diff --git a/news/2754.trivial b/news/2754.trivial
new file mode 100644
index 00000000..64ce2f5d
--- /dev/null
+++ b/news/2754.trivial
@@ -0,0 +1 @@
+Added a warning message if the ``PIPENV_DOTENV_LOCATION`` environment variable is set but the specified file does not exist.
diff --git a/pipenv/core.py b/pipenv/core.py
index 8e56adb1..bab12f93 100644
--- a/pipenv/core.py
+++ b/pipenv/core.py
@@ -50,12 +50,10 @@ from .environments import (
     PIPENV_SKIP_VALIDATION,
     PIPENV_HIDE_EMOJIS,
     PIPENV_YES,
-    PIPENV_DONT_LOAD_ENV,
     PIPENV_DEFAULT_PYTHON_VERSION,
     PIPENV_MAX_SUBPROCESS,
     PIPENV_DONT_USE_PYENV,
     SESSION_IS_INTERACTIVE,
-    PIPENV_DOTENV_LOCATION,
     PIPENV_CACHE_DIR,
 )
 
@@ -148,17 +146,30 @@ def do_clear():
 
 def load_dot_env():
     """Loads .env file into sys.environ."""
-    if not PIPENV_DONT_LOAD_ENV:
+    if not environments.PIPENV_DONT_LOAD_ENV:
         # If the project doesn't exist yet, check current directory for a .env file
         project_directory = project.project_directory or "."
-        denv = PIPENV_DOTENV_LOCATION or os.sep.join([project_directory, ".env"])
+        dotenv_file = environments.PIPENV_DOTENV_LOCATION or os.sep.join(
+            [project_directory, ".env"]
+        )
 
-        if os.path.isfile(denv):
+        if os.path.isfile(dotenv_file):
             click.echo(
                 crayons.normal("Loading .env environment variables…", bold=True),
                 err=True,
             )
-        dotenv.load_dotenv(denv, override=True)
+        else:
+            if environments.PIPENV_DOTENV_LOCATION:
+                click.echo(
+                    "{0}: file {1}={2} does not exist!!\n{3}".format(
+                        crayons.red("Warning", bold=True),
+                        crayons.normal("PIPENV_DOTENV_LOCATION", bold=True),
+                        crayons.normal(environments.PIPENV_DOTENV_LOCATION, bold=True),
+                        crayons.red("Not loading environment variables.", bold=True),
+                    ),
+                    err=True,
+                )
+        dotenv.load_dotenv(dotenv_file, override=True)
 
 
 def add_to_path(p):
diff --git a/tests/unit/test_core.py b/tests/unit/test_core.py
index e737a59e..394e1120 100644
--- a/tests/unit/test_core.py
+++ b/tests/unit/test_core.py
@@ -1,7 +1,11 @@
+import os
+
 import pytest
 import mock
 
-from pipenv.core import warn_in_virtualenv
+from pipenv._compat import TemporaryDirectory
+from pipenv.core import warn_in_virtualenv, load_dot_env
+from pipenv.utils import temp_environ
 
 
 @mock.patch('pipenv.environments.PIPENV_VIRTUALENV', 'totallyrealenv')
@@ -13,3 +17,43 @@ def test_suppress_nested_venv_warning(capsys):
     warn_in_virtualenv()
     output, err = capsys.readouterr()
     assert 'Courtesy Notice' not in err
+
+
+@pytest.mark.core
+def test_load_dot_env_from_environment_variable_location(capsys):
+    with temp_environ(), TemporaryDirectory(prefix='pipenv-', suffix='') as tempdir:
+        dotenv_path = os.path.join(tempdir.name, 'test.env')
+        key, val = 'SOME_KEY', 'some_value'
+        with open(dotenv_path, 'w') as f:
+            f.write('{}={}'.format(key, val))
+
+        with mock.patch('pipenv.environments.PIPENV_DOTENV_LOCATION', dotenv_path):
+            load_dot_env()
+        assert os.environ[key] == val
+
+
+@pytest.mark.core
+def test_doesnt_load_dot_env_if_disabled(capsys):
+    with temp_environ(), TemporaryDirectory(prefix='pipenv-', suffix='') as tempdir:
+        dotenv_path = os.path.join(tempdir.name, 'test.env')
+        key, val = 'SOME_KEY', 'some_value'
+        with open(dotenv_path, 'w') as f:
+            f.write('{}={}'.format(key, val))
+
+        with mock.patch('pipenv.environments.PIPENV_DOTENV_LOCATION', dotenv_path):
+            with mock.patch('pipenv.environments.PIPENV_DONT_LOAD_ENV', '1'):
+                load_dot_env()
+            assert key not in os.environ
+
+            load_dot_env()
+            assert key in os.environ
+
+
+@pytest.mark.core
+def test_load_dot_env_warns_if_file_doesnt_exist(capsys):
+    with temp_environ(), TemporaryDirectory(prefix='pipenv-', suffix='') as tempdir:
+        dotenv_path = os.path.join(tempdir.name, 'does-not-exist.env')
+        with mock.patch('pipenv.environments.PIPENV_DOTENV_LOCATION', dotenv_path):
+            load_dot_env()
+        output, err = capsys.readouterr()
+        assert 'Warning' in err