diff --git a/lib/ansible/modules/cloud/amazon/ec2_instance.py b/lib/ansible/modules/cloud/amazon/ec2_instance.py
index 9437afee4a..86c2e7cb1e 100644
--- a/lib/ansible/modules/cloud/amazon/ec2_instance.py
+++ b/lib/ansible/modules/cloud/amazon/ec2_instance.py
@@ -737,6 +737,47 @@ def build_volume_spec(params):
     return [ec2_utils.snake_dict_to_camel_dict(v, capitalize_first=True) for v in volumes]
 
 
+def add_or_update_instance_profile(instance, desired_profile_name):
+    instance_profile_setting = instance.get('IamInstanceProfile')
+    if instance_profile_setting and desired_profile_name:
+        if desired_profile_name in (instance_profile_setting.get('Name'), instance_profile_setting.get('Arn')):
+            # great, the profile we asked for is what's there
+            return False
+        else:
+            desired_arn = determine_iam_role(desired_profile_name)
+            if instance_profile_setting.get('Arn') == desired_arn:
+                return False
+        # update association
+        ec2 = module.client('ec2')
+        try:
+            association = ec2.describe_iam_instance_profile_associations(Filters=[{'Name': 'instance-id', 'Values': [instance['InstanceId']]}])
+        except botocore.exceptions.ClientError as e:
+            # check for InvalidAssociationID.NotFound
+            module.fail_json_aws(e, "Could not find instance profile association")
+        try:
+            resp = ec2.replace_iam_instance_profile_association(
+                AssociationId=association['IamInstanceProfileAssociations'][0]['AssociationId'],
+                IamInstanceProfile={'Arn': determine_iam_role(desired_profile_name)}
+            )
+            return True
+        except botocore.exceptions.ClientError as e:
+            module.fail_json_aws(e, "Could not associate instance profile")
+
+    if not instance_profile_setting and desired_profile_name:
+        # create association
+        ec2 = module.client('ec2')
+        try:
+            resp = ec2.associate_iam_instance_profile(
+                IamInstanceProfile={'Arn': determine_iam_role(desired_profile_name)},
+                InstanceId=instance['InstanceId']
+            )
+            return True
+        except botocore.exceptions.ClientError as e:
+            module.fail_json_aws(e, "Could not associate new instance profile")
+
+    return False
+
+
 def build_network_spec(params, ec2=None):
     """
     Returns list of interfaces [complex]
@@ -1292,9 +1333,9 @@ def pretty_instance(i):
 def determine_iam_role(name_or_arn):
     if re.match(r'^arn:aws:iam::\d+:instance-profile/[\w+=/,.@-]+$', name_or_arn):
         return name_or_arn
-    iam = module.client('iam')
+    iam = module.client('iam', retry_decorator=AWSRetry.jittered_backoff())
     try:
-        role = iam.get_instance_profile(InstanceProfileName=name_or_arn)
+        role = iam.get_instance_profile(InstanceProfileName=name_or_arn, aws_retry=True)
         return role['InstanceProfile']['Arn']
     except botocore.exceptions.ClientError as e:
         if e.response['Error']['Code'] == 'NoSuchEntity':
@@ -1313,6 +1354,8 @@ def handle_existing(existing_matches, changed, ec2, state):
     changes = diff_instance_and_params(existing_matches[0], module.params)
     for c in changes:
         ec2.modify_instance_attribute(**c)
+    changed |= bool(changes)
+    changed |= add_or_update_instance_profile(existing_matches[0], module.params.get('instance_role'))
     changed |= change_network_attachments(existing_matches[0], module.params, ec2)
     altered = find_instances(ec2, ids=[i['InstanceId'] for i in existing_matches])
     module.exit_json(
diff --git a/test/integration/targets/ec2_instance/tasks/iam_instance_role.yml b/test/integration/targets/ec2_instance/tasks/iam_instance_role.yml
index a20a9e0dc7..b8654ed286 100644
--- a/test/integration/targets/ec2_instance/tasks/iam_instance_role.yml
+++ b/test/integration/targets/ec2_instance/tasks/iam_instance_role.yml
@@ -19,6 +19,17 @@
         <<: *aws_connection_info
       register: iam_role
 
+    - name: Create second IAM role for test
+      iam_role:
+        name: "{{ resource_prefix }}-test-policy-2"
+        assume_role_policy_document: "{{ lookup('file','assume-role-policy.json') }}"
+        state: present
+        create_instance_profile: yes
+        managed_policy:
+        - AmazonEC2ContainerServiceRole
+        <<: *aws_connection_info
+      register: iam_role_2
+
     - name: Wait for IAM role to be available, otherwise the next step will fail (Invalid IAM Instance Profile name)
       command: sleep 10
 
@@ -36,6 +47,21 @@
         that:
           - 'instance_with_role.instances[0].iam_instance_profile.arn == iam_role.arn.replace(":role/", ":instance-profile/")'
 
+    - name: Update instance with new instance_role
+      ec2_instance:
+        name: "{{ resource_prefix }}-test-default-vpc"
+        image_id: "{{ ec2_ami_image[aws_region] }}"
+        security_groups: "{{ sg.group_id }}"
+        instance_type: t2.micro
+        instance_role: "{{ resource_prefix }}-test-policy-2"
+        <<: *aws_connection_info
+      register: instance_with_updated_role
+
+    - assert:
+        that:
+          - 'instance_with_updated_role.instances[0].iam_instance_profile.arn == iam_role_2.arn.replace(":role/", ":instance-profile/")'
+          - 'instance_with_updated_role.instances[0].instance_id == instance_with_role.instances[0].instance_id'
+
   always:
     - name: Terminate instance
       ec2:
@@ -49,13 +75,16 @@
 
     - name: Delete IAM role for test
       iam_role:
-        name: "{{ resource_prefix }}-test-policy"
+        name: "{{ item }}"
         assume_role_policy_document: "{{ lookup('file','assume-role-policy.json') }}"
         state: absent
         create_instance_profile: yes
         managed_policy:
         - AmazonEC2ContainerServiceRole
         <<: *aws_connection_info
+      loop:
+        - "{{ resource_prefix }}-test-policy"
+        - "{{ resource_prefix }}-test-policy-2"
       register: removed
       until: removed is not failed
       ignore_errors: yes