diff --git a/changelogs/fragments/2074-s3_bucket-inventory-feature.yml b/changelogs/fragments/2074-s3_bucket-inventory-feature.yml
new file mode 100644
index 0000000000..d326e0c456
--- /dev/null
+++ b/changelogs/fragments/2074-s3_bucket-inventory-feature.yml
@@ -0,0 +1,3 @@
+---
+minor_changes:
+  - s3_bucket - Add support for bucket inventories (https://docs.aws.amazon.com/AmazonS3/latest/userguide/storage-inventory.html)
diff --git a/plugins/module_utils/s3.py b/plugins/module_utils/s3.py
index 961f36f22f..304803961d 100644
--- a/plugins/module_utils/s3.py
+++ b/plugins/module_utils/s3.py
@@ -21,6 +21,8 @@
 
 from ansible.module_utils.basic import to_text
 
+from ansible_collections.amazon.aws.plugins.module_utils.retries import AWSRetry
+
 
 def s3_head_objects(client, parts, bucket, obj, versionId):
     args = {"Bucket": bucket, "Key": obj}
@@ -151,3 +153,31 @@ def s3_extra_params(options, sigv4=False):
         config["signature_version"] = "s3v4"
     extra_params["config"] = config
     return extra_params
+
+
+@AWSRetry.exponential_backoff(max_delay=120, catch_extra_error_codes=["NoSuchBucket", "OperationAborted"])
+def _list_bucket_inventory_configurations(client, **params):
+    return client.list_bucket_inventory_configurations(**params)
+
+
+# _list_backup_inventory_configurations is a workaround for a missing paginator for listing
+# bucket inventory configuration in boto3:
+# https://github.com/boto/botocore/blob/1.34.141/botocore/data/s3/2006-03-01/paginators-1.json
+def list_bucket_inventory_configurations(client, bucket_name):
+    first_iteration = False
+    next_token = None
+
+    response = _list_bucket_inventory_configurations(client, Bucket=bucket_name)
+    next_token = response.get("NextToken", None)
+
+    if next_token is None:
+        return response.get("InventoryConfigurationList", [])
+
+    entries = []
+    while next_token is not None:
+        if first_iteration:
+            response = _list_bucket_inventory_configurations(client, NextToken=next_token, Bucket=bucket_name)
+        first_iteration = True
+        entries.extend(response["InventoryConfigurationList"])
+        next_token = response.get("NextToken")
+    return entries
diff --git a/plugins/modules/s3_bucket.py b/plugins/modules/s3_bucket.py
index 764e90fc1e..ffd9b6c105 100644
--- a/plugins/modules/s3_bucket.py
+++ b/plugins/modules/s3_bucket.py
@@ -197,7 +197,63 @@
         type: int
     type: dict
     version_added: 8.1.0
-
+  inventory:
+    description:
+      - Enable S3 Inventory, saving list of the objects and their corresponding
+        metadata on a daily or weekly basis for an S3 bucket.
+    type: list
+    elements: dict
+    suboptions:
+      destination:
+        description: Contains information about where to publish the inventory results.
+        type: dict
+        required: True
+        suboptions:
+          account_id:
+            description: The account ID that owns the destination S3 bucket. If no account ID is provided, the owner is not validated before exporting data.
+            type: str
+          bucket:
+            description: The Amazon Resource Name (ARN) of the bucket where inventory results will be published.
+            type: str
+            required: True
+          format:
+            description: Specifies the output format of the inventory results.
+            type: str
+            choices: [ 'CSV', 'ORC', 'Parquet' ]
+            required: True
+          prefix:
+            description: The prefix that is prepended to all inventory results.
+            type: str
+      filter:
+        description: The prefix that an object must have to be included in the inventory results.
+        type: str
+      id:
+        description: The ID used to identify the inventory configuration.
+        type: str
+        required: True
+      schedule:
+        description: Specifies the schedule for generating inventory results.
+        type: str
+        choices: [ 'Daily', 'Weekly' ]
+        required: True
+      included_object_versions:
+        description: |
+            Object versions to include in the inventory list. If set to All, the list includes all the object versions,
+            which adds the version-related fields VersionId, IsLatest, and DeleteMarker to the list. If set to Current,
+            the list does not contain these version-related fields.
+        type: str
+        required: True
+        choices: [ 'All', 'Current' ]
+      optional_fields:
+        description: Contains the optional fields that are included in the inventory results.
+        type: list
+        elements: str
+        choices: [ "Size", "LastModifiedDate", "StorageClass", "ETag",
+            "IsMultipartUploaded", "ReplicationStatus", "EncryptionStatus",
+            "ObjectLockRetainUntilDate", "ObjectLockMode",
+            "ObjectLockLegalHoldStatus", "IntelligentTieringAccessTier",
+            "BucketKeyStatus", "ChecksumAlgorithm", "ObjectAccessControlList",
+            "ObjectOwner" ]
 extends_documentation_fragment:
   - amazon.aws.common.modules
   - amazon.aws.region.modules
@@ -332,6 +388,18 @@
     object_lock_default_retention:
       mode: governance
       days: 1
+# Bucket with inventory configuration:
+- amazon.aws.s3_bucket:
+    name: mys3bucket
+    state: present
+    inventory:
+      - id: mys3bucket-inventory-id
+        destination:
+          bucket: "arn:aws:s3:::mys3inventorybucket"
+        optional_fields:
+          - "Size"
+        included_object_versions: "All"
+        schedule: "Weekly"
 """
 
