diff --git a/changelogs/fragments/8489-fix-opennebula-inventory-crash-when-nic-has-no-ip.yml b/changelogs/fragments/8489-fix-opennebula-inventory-crash-when-nic-has-no-ip.yml
new file mode 100644
index 0000000000..3db86f364e
--- /dev/null
+++ b/changelogs/fragments/8489-fix-opennebula-inventory-crash-when-nic-has-no-ip.yml
@@ -0,0 +1,2 @@
+bugfixes:
+  - opennebula inventory plugin - fix invalid reference to IP when inventory runs against NICs with no IPv4 address (https://github.com/ansible-collections/community.general/pull/8489).
diff --git a/plugins/inventory/opennebula.py b/plugins/inventory/opennebula.py
index b097307c39..bf81758ef1 100644
--- a/plugins/inventory/opennebula.py
+++ b/plugins/inventory/opennebula.py
@@ -143,7 +143,8 @@ class InventoryModule(BaseInventoryPlugin, Constructable):
             nic = [nic]
 
         for net in nic:
-            return net['IP']
+            if net.get('IP'):
+                return net['IP']
 
         return False