diff --git a/docs/release-notes/version-3.2.md b/docs/release-notes/version-3.2.md
index 7af5cf109..8419ec86d 100644
--- a/docs/release-notes/version-3.2.md
+++ b/docs/release-notes/version-3.2.md
@@ -155,6 +155,7 @@ Where it is desired to limit the range of available VLANs within a group, users
 * [#8682](https://github.com/netbox-community/netbox/issues/8682) - Limit available VLANs by group min/max VIDs
 * [#8683](https://github.com/netbox-community/netbox/issues/8683) - Fix `ZoneInfoNotFoundError` exception under Python 3.9+
 * [#8761](https://github.com/netbox-community/netbox/issues/8761) - Correct view name resolution under journal entry views
+* [#8763](https://github.com/netbox-community/netbox/issues/8763) - Fix inventory item component assignment
 * [#8764](https://github.com/netbox-community/netbox/issues/8764) - Correct view name resolution for dynamic form fields
 
 ### Other Changes
diff --git a/netbox/dcim/tables/template_code.py b/netbox/dcim/tables/template_code.py
index 89d04c35d..92739c6ed 100644
--- a/netbox/dcim/tables/template_code.py
+++ b/netbox/dcim/tables/template_code.py
@@ -113,7 +113,7 @@ MODULAR_COMPONENT_TEMPLATE_BUTTONS = """
 
 CONSOLEPORT_BUTTONS = """
 {% if perms.dcim.add_inventoryitem %}
-  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_consoleports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
+  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_consoleports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
     <i class="mdi mdi-plus-thick" aria-hidden="true"></i>
   </a>
 {% endif %}
@@ -145,7 +145,7 @@ CONSOLEPORT_BUTTONS = """
 
 CONSOLESERVERPORT_BUTTONS = """
 {% if perms.dcim.add_inventoryitem %}
-  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_consoleserverports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
+  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_consoleserverports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
     <i class="mdi mdi-plus-thick" aria-hidden="true"></i>
   </a>
 {% endif %}
@@ -177,7 +177,7 @@ CONSOLESERVERPORT_BUTTONS = """
 
 POWERPORT_BUTTONS = """
 {% if perms.dcim.add_inventoryitem %}
-  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_powerports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
+  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_powerports' pk=object.pk %}" class="btn btn-sm btn-primary" title="Add inventory item">
     <i class="mdi mdi-plus-thick" aria-hidden="true"></i>
   </a>
 {% endif %}
@@ -208,7 +208,7 @@ POWERPORT_BUTTONS = """
 
 POWEROUTLET_BUTTONS = """
 {% if perms.dcim.add_inventoryitem %}
-  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_poweroutlets' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
+  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_poweroutlets' pk=object.pk %}" class="btn btn-sm btn-primary" title="Add inventory item">
     <i class="mdi mdi-plus-thick" aria-hidden="true"></i>
   </a>
 {% endif %}
@@ -236,7 +236,7 @@ POWEROUTLET_BUTTONS = """
 INTERFACE_BUTTONS = """
 {% if perms.ipam.add_ipaddress or perms.dcim.add_inventoryitem %}
   <span class="dropdown">
-    <button type="button" class="btn btn-success btn-sm dropdown-toggle" data-bs-toggle="dropdown" aria-haspopup="true" aria-expanded="false" title="Add">
+    <button type="button" class="btn btn-primary btn-sm dropdown-toggle" data-bs-toggle="dropdown" aria-haspopup="true" aria-expanded="false" title="Add">
       <span class="mdi mdi-plus-thick" aria-hidden="true"></span>
     </button>
     <ul class="dropdown-menu dropdown-menu-end">
@@ -244,7 +244,7 @@ INTERFACE_BUTTONS = """
         <li><a class="dropdown-item" href="{% url 'ipam:ipaddress_add' %}?interface={{ record.pk }}&return_url={% url 'dcim:device_interfaces' pk=object.pk %}">IP Address</a></li>
       {% endif %}
       {% if perms.dcim.add_inventoryitem %}
-        <li><a class="dropdown-item" href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_interfaces' pk=object.pk %}">Inventory Item</a></li>
+        <li><a class="dropdown-item" href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_interfaces' pk=object.pk %}">Inventory Item</a></li>
       {% endif %}
     </ul>
   </span>
@@ -292,7 +292,7 @@ INTERFACE_BUTTONS = """
 
