diff --git a/python/python-psi-impl/resources/messages/PyPsiBundle.properties b/python/python-psi-impl/resources/messages/PyPsiBundle.properties
index 558d920217d0..04dc1483bee2 100644
--- a/python/python-psi-impl/resources/messages/PyPsiBundle.properties
+++ b/python/python-psi-impl/resources/messages/PyPsiBundle.properties
@@ -1100,6 +1100,7 @@ INSP.protocol.all.bases.protocol.must.be.protocols=All bases of a protocol must
 INSP.protocol.only.runtime.checkable.protocols.can.be.used.with.instance.class.checks=Only @runtime_checkable protocols can be used with instance and class checks
 INSP.protocol.newtype.cannot.be.used.with.protocol.classes=NewType cannot be used with protocol classes
 INSP.protocol.element.type.incompatible.with.protocol=Type of ''{0}'' is incompatible with ''{1}''
+INSP.protocol.cannot.instantiate.protocol.class=Cannot instantiate protocol class ''{0}''
 
 # PyShadowingBuiltinsInspection
 INSP.NAME.shadowing.builtins=Shadowing built-in names
diff --git a/python/python-psi-impl/src/com/jetbrains/python/inspections/PyProtocolInspection.kt b/python/python-psi-impl/src/com/jetbrains/python/inspections/PyProtocolInspection.kt
index d5db6fd8c558..f78c3b5077a4 100644
--- a/python/python-psi-impl/src/com/jetbrains/python/inspections/PyProtocolInspection.kt
+++ b/python/python-psi-impl/src/com/jetbrains/python/inspections/PyProtocolInspection.kt
@@ -18,10 +18,12 @@ import com.jetbrains.python.psi.types.*
 
 class PyProtocolInspection : PyInspection() {
 
-  override fun buildVisitor(holder: ProblemsHolder,
-                            isOnTheFly: Boolean,
-                            session: LocalInspectionToolSession): PsiElementVisitor = Visitor(
-    holder,PyInspectionVisitor.getContext(session))
+  override fun buildVisitor(
+    holder: ProblemsHolder,
+    isOnTheFly: Boolean,
+    session: LocalInspectionToolSession,
+  ): PsiElementVisitor = Visitor(
+    holder, PyInspectionVisitor.getContext(session))
 
   private class Visitor(holder: ProblemsHolder, context: TypeEvalContext) : PyInspectionVisitor(holder, context) {
 
@@ -40,6 +42,7 @@ class PyProtocolInspection : PyInspection() {
 
       checkRuntimeProtocolInIsInstance(node)
       checkNewTypeWithProtocols(node)
+      checkProtocolInstantiation(node)
     }
 
     private fun checkCompatibility(type: PyClassType, superClassTypes: List<PyClassLikeType?>) {
@@ -110,21 +113,21 @@ class PyProtocolInspection : PyInspection() {
       val resolved = callee.followAssignmentsChain(resolveContext).element ?: return
       val isNewTypeCall = resolved is PyQualifiedNameOwner && resolved.qualifiedName == PyTypingTypeProvider.NEW_TYPE
       if (isNewTypeCall) {
-          val base = node.arguments.getOrNull(1)
-          if (base != null) {
-            val type = myTypeEvalContext.getType(base)
-            if (type is PyClassLikeType && isProtocol(type, myTypeEvalContext)) {
-              registerProblem(base, PyPsiBundle.message("INSP.protocol.newtype.cannot.be.used.with.protocol.classes"))
-            }
+        val base = node.arguments.getOrNull(1)
+        if (base != null) {
+          val type = myTypeEvalContext.getType(base)
+          if (type is PyClassLikeType && isProtocol(type, myTypeEvalContext)) {
+            registerProblem(base, PyPsiBundle.message("INSP.protocol.newtype.cannot.be.used.with.protocol.classes"))
           }
         }
+      }
     }
 
     private fun checkMemberCompatibility(
       protocolElement: PyTypedElement,
       subclassElements: List<PyTypedResolveResult>,
       type: PyClassType,
-      protocol: PyClassType
+      protocol: PyClassType,
     ) {
       val expectedMemberType = myTypeEvalContext.getType(protocolElement)
 
@@ -139,5 +142,18 @@ class PyProtocolInspection : PyInspection() {
           registerProblem(place, PyPsiBundle.message("INSP.protocol.element.type.incompatible.with.protocol", elementName, protocol.name))
         }
     }
+
+    private fun checkProtocolInstantiation(node: PyCallExpression) {
+      val calleeReferenceExpression = node.callee
+      if (calleeReferenceExpression is PyReferenceExpression) {
+        val resolveResult = calleeReferenceExpression.followAssignmentsChain(resolveContext)
+        val cls = resolveResult.getElement()
+        if (cls is PyClass) {
+          if (isProtocol(cls, myTypeEvalContext)) {
+            registerProblem(node, PyPsiBundle.message("INSP.protocol.cannot.instantiate.protocol.class", cls.name))
+          }
+        }
+      }
+    }
   }
 }
diff --git a/python/testSrc/com/jetbrains/python/inspections/PyProtocolInspectionTest.java b/python/testSrc/com/jetbrains/python/inspections/PyProtocolInspectionTest.java
index c15fd8b7efc5..f8e68f2710d0 100644
--- a/python/testSrc/com/jetbrains/python/inspections/PyProtocolInspectionTest.java
+++ b/python/testSrc/com/jetbrains/python/inspections/PyProtocolInspectionTest.java
@@ -44,6 +44,69 @@ public class PyProtocolInspectionTest extends PyInspectionTestCase {
     });
   }
 
+  // PY-76903
+  public void testProtocolCannotBeInstantiated() {
+    doTestByText("""
+                   from typing import Protocol
+                   
+                   class P(Protocol):
+                           ...
+                   
+                   p = <warning descr="Cannot instantiate protocol class 'P'">P()</warning>
+                   """);
+  }
+
+  // PY-76903
+  public void testProtocolSubclassCanBeInstantiated() {
+    doTestByText("""
+                   from typing import Protocol
+                   
+                   class P(Protocol):
+                       ...
+                   
+                   
+                   class C(P):
+                       ...
+                   
+                   c = C()
+                   """);
+  }
+
+  // PY-76903
+  public void testProtocolFunctionCall() {
+    doTestByText("""
+                   from typing import Protocol
+                   
+                   class P(Protocol):
+                       def foo(self) -> None: ...
+                   
+                   
+                   def f(p: P):
+                       p.foo()
+                   """);
+  }
+
+  // PY-76903
+  public void testProtocolTypeButConcreteValue() {
+    doTestByText("""
+                   from typing import Protocol, reveal_type
+                   
+                   class P(Protocol):
+                       def foo(self) -> None: ...
+                   
+                   
+                   class I(P):
+                       def foo(self) -> None: ...
+                   
+                   
+                   def f() -> type[P]:
+                       return I
+                   
+                   t = f()
+                   t()
+                   """);
+  }
+
   @Override
   protected void doTest() {
     runWithLanguageLevel(LanguageLevel.PYTHON37, () -> super.doTest());