diff --git a/neutron/plugins/ml2/plugin.py b/neutron/plugins/ml2/plugin.py
index 2bd0c599eb3..43952f7d46b 100644
--- a/neutron/plugins/ml2/plugin.py
+++ b/neutron/plugins/ml2/plugin.py
@@ -1619,10 +1619,9 @@ class Ml2Plugin(db_base_plugin_v2.NeutronDbPluginV2,
         for port in port_list:
             self._before_create_port(context, port)
 
-        port_list, net_cache = self.allocate_macs_and_ips_for_ports(
-            context, port_list)
-
         try:
+            port_list, net_cache = self.allocate_macs_and_ips_for_ports(
+                context, port_list)
             return self._create_port_bulk(context, port_list, net_cache)
         except Exception:
             with excutils.save_and_reraise_exception():
@@ -1630,7 +1629,7 @@ class Ml2Plugin(db_base_plugin_v2.NeutronDbPluginV2,
                 # deallocated now
                 for port in port_list:
                     self.ipam.deallocate_ips_from_port(
-                        context, port, port['ipams'])
+                        context, port, port.get('ipams'))
 
     @db_api.retry_if_session_inactive()
     def _create_port_bulk(self, context, port_list, network_cache):
diff --git a/neutron/tests/unit/plugins/ml2/test_plugin.py b/neutron/tests/unit/plugins/ml2/test_plugin.py
index 624fda289b0..c0ac5a1f243 100644
--- a/neutron/tests/unit/plugins/ml2/test_plugin.py
+++ b/neutron/tests/unit/plugins/ml2/test_plugin.py
@@ -55,6 +55,7 @@ from neutron.db import ipam_pluggable_backend
 from neutron.db import provisioning_blocks
 from neutron.db import securitygroups_db as sg_db
 from neutron.db import segments_db
+from neutron.ipam import driver
 from neutron.objects import base as base_obj
 from neutron.objects import ports as port_obj
 from neutron.objects import router as l3_obj
@@ -1737,6 +1738,39 @@ class TestMl2PortsV2(test_plugin.TestPortsV2, Ml2PluginV2TestCase):
             ports_out = self.plugin.create_port_bulk(ctx, ports_in)
             self.assertEqual(edo, ports_out[0]['extra_dhcp_opts'])
 
+    def test_create_ports_bulk_with_wrong_fixed_ips(self):
+        cidr = '10.0.10.0/24'
+        with self.network() as net:
+            with self.subnet(net, cidr=cidr) as snet:
+                net_id = net['network']['id']
+                data = [{'network_id': net_id,
+                         'fixed_ips': [{'subnet_id': snet['subnet']['id'],
+                                        'ip_address': '10.0.10.100'}],
+                         'tenant_id': snet['subnet']['tenant_id']
+                         },
+                        {'network_id': net_id,
+                         'fixed_ips': [{'subnet_id': snet['subnet']['id'],
+                                        'ip_address': '10.0.20.101'}],
+                         'tenant_id': snet['subnet']['tenant_id']
+                         }]
+                res = self._create_bulk_from_list(self.fmt, 'port',
+                                                  data, as_admin=True)
+                self.assertEqual(webob.exc.HTTPBadRequest.code, res.status_int)
+                self.assertIn('IP address 10.0.20.101 is not a valid IP for '
+                              'the specified subnet.',
+                              res.json['NeutronError']['message'])
+
+                ipam_driver = driver.Pool.get_instance(None, self.context)
+                ipam_allocator = ipam_driver.get_allocator([cidr])
+                with db_api.CONTEXT_READER.using(self.context):
+                    ipam_subnet = ipam_allocator._driver.get_subnet(
+                        snet['subnet']['id'])
+                    allocations = ipam_subnet.subnet_manager.list_allocations(
+                        self.context)
+                    # There are no leftovers (e.g.: 10.0.10.100) in the
+                    # "IpamAllocation" registers
+                    self.assertEqual([], allocations)
+
     def test_delete_port_no_notify_in_disassociate_floatingips(self):
         ctx = context.get_admin_context()
         plugin = directory.get_plugin()
diff --git a/releasenotes/notes/port_bulk_creation_no_ipamallocation_leftovers-9d72cc5f616f51e4.yaml b/releasenotes/notes/port_bulk_creation_no_ipamallocation_leftovers-9d72cc5f616f51e4.yaml
new file mode 100644
index 00000000000..806f2d416ce
--- /dev/null
+++ b/releasenotes/notes/port_bulk_creation_no_ipamallocation_leftovers-9d72cc5f616f51e4.yaml
@@ -0,0 +1,7 @@
+---
+fixes:
+  - |
+    During the port bulk creation, if an IPAM allocation fails (for example, if
+    the IP address is outside of the subnet CIDR), the other IPAM allocations
+    already created are deleted before raising the exception. Fixes bug
+    `2039550 <https://launchpad.net/bugs/2039550>`_.