165 Loreley is a main-belt asteroid that was discovered by C. H. F. Peters on August 9, 1876, in Clinton, New York and named after the Lorelei, a figure in German folklore.
In the late 1990s, a network of astronomers worldwide gathered light curve data that was ultimately used to derive the spin states and shape models of 10 new asteroids, including (165) Loreley. The light curve of this asteroid varies by no more than 0.2 in magnitude, while the derived shape model shows multiple flat spots on the surface.
One stellar occultation by Loreley has been observed, on July 20, 2003.
The asteroid has an oblate shape with a size ratio of 1.26 ± 0.08 between the major and minor axes, as determined from the W. M. Keck Observatory.