diff --git a/Lib/collections/__init__.py b/Lib/collections/__init__.py
--- a/Lib/collections/__init__.py
+++ b/Lib/collections/__init__.py
@@ -74,12 +74,15 @@
         # Deleting an existing item uses self.__map to find the link which gets
         # removed by updating the links in the predecessor and successor nodes.
         dict_delitem(self, key)
+        root = self.__root
         link = self.__map.pop(key)
         link_prev = link.prev
         link_next = link.next
         link_prev.next = link_next
         link_next.prev = link_prev
-
+        link.prev = root
+        link.next = root
+        
     def __iter__(self):
         'od.__iter__() <==> iter(od)'
         # Traverse the linked list in order.
diff --git a/Lib/test/test_collections.py b/Lib/test/test_collections.py
--- a/Lib/test/test_collections.py
+++ b/Lib/test/test_collections.py
@@ -1311,6 +1311,20 @@
         items = [('a', 1), ('c', 3), ('b', 2)]
         self.assertEqual(list(MyOD(items).items()), items)
 
+    def test_iterate_mutate(self):
+        # Test fix for issue 19414
+        pairs = [('a', 1), ('b', 2), ('c', 3), ('d', 4)]
+        od = OrderedDict(pairs)
+        it = iter(od.values())
+        next(it)
+        del od['a']
+        del od['b']
+        while True:
+            try:
+                next(it)
+            except StopIteration:
+                break
+        
 class GeneralMappingTests(mapping_tests.BasicTestMappingProtocol):
     type2test = OrderedDict
 
diff --git a/Misc/NEWS b/Misc/NEWS
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -195,6 +195,9 @@
 - Issue #19286: Directories in ``package_data`` are no longer added to
   the filelist, preventing failure outlined in the ticket.
 
+- Issue #19414: Do not fail with ValueError when mutating
+  OrderedDict during iteration. Patch by Nikolaus Rath.
+  
 IDLE
 ----