diff --git a/netbox/dcim/models/device_component_templates.py b/netbox/dcim/models/device_component_templates.py
index 3b136987d..e5e4f805f 100644
--- a/netbox/dcim/models/device_component_templates.py
+++ b/netbox/dcim/models/device_component_templates.py
@@ -638,13 +638,20 @@ class InventoryItemTemplate(MPTTModel, ComponentTemplateModel):
         )
 
     def instantiate(self, **kwargs):
-        parent = InventoryItem.objects.get(name=self.parent.name, **kwargs) if self.parent else None
+        # if instance_map this means this is instantiating from a template, so need to map
+        # parent pointers to their previously instanced object and not the template one
+        instance_map = kwargs.pop('instance_map', None)
+        if self.parent and instance_map and self.parent.name in instance_map:
+            parent = instance_map[self.parent.name]
+        else:
+            parent = InventoryItem.objects.get(name=self.parent.name, **kwargs) if self.parent else None
+
         if self.component:
             model = self.component.component_model
             component = model.objects.get(name=self.component.name, **kwargs)
         else:
             component = None
-        return self.component_model(
+        obj = self.component_model(
             parent=parent,
             name=self.name,
             label=self.label,
@@ -654,3 +661,7 @@ class InventoryItemTemplate(MPTTModel, ComponentTemplateModel):
             part_id=self.part_id,
             **kwargs
         )
+        if instance_map is not None:
+            instance_map[self.name] = obj
+
+        return obj
diff --git a/netbox/dcim/models/devices.py b/netbox/dcim/models/devices.py
index 1429003c5..fa8080494 100644
--- a/netbox/dcim/models/devices.py
+++ b/netbox/dcim/models/devices.py
@@ -766,15 +766,21 @@ class Device(PrimaryModel, ConfigContextModel):
                 'vc_position': "A device assigned to a virtual chassis must have its position defined."
             })
 
-    def _instantiate_components(self, queryset, bulk_create=True):
+    def _instantiate_components(self, queryset, bulk_create=True, from_template=False):
         """
         Instantiate components for the device from the specified component templates.
 
         Args:
             bulk_create: If True, bulk_create() will be called to create all components in a single query
                          (default). Otherwise, save() will be called on each instance individually.
+            from_template: If True will create an instance map to map parent-child template ids
+                           to the newly created instances.
         """
-        components = [obj.instantiate(device=self) for obj in queryset]
+        instance_map = None
+        if from_template:
+            instance_map = {}
+
+        components = [obj.instantiate(device=self, instance_map=instance_map) for obj in queryset]
         if components and bulk_create:
             model = components[0]._meta.model
             model.objects.bulk_create(components)
@@ -816,7 +822,7 @@ class Device(PrimaryModel, ConfigContextModel):
             self._instantiate_components(self.device_type.modulebaytemplates.all())
             self._instantiate_components(self.device_type.devicebaytemplates.all())
             # Disable bulk_create to accommodate MPTT
-            self._instantiate_components(self.device_type.inventoryitemtemplates.all(), bulk_create=False)
+            self._instantiate_components(self.device_type.inventoryitemtemplates.all(), bulk_create=False, from_template=True)
 
         # Update Site and Rack assignment for any child Devices
         devices = Device.objects.filter(parent_bay__device=self)