 RETURN = r"""
@@ -451,6 +519,27 @@
     type: bool
     returned: O(state=present)
     sample: true
+bucket_inventory:
+    description: S3 bucket inventory configuration.
+    type: list
+    returned: when O(state=present)
+    sample: [
+        {
+            "IsEnabled": true,
+            "Id": "9c2a337ba5fd64de777f499441f83093-inventory-target",
+            "Destination": {
+                "S3BucketDestination": {
+                    "Bucket": "arn:aws:s3:::9c2a337ba5fd64de777f499441f83093-inventory-target",
+                    "Format": "CSV"
+                    }
+                },
+            "IncludedObjectVersions": "All",
+            "Schedule": {
+                "Frequency": "Daily"
+            },
+            "OptionalFields": []
+        }
+        ]
 """
 
 import json
@@ -472,6 +561,7 @@
 from ansible_collections.amazon.aws.plugins.module_utils.modules import AnsibleAWSModule
 from ansible_collections.amazon.aws.plugins.module_utils.policy import compare_policies
 from ansible_collections.amazon.aws.plugins.module_utils.retries import AWSRetry
+from ansible_collections.amazon.aws.plugins.module_utils.s3 import list_bucket_inventory_configurations
 from ansible_collections.amazon.aws.plugins.module_utils.s3 import s3_extra_params
 from ansible_collections.amazon.aws.plugins.module_utils.s3 import validate_bucket_name
 from ansible_collections.amazon.aws.plugins.module_utils.tagging import ansible_dict_to_boto3_tag_list
@@ -1055,6 +1145,79 @@ def handle_bucket_object_lock_retention(s3_client, module: AnsibleAWSModule, nam
     return object_lock_default_retention_changed, object_lock_default_retention_result
 
 
+def handle_bucket_inventory(s3_client, module: AnsibleAWSModule, name: str) -> tuple[bool, dict]:
+    """
+    Manage inventory configuration for an S3 bucket.
+    Parameters:
+        s3_client (boto3.client): The Boto3 S3 client object.
+        module (AnsibleAWSModule): The Ansible module object.
+        name (str): The name of the bucket to handle inventory for.
+    Returns:
+        A tuple containing a boolean indicating whether inventory settings were changed
+        and a dictionary containing the updated inventory.
+    """
+    declared_inventories = module.params.get("inventory")
+    results = []
+    bucket_changed = False
+
+    if declared_inventories is None:
+        return (False, results)
+
+    try:
+        present_inventories = {i["Id"]: i for i in list_bucket_inventory_configurations(s3_client, name)}
+    except is_boto3_error_code(["NotImplemented", "XNotImplemented"]) as e:
+        if declared_inventories is not None:
+            module.fail_json_aws(e, msg="Fetching bucket inventories is not supported")
+    except is_boto3_error_code("AccessDenied") as e:  # pylint: disable=duplicate-except
+        if declared_inventories is not None:
+            module.fail_json_aws(e, msg="Permission denied fetching bucket inventories")
+    except (
+        botocore.exceptions.BotoCoreError,
+        botocore.exceptions.ClientError,
+    ) as e:  # pylint: disable=duplicate-except
+        module.fail_json_aws(e, msg="Failed to fetch bucket inventories")
+
+    for declared_inventory in declared_inventories:
+        camel_destination = snake_dict_to_camel_dict(declared_inventory.get("destination", {}), True)
+        declared_inventory_api = {
+            "IsEnabled": True,
+            "Id": declared_inventory.get("id"),
+            "Destination": {"S3BucketDestination": {k: v for k, v in camel_destination.items() if v is not None}},
+            "IncludedObjectVersions": declared_inventory.get("included_object_versions"),
+            "Schedule": {"Frequency": declared_inventory.get("schedule")},
+            "OptionalFields": [],
+        }
+        for field in declared_inventory.get("optional_fields", []):
+            declared_inventory_api["OptionalFields"].append(field)
+        if declared_inventory.get("filter") is not None:
+            declared_inventory_api["Filter"] = {"Prefix": declared_inventory.get("filter")}
+
+        present_inventory = present_inventories.pop(declared_inventory_api["Id"], None)
+
+        if declared_inventory_api != present_inventory:
+            try:
+                put_bucket_inventory(s3_client, name, declared_inventory_api)
+                bucket_changed = True
+            except is_boto3_error_code("InvalidS3DestinationBucket") as e:
+                module.fail_json_aws(e, msg="Invalid destination bucket ARN")
+            except (
+                botocore.exceptions.BotoCoreError,
+                botocore.exceptions.ClientError,
+            ) as e:  # pylint: disable=duplicate-except
+                module.fail_json_aws(e, msg="Failed to set bucket inventory setting")
+
+        results.append(declared_inventory_api)
+
+    for id in present_inventories.keys():
+        try:
+            delete_bucket_inventory(s3_client, name, id)
+        except (botocore.exceptions.BotoCoreError, botocore.exceptions.ClientError) as e:
+            module.fail_json_aws(e, msg="Failed to delete bucket inventory")
+        bucket_changed = True
+
+    return bucket_changed, results
+
+
 def create_or_update_bucket(s3_client, module: AnsibleAWSModule):
     """
     Create or update an S3 bucket along with its associated configurations.
@@ -1140,6 +1303,9 @@ def create_or_update_bucket(s3_client, module: AnsibleAWSModule):
         s3_client, module, name
     )
     result["object_lock_default_retention"] = bucket_object_lock_retention_result
+    # -- Inventory
+    bucket_inventory_changed, bucket_inventory_result = handle_bucket_inventory(s3_client, module, name)
+    result["bucket_inventory"] = bucket_inventory_result
 
