diff --git a/importlib_metadata/__init__.py b/importlib_metadata/__init__.py
index 3796fbce..0eebf847 100644
--- a/importlib_metadata/__init__.py
+++ b/importlib_metadata/__init__.py
@@ -179,9 +179,10 @@ class EntryPoint:
     ...
     ValueError: ('Invalid object reference...invalid-name...
 
-    The same thing happens on construction.
+    The invalid value is stored during construction and raises when accessed
+    or loaded.
 
-    >>> EntryPoint(name=None, group=None, value='invalid-name')
+    >>> EntryPoint(name=None, group=None, value='invalid-name').load()
     Traceback (most recent call last):
     ...
     ValueError: ('Invalid object reference...invalid-name...
@@ -217,8 +218,6 @@ class EntryPoint:
 
     def __init__(self, name: str, value: str, group: str) -> None:
         vars(self).update(name=name, value=value, group=group)
-        # resolve the value now, raising ValueError if it's invalid
-        _ = self.module
 
     def load(self) -> Any:
         """Load the entry point from its definition. If only a module
diff --git a/newsfragments/523.bugfix.rst b/newsfragments/523.bugfix.rst
new file mode 100644
index 00000000..3519d5cb
--- /dev/null
+++ b/newsfragments/523.bugfix.rst
@@ -0,0 +1,2 @@
+Defer validation of invalid ``EntryPoint.value`` values until their components
+are accessed or they are loaded.
diff --git a/tests/test_api.py b/tests/test_api.py
index 1468e0a9..59d0a52d 100644
--- a/tests/test_api.py
+++ b/tests/test_api.py
@@ -132,6 +132,34 @@ def test_entry_points_missing_name(self):
     def test_entry_points_missing_group(self):
         assert entry_points(group='missing') == ()
 
+    def test_entry_points_with_invalid_value_in_unselected_group(self):
+        alt_site_dir = self.fixtures.enter_context(fixtures.tmp_path())
+        self.fixtures.enter_context(self.add_sys_path(alt_site_dir))
+        pkg = {
+            "invalid-entry-points-1.0.dist-info": {
+                "METADATA": """
+                Name: invalid-entry-points
+                Version: 1.0.0
+                """,
+                "entry_points.txt": textwrap.dedent(
+                    """
+                    [selected]
+                    valid = importlib_metadata:EntryPoint
+
+                    [unselected]
+                    invalid = invalid-name
+                    """
+                ),
+            },
+        }
+        fixtures.build_files(pkg, alt_site_dir)
+
+        entries = entry_points(group='selected')
+
+        self.assertEqual([ep.name for ep in entries], ['valid'])
+        with self.assertRaises(ValueError):
+            entry_points(group='unselected')['invalid'].load()
+
     def test_entry_points_allows_no_attributes(self):
         ep = entry_points().select(group='entries', name='main')
         with self.assertRaises(AttributeError):