diff --git a/mercurial/context.py b/mercurial/context.py
--- a/mercurial/context.py
+++ b/mercurial/context.py
@@ -275,9 +275,9 @@ class basectx(object):
         except error.LookupError:
             return ''
 
-    def sub(self, path):
+    def sub(self, path, allowcreate=True):
         '''return a subrepo for the stored revision of path, never wdir()'''
-        return subrepo.subrepo(self, path)
+        return subrepo.subrepo(self, path, allowcreate=allowcreate)
 
     def nullsub(self, path, pctx):
         return subrepo.nullsubrepo(self, path, pctx)
diff --git a/mercurial/hg.py b/mercurial/hg.py
--- a/mercurial/hg.py
+++ b/mercurial/hg.py
@@ -886,7 +886,11 @@ def verify(repo):
             ctx = repo[rev]
             try:
                 for subpath in ctx.substate:
-                    ret = ctx.sub(subpath).verify() or ret
+                    try:
+                        ret = (ctx.sub(subpath, allowcreate=False).verify()
+                               or ret)
+                    except error.RepoError as e:
+                        repo.ui.warn(_('%s: %s\n') % (rev, e))
             except Exception:
                 repo.ui.warn(_('.hgsubstate is corrupt in revision %s\n') %
                              node.short(ctx.node()))
diff --git a/mercurial/subrepo.py b/mercurial/subrepo.py
--- a/mercurial/subrepo.py
+++ b/mercurial/subrepo.py
@@ -340,7 +340,7 @@ def _sanitize(ui, vfs, ignore):
                           "in '%s'\n") % vfs.join(dirname))
                 vfs.unlink(vfs.reljoin(dirname, f))
 
-def subrepo(ctx, path, allowwdir=False):
+def subrepo(ctx, path, allowwdir=False, allowcreate=True):
     """return instance of the right subrepo class for subrepo in path"""
     # subrepo inherently violates our import layering rules
     # because it wants to make repo objects from deep inside the stack
@@ -356,7 +356,7 @@ def subrepo(ctx, path, allowwdir=False):
         raise error.Abort(_('unknown subrepo type %s') % state[2])
     if allowwdir:
         state = (state[0], ctx.subrev(path), state[2])
-    return types[state[2]](ctx, path, state[:2])
+    return types[state[2]](ctx, path, state[:2], allowcreate)
 
 def nullsubrepo(ctx, path, pctx):
     """return an empty subrepo in pctx for the extant subrepo in ctx"""
@@ -375,7 +375,7 @@ def nullsubrepo(ctx, path, pctx):
     subrev = ''
     if state[2] == 'hg':
         subrev = "0" * 40
-    return types[state[2]](pctx, path, (state[0], subrev))
+    return types[state[2]](pctx, path, (state[0], subrev), True)
 
 def newcommitphase(ui, ctx):
     commitphase = phases.newcommitphase(ui)
@@ -611,12 +611,12 @@ class abstractsubrepo(object):
         return self.wvfs.reljoin(reporelpath(self._ctx.repo()), self._path)
 
 class hgsubrepo(abstractsubrepo):
-    def __init__(self, ctx, path, state):
+    def __init__(self, ctx, path, state, allowcreate):
         super(hgsubrepo, self).__init__(ctx, path)
         self._state = state
         r = ctx.repo()
         root = r.wjoin(path)
-        create = not r.wvfs.exists('%s/.hg' % path)
+        create = allowcreate and not r.wvfs.exists('%s/.hg' % path)
         self._repo = hg.repository(r.baseui, root, create=create)
 
         # Propagate the parent's --hidden option
@@ -1064,7 +1064,7 @@ class hgsubrepo(abstractsubrepo):
         return reporelpath(self._repo)
 
 class svnsubrepo(abstractsubrepo):
-    def __init__(self, ctx, path, state):
+    def __init__(self, ctx, path, state, allowcreate):
         super(svnsubrepo, self).__init__(ctx, path)
         self._state = state
         self._exe = util.findexe('svn')
@@ -1284,7 +1284,7 @@ class svnsubrepo(abstractsubrepo):
 
 
 class gitsubrepo(abstractsubrepo):
-    def __init__(self, ctx, path, state):
+    def __init__(self, ctx, path, state, allowcreate):
         super(gitsubrepo, self).__init__(ctx, path)
         self._state = state
         self._abspath = ctx.repo().wjoin(path)
diff --git a/tests/test-subrepo-missing.t b/tests/test-subrepo-missing.t
--- a/tests/test-subrepo-missing.t
+++ b/tests/test-subrepo-missing.t
@@ -121,4 +121,22 @@ verify will warn if locked-in subrepo re
   subrepo 'subrepo' is hidden in revision 674d05939c1e
   subrepo 'subrepo' not found in revision a7d05d9055a4
 
+verifying shouldn't init a new subrepo if the reference doesn't exist
+
+  $ mv subrepo b
+  $ hg verify
+  checking changesets
+  checking manifests
+  crosschecking files in changesets and manifests
+  checking files
+  2 files, 5 changesets, 5 total revisions
+  checking subrepo links
+  0: repository $TESTTMP/repo/subrepo not found (glob)
+  1: repository $TESTTMP/repo/subrepo not found (glob)
+  3: repository $TESTTMP/repo/subrepo not found (glob)
+  4: repository $TESTTMP/repo/subrepo not found (glob)
+  $ ls
+  b
+  $ mv b subrepo
+
   $ cd ..