     # Module exit
     changed = (
@@ -1154,6 +1320,7 @@ def create_or_update_bucket(s3_client, module: AnsibleAWSModule):
         or bucket_acl_changed
         or bucket_accelerate_changed
         or bucket_object_lock_retention_changed
+        or bucket_inventory_changed
     )
     module.exit_json(changed=changed, name=name, **result)
 
@@ -1279,6 +1446,22 @@ def get_bucket_accelerate_status(s3_client, bucket_name) -> bool:
     return accelerate_configuration.get("Status") == "Enabled"
 
 
+@AWSRetry.exponential_backoff(max_delay=120, catch_extra_error_codes=["NoSuchBucket", "OperationAborted"])
+def put_bucket_inventory(s3_client, bucket_name: str, inventory: dict) -> None:
+    """
+    Set inventory settings for an S3 bucket.
+    Parameters:
+        s3_client (boto3.client): The Boto3 S3 client object.
+        bucket_name (str): The name of the S3 bucket.
+        tags (dict): A dictionary containing the inventory settings to be set on the bucket.
+    Returns:
+        None
+    """
+    s3_client.put_bucket_inventory_configuration(
+        Bucket=bucket_name, InventoryConfiguration=inventory, Id=inventory.get("Id")
+    )
+
+
 @AWSRetry.exponential_backoff(max_delay=120, catch_extra_error_codes=["NoSuchBucket", "OperationAborted"])
 def put_bucket_tagging(s3_client, bucket_name: str, tags: dict):
     """
@@ -1293,6 +1476,20 @@ def put_bucket_tagging(s3_client, bucket_name: str, tags: dict):
     s3_client.put_bucket_tagging(Bucket=bucket_name, Tagging={"TagSet": ansible_dict_to_boto3_tag_list(tags)})
 
 
+@AWSRetry.exponential_backoff(max_delay=120, catch_extra_error_codes=["NoSuchBucket", "OperationAborted"])
+def delete_bucket_inventory(s3_client, bucket_name: str, id: str) -> None:
+    """
+    Delete the inventory settings for an S3 bucket.
+    Parameters:
+        s3_client (boto3.client): The Boto3 S3 client object.
+        bucket_name (str): The name of the S3 bucket.
+        id (str): The ID used to identify the inventory configuration
+    Returns:
+        None
+    """
+    s3_client.delete_bucket_inventory_configuration(Bucket=bucket_name, Id=id)
+
+
 @AWSRetry.exponential_backoff(max_delay=120, catch_extra_error_codes=["NoSuchBucket", "OperationAborted"])
 def put_bucket_policy(s3_client, bucket_name: str, policy: dict):
     """
@@ -2054,6 +2251,47 @@ def main():
             mutually_exclusive=[("days", "years")],
             required_one_of=[("days", "years")],
         ),
+        inventory=dict(
+            type="list",
+            elements="dict",
+            options=dict(
+                destination=dict(
+                    type="dict",
+                    options=dict(
+                        account_id=dict(type="str"),
+                        bucket=dict(type="str", required=True),
+                        format=dict(type="str", choices=["CSV", "ORC", "Parquet"], required=True),
+                        prefix=dict(type="str"),
+                    ),
+                    required=True,
+                ),
+                filter=dict(type="str"),
+                optional_fields=dict(
+                    type="list",
+                    elements="str",
+                    choices=[
+                        "Size",
+                        "LastModifiedDate",
+                        "StorageClass",
+                        "ETag",
+                        "IsMultipartUploaded",
+                        "ReplicationStatus",
+                        "EncryptionStatus",
+                        "ObjectLockRetainUntilDate",
+                        "ObjectLockMode",
+                        "ObjectLockLegalHoldStatus",
+                        "IntelligentTieringAccessTier",
+                        "BucketKeyStatus",
+                        "ChecksumAlgorithm",
+                        "ObjectAccessControlList",
+                        "ObjectOwner",
+                    ],
+                ),
+                id=dict(type="str", required=True),
+                schedule=dict(type="str", choices=["Daily", "Weekly"], required=True),
+                included_object_versions=dict(type="str", choices=["All", "Current"], required=True),
+            ),
+        ),
     )
 
