diff --git a/changelogs/fragments/1558-ec2_vol-add-wait-for-modify-volume-complete.yml b/changelogs/fragments/1558-ec2_vol-add-wait-for-modify-volume-complete.yml
new file mode 100644
index 00000000000..d0ea6c9cc0e
--- /dev/null
+++ b/changelogs/fragments/1558-ec2_vol-add-wait-for-modify-volume-complete.yml
@@ -0,0 +1,2 @@
+minor_changes:
+- ec2_vol - added ``wait`` and ``wait_timeout`` options (https://github.com/ansible-collections/amazon.aws/pull/1558).
diff --git a/plugins/modules/ec2_vol.py b/plugins/modules/ec2_vol.py
index 981510c8470..583078a47fa 100644
--- a/plugins/modules/ec2_vol.py
+++ b/plugins/modules/ec2_vol.py
@@ -104,6 +104,18 @@
       - If set, allows to create volume in an Outpost.
     type: str
     version_added: 3.1.0
+  wait:
+    description:
+      - Wait for volume modification to complete.
+    type: bool
+    default: false
+    version_added: 6.3.0
+  wait_timeout:
+    description:
+      - How long before wait gives up, in seconds.
+    type: int
+    default: 900
+    version_added: 6.3.0
 author:
   - "Lester Wade (@lwade)"
 notes:
@@ -439,6 +451,26 @@ def update_volume(module, ec2_conn, volume):
             volume["multi_attach_enabled"] = response.get("VolumeModification").get("TargetMultiAttachEnabled")
             volume["throughput"] = response.get("VolumeModification").get("TargetThroughput")
 
+            if module.params.get("wait"):
+                mod_state = ""
+                _wait_till = module.params.get("wait_timeout") + time.time()
+                while _wait_till > time.time():
+                    mod_response = ec2_conn.describe_volumes_modifications(VolumeIds=[volume["volume_id"]])
+                    mod_state = mod_response.get("VolumesModifications")[0].get("ModificationState")
+
+                    if mod_state == "completed":
+                        break
+
+                    if mod_state == "failed":
+                        module.fail_json(msg=f"Volume {volume['volume_id']} modification has failed.")
+
+                    time.sleep(30)
+
+                else:
+                    module.fail_json(
+                        msg=f"Volume {volume['volume_id']} modification state has not reached 'completed' after {module.params.get('wait_timeout')} seconds."
+                    )
+
     return volume, changed
 
 
@@ -714,6 +746,8 @@ def main():
         outpost_arn=dict(type="str"),
         purge_tags=dict(type="bool", default=True),
         multi_attach=dict(type="bool"),
+        wait=dict(default=False, type="bool"),
+        wait_timeout=dict(type="int", default=900),
     )
 
     module = AnsibleAWSModule(
@@ -738,6 +772,8 @@ def main():
     volume_type = module.params.get("volume_type")
     throughput = module.params.get("throughput")
     multi_attach = module.params.get("multi_attach")
+    modify_volume = module.params.get("modify_volume")
+    wait = module.params.get("wait")
 
     # Ensure we have the zone or can get the zone
     if instance is None and zone is None and state == "present":
@@ -769,6 +805,9 @@ def main():
     if multi_attach is True and volume_type not in ("io1", "io2"):
         module.fail_json(msg="multi_attach is only supported for io1 and io2 volumes.")
 
+    if wait is True and modify_volume is False:
+        module.fail_json(msg="wait does nothing if modify_volume is False.")
+
     # Set changed flag
     changed = False