 FRONTPORT_BUTTONS = """
 {% if perms.dcim.add_inventoryitem %}
-  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_frontports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
+  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_frontports' pk=object.pk %}" class="btn btn-sm btn-primary" title="Add inventory item">
     <i class="mdi mdi-plus-thick" aria-hidden="true"></i>
   </a>
 {% endif %}
@@ -329,7 +329,7 @@ FRONTPORT_BUTTONS = """
 
 REARPORT_BUTTONS = """
 {% if perms.dcim.add_inventoryitem %}
-  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ object.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_rearports' pk=object.pk %}" class="btn btn-sm btn-success" title="Add inventory item">
+  <a href="{% url 'dcim:inventoryitem_add' %}?device={{ record.device.pk }}&component_type={{ record|content_type_id }}&component_id={{ record.pk }}&return_url={% url 'dcim:device_rearports' pk=object.pk %}" class="btn btn-sm btn-primary" title="Add inventory item">
     <i class="mdi mdi-plus-thick" aria-hidden="true"></i>
   </a>
 {% endif %}
diff --git a/netbox/dcim/views.py b/netbox/dcim/views.py
index 06dd5367f..520820566 100644
--- a/netbox/dcim/views.py
+++ b/netbox/dcim/views.py
@@ -1397,7 +1397,7 @@ class InventoryItemTemplateCreateView(generic.ComponentCreateView):
     queryset = InventoryItemTemplate.objects.all()
     form = forms.ModularComponentTemplateCreateForm
     model_form = forms.InventoryItemTemplateForm
-    template_name = 'dcim/inventoryitem_create.html'
+    template_name = 'dcim/inventoryitemtemplate_create.html'
 
     def alter_object(self, instance, request):
         # Set component (if any)
diff --git a/netbox/templates/dcim/component_create.html b/netbox/templates/dcim/component_create.html
index a8750e20e..e078bf069 100644
--- a/netbox/templates/dcim/component_create.html
+++ b/netbox/templates/dcim/component_create.html
@@ -2,6 +2,8 @@
 {% load form_helpers %}
 
 {% block form %}
-  {% render_form replication_form %}
+  {% block replication_fields %}
+    {% render_form replication_form %}
+  {% endblock replication_fields %}
   {{ block.super }}
 {% endblock form %}
diff --git a/netbox/templates/dcim/inventoryitem_create.html b/netbox/templates/dcim/inventoryitem_create.html
index 9180cf6ab..be910f143 100644
--- a/netbox/templates/dcim/inventoryitem_create.html
+++ b/netbox/templates/dcim/inventoryitem_create.html
@@ -1,4 +1,4 @@
-{% extends 'dcim/component_template_create.html' %}
+{% extends 'dcim/component_create.html' %}
 {% load helpers %}
 {% load form_helpers %}
 
diff --git a/netbox/templates/dcim/inventoryitemtemplate_create.html b/netbox/templates/dcim/inventoryitemtemplate_create.html
new file mode 100644
index 000000000..9180cf6ab
--- /dev/null
+++ b/netbox/templates/dcim/inventoryitemtemplate_create.html
@@ -0,0 +1,17 @@
+{% extends 'dcim/component_template_create.html' %}
+{% load helpers %}
+{% load form_helpers %}
+
+{% block replication_fields %}
+  {{ block.super }}
+  {% if object.component %}
+    <div class="row mb-3">
+        <label class="col-sm-3 col-form-label text-lg-end">
+          {{ object.component|meta:"verbose_name"|bettertitle }}
+        </label>
+        <div class="col">
+            <input class="form-control" value="{{ object.component }}" disabled />
+        </div>
+    </div>
+  {% endif %}
+{% endblock replication_fields %}