     required_by = dict(
diff --git a/tests/integration/targets/s3_bucket/inventory b/tests/integration/targets/s3_bucket/inventory
index 30c203beac..a4a5fdaac4 100644
--- a/tests/integration/targets/s3_bucket/inventory
+++ b/tests/integration/targets/s3_bucket/inventory
@@ -13,6 +13,7 @@ acl
 object_lock
 accelerate
 default_retention
+inventory
 
 [all:vars]
 ansible_connection=local
diff --git a/tests/integration/targets/s3_bucket/roles/s3_bucket/tasks/inventory.yml b/tests/integration/targets/s3_bucket/roles/s3_bucket/tasks/inventory.yml
new file mode 100644
index 0000000000..4c7df7c105
--- /dev/null
+++ b/tests/integration/targets/s3_bucket/roles/s3_bucket/tasks/inventory.yml
@@ -0,0 +1,143 @@
+---
+- module_defaults:
+    group/aws:
+      access_key: "{{ aws_access_key }}"
+      secret_key: "{{ aws_secret_key }}"
+      session_token: "{{ security_token | default(omit) }}"
+      region: "{{ aws_region }}"
+  block:
+    - ansible.builtin.set_fact:
+        local_bucket_name: "{{ bucket_name | hash('md5')}}-inventory-source"
+        local_dest_bucket_name: "{{ bucket_name | hash('md5')}}-inventory-target"
+    - name: Create a simple bucket to be inventory destination 
+      amazon.aws.s3_bucket:
+        name: "{{ local_dest_bucket_name }}"
+        state: present
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output.changed
+
+    - name: Create a simple bucket with minimal inventory configuration
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: present
+        inventory:
+        - id: "{{ local_dest_bucket_name }}"
+          destination:
+            bucket: "arn:aws:s3:::{{ local_dest_bucket_name }}"
+            format: "CSV"
+          optional_fields:
+            - "Size"
+          included_object_versions: "All"
+          schedule: "Weekly"
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output.changed
+          - output.bucket_inventory
+
+    - name: Re-configure inventory configuration
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: present
+        inventory:
+        - id: "{{ local_dest_bucket_name }}"
+          destination:
+            bucket: "arn:aws:s3:::{{ local_dest_bucket_name }}"
+            format: "CSV"
+          optional_fields:
+            - "Size"
+          schedule: "Daily"
+          included_object_versions: "All"
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output.changed
+          - output.bucket_inventory
+
+    - name: Re-configure inventory configuration (idempotency)
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: present
+        inventory:
+        - id: "{{ local_dest_bucket_name }}"
+          destination:
+            bucket: "arn:aws:s3:::{{ local_dest_bucket_name }}"
+            format: "CSV"
+          optional_fields:
+            - "Size"
+          schedule: "Daily"
+          included_object_versions: "All"
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output is not changed
+          - output.bucket_inventory
+
+
+    - name: Delete inventory configuration
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: present
+        inventory: []
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output is changed
+          - not output.bucket_inventory|bool
+
+    - name: Delete inventory configuration (idempotency)
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: present
+        inventory: []
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output is not changed
+          - not output.bucket_inventory|bool
+
+    # ============================================================
+
+    - name: Delete testing s3 bucket
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: absent
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output.changed
+
+
+    - name: Delete testing inventory s3 bucket
+      amazon.aws.s3_bucket:
+        name: "{{ local_dest_bucket_name }}"
+        state: absent
+      register: output
+
+    - ansible.builtin.assert:
+        that:
+          - output.changed
+
+
+  # ============================================================
+  always:
+    - name: Ensure all buckets are deleted
+      amazon.aws.s3_bucket:
+        name: "{{ local_bucket_name }}"
+        state: absent
+      ignore_errors: true
+
+    - name: Ensure all buckets are deleted
+      amazon.aws.s3_bucket:
+        name: "{{ local_dest_bucket_name }}"
+        state: absent
+      ignore_errors: true