diff --git a/news/3201.bugfix b/news/3201.bugfix
new file mode 100644
index 00000000..01dba4f6
--- /dev/null
+++ b/news/3201.bugfix
@@ -0,0 +1 @@
+Fix a bug where exception is raised when run pipenv graph in a project without created virtualenv
diff --git a/pipenv/core.py b/pipenv/core.py
index 83b9a2a7..aa57fb88 100644
--- a/pipenv/core.py
+++ b/pipenv/core.py
@@ -2438,6 +2438,9 @@ def do_graph(bare=False, json=False, json_tree=False, reverse=False):
             err=True,
         )
         sys.exit(1)
+    except RuntimeError:
+        pass
+
     if reverse and json:
         click.echo(
             u"{0}: {1}".format(