diff --git a/tools/toolchains/__init__.py b/tools/toolchains/__init__.py
index 6dd9d31c3c8..07bd2cf8c99 100644
--- a/tools/toolchains/__init__.py
+++ b/tools/toolchains/__init__.py
@@ -849,6 +849,21 @@ def compile_command(self, source, object, includes):
 
         return None
 
+    def check_toolchain_path(self, name):
+        """Check if the path to toolchain is valid. Exit if not.
+
+        Positional arguments:
+        name -- the name of the toolchain, as used when creating compile
+                commands to execute. Valid key for TOOLCHAIN_PATHS.
+
+        No return value but causes a system exit of execution if the path
+        does not exist.
+        """
+        if not exists(TOOLCHAIN_PATHS[name]):
+            print('[ERROR] Toolchain path does not exist for %s.\n'
+                  'Current value: %s' % (name, TOOLCHAIN_PATHS[name]))
+            sys.exit()
+
     @abstractmethod
     def parse_dependencies(self, dep_path):
         """Parse the dependency information generated by the compiler.
diff --git a/tools/toolchains/arm.py b/tools/toolchains/arm.py
index cb55f731446..8f77973b276 100644
--- a/tools/toolchains/arm.py
+++ b/tools/toolchains/arm.py
@@ -45,6 +45,8 @@ class ARM(mbedToolchain):
     def __init__(self, target, options=None, notify=None, macros=None, silent=False, extra_verbose=False):
         mbedToolchain.__init__(self, target, options, notify, macros, silent, extra_verbose=extra_verbose)
 
+        self.check_toolchain_path("ARM")
+
         if target.core == "Cortex-M0+":
             cpu = "Cortex-M0"
         elif target.core == "Cortex-M4F":
diff --git a/tools/toolchains/gcc.py b/tools/toolchains/gcc.py
index b9c79a8abea..1ccad199e9c 100644
--- a/tools/toolchains/gcc.py
+++ b/tools/toolchains/gcc.py
@@ -272,6 +272,8 @@ class GCC_ARM(GCC):
     def __init__(self, target, options=None, notify=None, macros=None, silent=False, extra_verbose=False):
         GCC.__init__(self, target, options, notify, macros, silent, TOOLCHAIN_PATHS['GCC_ARM'], extra_verbose=extra_verbose)
 
+        self.check_toolchain_path("GCC_ARM")
+
         # Use latest gcc nanolib
         if "big-build" in self.options:
             use_nano = False
@@ -297,6 +299,8 @@ class GCC_CR(GCC):
     def __init__(self, target, options=None, notify=None, macros=None, silent=False, extra_verbose=False):
         GCC.__init__(self, target, options, notify, macros, silent, TOOLCHAIN_PATHS['GCC_CR'], extra_verbose=extra_verbose)
 
+        self.check_toolchain_path("GCC_CR")
+
         additional_compiler_flags = [
             "-D__NEWLIB__", "-D__CODE_RED", "-D__USE_CMSIS", "-DCPP_USE_HEAP",
         ]
diff --git a/tools/toolchains/iar.py b/tools/toolchains/iar.py
index dac3b4852d2..47d476c3732 100644
--- a/tools/toolchains/iar.py
+++ b/tools/toolchains/iar.py
@@ -46,6 +46,9 @@ class IAR(mbedToolchain):
 
     def __init__(self, target, options=None, notify=None, macros=None, silent=False, extra_verbose=False):
         mbedToolchain.__init__(self, target, options, notify, macros, silent, extra_verbose=extra_verbose)
+
+        self.check_toolchain_path("IAR")
+
         if target.core == "Cortex-M7F" or target.core == "Cortex-M7FD":
             cpuchoice = "Cortex-M7"
         else: