diff --git a/drivers/net/phy/micrel.c b/drivers/net/phy/micrel.c
index cf6312fafea5..e13ad6cdcc22 100644
--- a/drivers/net/phy/micrel.c
+++ b/drivers/net/phy/micrel.c
@@ -339,9 +339,18 @@ static int ksz9021_config_init(struct phy_device *phydev)
 {
 	const struct device *dev = &phydev->dev;
 	const struct device_node *of_node = dev->of_node;
+	const struct device *dev_walker;
 
-	if (!of_node && dev->parent->of_node)
-		of_node = dev->parent->of_node;
+	/* The Micrel driver has a deprecated option to place phy OF
+	 * properties in the MAC node. Walk up the tree of devices to
+	 * find a device with an OF node.
+	 */
+	dev_walker = &phydev->dev;
+	do {
+		of_node = dev_walker->of_node;
+		dev_walker = dev_walker->parent;
+
+	} while (!of_node && dev_walker);
 
 	if (of_node) {
 		ksz9021_load_values_from_of(phydev, of_node,