diff --git a/news/3753.trivial.rst b/news/3753.trivial.rst
new file mode 100644
index 00000000..2ab71d38
--- /dev/null
+++ b/news/3753.trivial.rst
@@ -0,0 +1 @@
+Improve the error message of ``pipenv --py`` when virtualenv can't be found.
diff --git a/pipenv/core.py b/pipenv/core.py
index a30cf8dd..7b00eb59 100644
--- a/pipenv/core.py
+++ b/pipenv/core.py
@@ -1775,6 +1775,17 @@ def ensure_lockfile(keep_outdated=False, pypi_mirror=None):
 
 
 def do_py(system=False):
+    if not project.virtualenv_exists:
+        click.echo(
+            "{}({}){}".format(
+                crayons.red("No virtualenv has been created for this project "),
+                crayons.white(project.project_directory, bold=True),
+                crayons.red(" yet!")
+            ),
+            err=True,
+        )
+        return    
+    
     try:
         click.echo(which("python", allow_global=system))
     except AttributeError: