diff --git a/drivers/phy/renesas/phy-rcar-gen3-usb2.c b/drivers/phy/renesas/phy-rcar-gen3-usb2.c
index ef38c3b365d4..9ae9975d3255 100644
--- a/drivers/phy/renesas/phy-rcar-gen3-usb2.c
+++ b/drivers/phy/renesas/phy-rcar-gen3-usb2.c
@@ -902,8 +902,17 @@ static int rcar_gen3_phy_usb2_vbus_regulator_get_exclusive_enable(struct rcar_ge
 	int ret;
 
 	channel->vbus = devm_regulator_get_exclusive(dev, "vbus");
-	if (IS_ERR(channel->vbus))
-		return PTR_ERR(channel->vbus);
+	if (IS_ERR(channel->vbus)) {
+		ret = PTR_ERR(channel->vbus);
+		/* If vbus-regulator node was present vbus regulator should be available */
+		if (channel->otg_internal_reg)
+			return ret;
+
+		if (ret == -EPROBE_DEFER)
+			return ret;
+
+		return 0;
+	}
 
 	if (enable) {
 		ret = regulator_enable(channel->vbus);