diff --git a/changelogs/fragments/54692-ec2_asg_fix_reading_properties.yml b/changelogs/fragments/54692-ec2_asg_fix_reading_properties.yml
new file mode 100644
index 00000000000..4041570e773
--- /dev/null
+++ b/changelogs/fragments/54692-ec2_asg_fix_reading_properties.yml
@@ -0,0 +1,2 @@
+bugfixes:
+  - ec2_asg - Fix error where ASG dict has no launch config or launch template key
diff --git a/lib/ansible/modules/cloud/amazon/ec2_asg.py b/lib/ansible/modules/cloud/amazon/ec2_asg.py
index d973ede1e1e..971fa4ea154 100644
--- a/lib/ansible/modules/cloud/amazon/ec2_asg.py
+++ b/lib/ansible/modules/cloud/amazon/ec2_asg.py
@@ -629,10 +629,13 @@ def get_properties(autoscaling_group):
                 instance_facts[i['InstanceId']] = {'health_status': i['HealthStatus'],
                                                    'lifecycle_state': i['LifecycleState'],
                                                    'launch_config_name': i['LaunchConfigurationName']}
-            else:
+            elif i.get('LaunchTemplate'):
                 instance_facts[i['InstanceId']] = {'health_status': i['HealthStatus'],
                                                    'lifecycle_state': i['LifecycleState'],
                                                    'launch_template': i['LaunchTemplate']}
+            else:
+                instance_facts[i['InstanceId']] = {'health_status': i['HealthStatus'],
+                                                   'lifecycle_state': i['LifecycleState']}
             if i['HealthStatus'] == 'Healthy' and i['LifecycleState'] == 'InService':
                 properties['viable_instances'] += 1
             if i['HealthStatus'] == 'Healthy':