diff --git a/cosmos/constants.py b/cosmos/constants.py
index b356d5542..92bf883b2 100644
--- a/cosmos/constants.py
+++ b/cosmos/constants.py
@@ -15,6 +15,7 @@
 DBT_TARGET_DIR_NAME = "target"
 DBT_PARTIAL_PARSE_FILE_NAME = "partial_parse.msgpack"
 DBT_MANIFEST_FILE_NAME = "manifest.json"
+DBT_DEPENDENCIES_FILE_NAMES = {"packages.yml", "dependencies.yml"}
 DBT_LOG_FILENAME = "dbt.log"
 DBT_BINARY_NAME = "dbt"
 
diff --git a/cosmos/dbt/graph.py b/cosmos/dbt/graph.py
index 40a44d3a6..9ad8caaee 100644
--- a/cosmos/dbt/graph.py
+++ b/cosmos/dbt/graph.py
@@ -24,7 +24,7 @@
     LoadMode,
 )
 from cosmos.dbt.parser.project import LegacyDbtProject
-from cosmos.dbt.project import create_symlinks, environ, get_partial_parse_path
+from cosmos.dbt.project import create_symlinks, environ, get_partial_parse_path, has_non_empty_dependencies_file
 from cosmos.dbt.selector import select_nodes
 from cosmos.log import get_logger
 
@@ -320,7 +320,9 @@ def load_via_dbt_ls(self) -> None:
                 env[DBT_LOG_PATH_ENVVAR] = str(self.log_dir)
                 env[DBT_TARGET_PATH_ENVVAR] = str(self.target_dir)
 
-                if self.render_config.dbt_deps:
+                if self.render_config.dbt_deps and has_non_empty_dependencies_file(
+                    Path(self.render_config.project_path)
+                ):
                     deps_command = [dbt_cmd, "deps"]
                     deps_command.extend(self.local_flags)
                     stdout = run_command(deps_command, tmpdir_path, env)
diff --git a/cosmos/dbt/project.py b/cosmos/dbt/project.py
index c1c7aa080..d8750cd44 100644
--- a/cosmos/dbt/project.py
+++ b/cosmos/dbt/project.py
@@ -5,7 +5,35 @@
 from pathlib import Path
 from typing import Generator
 
-from cosmos.constants import DBT_LOG_DIR_NAME, DBT_PARTIAL_PARSE_FILE_NAME, DBT_TARGET_DIR_NAME
+from cosmos.constants import (
+    DBT_DEPENDENCIES_FILE_NAMES,
+    DBT_LOG_DIR_NAME,
+    DBT_PARTIAL_PARSE_FILE_NAME,
+    DBT_TARGET_DIR_NAME,
+)
+from cosmos.log import get_logger
+
+logger = get_logger()
+
+
+def has_non_empty_dependencies_file(project_path: Path) -> bool:
+    """
+    Check if the dbt project has dependencies.yml or packages.yml.
+
+    :param project_path: Path to the project
+    :returns: True or False
+    """
+    project_dir = Path(project_path)
+    has_deps = False
+    for filename in DBT_DEPENDENCIES_FILE_NAMES:
+        filepath = project_dir / filename
+        if filepath.exists() and filepath.stat().st_size > 0:
+            has_deps = True
+            break
+
+    if not has_deps:
+        logger.info(f"Project {project_path} does not have {DBT_DEPENDENCIES_FILE_NAMES}")
+    return has_deps
 
 
 def create_symlinks(project_path: Path, tmp_dir: Path, ignore_dbt_packages: bool) -> None:
diff --git a/cosmos/operators/local.py b/cosmos/operators/local.py
index 703b1fb1e..232a6680d 100644
--- a/cosmos/operators/local.py
+++ b/cosmos/operators/local.py
@@ -18,7 +18,7 @@
 
 from cosmos import cache
 from cosmos.constants import InvocationMode
-from cosmos.dbt.project import get_partial_parse_path
+from cosmos.dbt.project import get_partial_parse_path, has_non_empty_dependencies_file
 from cosmos.exceptions import AirflowCompatibilityError
 from cosmos.settings import LINEAGE_NAMESPACE
 
@@ -126,7 +126,6 @@ def __init__(
         **kwargs: Any,
     ) -> None:
         self.profile_config = profile_config
-        self.install_deps = install_deps
         self.callback = callback
         self.compiled_sql = ""
         self.should_store_compiled_sql = should_store_compiled_sql
@@ -146,6 +145,9 @@ def __init__(
         # as it can break existing DAGs.
         self.append_env = append_env
 
+        # We should not spend time trying to install deps if the project doesn't have any dependencies
+        self.install_deps = install_deps and has_non_empty_dependencies_file(Path(self.project_dir))
+
     @cached_property
     def subprocess_hook(self) -> FullOutputSubprocessHook:
         """Returns hook for running the bash command."""
diff --git a/tests/dbt/test_project.py b/tests/dbt/test_project.py
index f55525a43..df625182f 100644
--- a/tests/dbt/test_project.py
+++ b/tests/dbt/test_project.py
@@ -2,7 +2,9 @@
 from pathlib import Path
 from unittest.mock import patch
 
-from cosmos.dbt.project import change_working_directory, create_symlinks, environ
+import pytest
+
+from cosmos.dbt.project import change_working_directory, create_symlinks, environ, has_non_empty_dependencies_file
 
 DBT_PROJECTS_ROOT_DIR = Path(__file__).parent.parent.parent / "dev/dags/dbt"
 
@@ -49,3 +51,21 @@ def test_change_working_directory(mock_chdir):
 
     # Check if os.chdir is called with the previous working directory
     mock_chdir.assert_called_with(os.getcwd())
+
+
+@pytest.mark.parametrize("filename", ["packages.yml", "dependencies.yml"])
+def test_has_non_empty_dependencies_file_is_true(tmpdir, filename):
+    filepath = Path(tmpdir) / filename
+    filepath.write_text("content")
+    assert has_non_empty_dependencies_file(tmpdir)
+
+
+@pytest.mark.parametrize("filename", ["packages.yml", "dependencies.yml"])
+def test_has_non_empty_dependencies_file_is_false(tmpdir, filename):
+    filepath = Path(tmpdir) / filename
+    filepath.touch()
+    assert not has_non_empty_dependencies_file(tmpdir)
+
+
+def test_has_non_empty_dependencies_file_is_false_in_empty_dir(tmpdir):
+    assert not has_non_empty_dependencies_file(tmpdir)
diff --git a/tests/operators/test_local.py b/tests/operators/test_local.py
index 5513b1c4b..f90237082 100644
--- a/tests/operators/test_local.py
+++ b/tests/operators/test_local.py
@@ -80,6 +80,13 @@ class ConcreteDbtLocalBaseOperator(DbtLocalBaseOperator):
     base_cmd = ["cmd"]
 
 
+def test_install_deps_in_empty_dir_becomes_false(tmpdir):
+    dbt_base_operator = ConcreteDbtLocalBaseOperator(
+        profile_config=profile_config, task_id="my-task", project_dir=tmpdir, install_deps=True
+    )
+    assert not dbt_base_operator.install_deps
+
+
 def test_dbt_base_operator_add_global_flags() -> None:
     dbt_base_operator = ConcreteDbtLocalBaseOperator(
         profile_config=profile_config,