
+            key = binascii.unhexlify(module.params['key'])
+        else:
+            key = None
+    except Exception as e:
+        module.fail_json(msg="Unable to convert 'key' from hex string.")
+
     # --- run command ---
     try:
         ipmi_cmd = command.Command(
-            bmc=name, userid=user, password=password, port=port
+            bmc=name, userid=user, password=password, port=port, kg=key
         )
         module.debug('ipmi instantiated - name: "%s"' % name)
         current = ipmi_cmd.get_bootdev()
diff --git a/plugins/modules/remote_management/ipmi/ipmi_power.py b/plugins/modules/remote_management/ipmi/ipmi_power.py
index 8a88679697..e2d977f6e8 100644
--- a/plugins/modules/remote_management/ipmi/ipmi_power.py
+++ b/plugins/modules/remote_management/ipmi/ipmi_power.py
@@ -35,6 +35,12 @@ options:
       - Password to connect to the BMC.
     required: true
     type: str
+  key:
+    description:
+      - Encryption key to connect to the BMC in hex format.
+    required: false
+    type: str
+    version_added: 4.1.0
   state:
     description:
       - Whether to ensure that the machine in desired state.
@@ -76,6 +82,7 @@ EXAMPLES = '''
 '''
 
 import traceback
+import binascii
 
 PYGHMI_IMP_ERR = None
 try:
@@ -95,6 +102,7 @@ def main():
             state=dict(required=True, choices=['on', 'off', 'shutdown', 'reset', 'boot']),
             user=dict(required=True, no_log=True),
             password=dict(required=True, no_log=True),
+            key=dict(type='str', no_log=True),
             timeout=dict(default=300, type='int'),
         ),
         supports_check_mode=True,
@@ -110,10 +118,18 @@ def main():
     state = module.params['state']
     timeout = module.params['timeout']
 
+    try:
+        if module.params['key']:
+            key = binascii.unhexlify(module.params['key'])
+        else:
+            key = None
+    except Exception as e:
+        module.fail_json(msg="Unable to convert 'key' from hex string.")
+
     # --- run command ---
     try:
         ipmi_cmd = command.Command(
-            bmc=name, userid=user, password=password, port=port
+            bmc=name, userid=user, password=password, port=port, kg=key
         )
         module.debug('ipmi instantiated - name: "%s"' % name)