diff --git a/CHANGES b/CHANGES
index 565235519..84428ab7d 100644
--- a/CHANGES
+++ b/CHANGES
@@ -42,6 +42,8 @@ Bugs fixed
 * #4655: Fix incomplete localization strings in Polish
 * #4653: Fix error reporting for parameterless ImportErrors
 * #4664: Reading objects.inv fails again
+* #4662: ``any`` refs with ``term`` targets crash when an ambiguity is
+  encountered
 
 Testing
 --------
diff --git a/sphinx/transforms/post_transforms/__init__.py b/sphinx/transforms/post_transforms/__init__.py
index e1f8260a3..952b972f7 100644
--- a/sphinx/transforms/post_transforms/__init__.py
+++ b/sphinx/transforms/post_transforms/__init__.py
@@ -135,10 +135,12 @@ class ReferencesResolver(SphinxTransform):
         if not results:
             return None
         if len(results) > 1:
-            nice_results = ' or '.join(':%s:`%s`' % (name, role["reftitle"])
-                                       for name, role in results)
+            def stringify(name, node):
+                reftitle = node.get('reftitle', node.astext())
+                return ':%s:`%s`' % (name, reftitle)
+            candidates = ' or '.join(stringify(name, role) for name, role in results)
             logger.warning(__('more than one target found for \'any\' cross-'
-                              'reference %r: could be %s'), target, nice_results,
+                              'reference %r: could be %s'), target, candidates,
                            location=node)
         res_role, newnode = results[0]
         # Override "any" class with the actual role type to get the styling