diff --git a/api/v2alpha1/reference_types.go b/api/v2alpha1/reference_types.go
index 33bb162..448f723 100644
--- a/api/v2alpha1/reference_types.go
+++ b/api/v2alpha1/reference_types.go
@@ -67,6 +67,12 @@ type ValuesReference struct {
 	// Defaults to 'None', which results in the values getting merged at the root.
 	// +optional
 	TargetPath string `json:"targetPath,omitempty"`
+
+	// Optional marks this ValuesReference as optional. When set, a not found
+	// error for the values reference is ignored, but any ValuesKey, TargetPath or
+	// transient error will still result in a reconciliation failure.
+	// +optional
+	Optional bool `json:"optional,omitempty"`
 }
 
 // GetValuesKey returns the defined ValuesKey, or the default ('values.yaml').
diff --git a/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml b/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
index 37253ab..b1fcdc1 100644
--- a/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
+++ b/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
@@ -368,6 +368,12 @@ spec:
                       maxLength: 253
                       minLength: 1
                       type: string
+                    optional:
+                      description: Optional marks this ValuesReference as optional.
+                        When set, a not found error for the values reference is ignored,
+                        but any ValuesKey, TargetPath or transient error will still
+                        result in a reconciliation failure.
+                      type: boolean
                     targetPath:
                       description: TargetPath is the YAML dot notation path the value
                         should be merged at. When set, the ValuesKey is expected to
diff --git a/controllers/helmrelease_controller.go b/controllers/helmrelease_controller.go
index c6ddcf9..f54d56f 100644
--- a/controllers/helmrelease_controller.go
+++ b/controllers/helmrelease_controller.go
@@ -525,6 +525,10 @@ func (r *HelmReleaseReconciler) composeValues(ctx context.Context, hr v2.HelmRel
 			var resource corev1.ConfigMap
 			if err := r.Get(ctx, namespacedName, &resource); err != nil {
 				if apierrors.IsNotFound(err) {
+					if v.Optional {
+						r.Log.Info("could not find optional %s '%s'", v.Kind, namespacedName)
+						continue
+					}
 					return nil, fmt.Errorf("could not find %s '%s'", v.Kind, namespacedName)
 				}
 				return nil, err
@@ -538,6 +542,10 @@ func (r *HelmReleaseReconciler) composeValues(ctx context.Context, hr v2.HelmRel
 			var resource corev1.Secret
 			if err := r.Get(ctx, namespacedName, &resource); err != nil {
 				if apierrors.IsNotFound(err) {
+					if v.Optional {
+						r.Log.Info("could not find optional %s '%s'", v.Kind, namespacedName)
+						continue
+					}
 					return nil, fmt.Errorf("could not find %s '%s'", v.Kind, namespacedName)
 				}
 				return nil, err
diff --git a/docs/api/helmrelease.md b/docs/api/helmrelease.md
index 436c37b..bbe6b79 100644
--- a/docs/api/helmrelease.md
+++ b/docs/api/helmrelease.md
@@ -1722,6 +1722,20 @@ When set, the ValuesKey is expected to be a single flat value.
 Defaults to &lsquo;None&rsquo;, which results in the values getting merged at the root.</p>
 </td>
 </tr>
+<tr>
+<td>
+<code>optional</code><br>
+<em>
+bool
+</em>
+</td>
+<td>
+<em>(Optional)</em>
+<p>Optional marks this ValuesReference as optional. When set, a not found
+error for the values reference is ignored, but any ValuesKey, TargetPath or
+transient error will still result in a reconciliation failure.</p>
+</td>
+</tr>
 </tbody>
 </table>
 </div>