We report the results of a multiwavelength study of the non-thermal radio emitter HD 168112 (O5.5III(f+)). The detailed analysis of two quasi-simultaneous XMM-Newton and VLA observations reveals strong variability of this star both in the X-ray and radio ranges. The X-ray observations separated by five months reveal a decrease of the X-ray flux of ~30%. The radio emission on the other hand increases by a factor 5-7 between the two observations obtained roughly simultaneously with the XMM-Newton pointings. The X-ray data reveal a hard emission that is most likely produced by a thermal plasma at kT ~2-3 keV while the VLA data confirm the non-thermal status of this star in the radio waveband. Comparison with archive X-ray and radio data confirms the variability of this source in both wavelength ranges over a yet ill defined time scale. The properties of HD 168112 in the X-ray and radio domain point towards a binary system with a significant eccentricity and an orbital period of a few years. However, our optical spectra reveal no significant changes of the star’s radial velocity suggesting that if HD 168112 is indeed a binary, it must be seen under a fairly low inclination. Based on observations with XMM-Newton, an ESA Science Mission with instruments and contributions directly funded by ESA Member states and the USA (NASA). Also based on observations collected with the VLA, an instrument of the National Radio Astronomy Observatory, which is a facility of the National Science Foundation operated by Associated Universities, Inc. Optical data were collected at the European Southern Observatory (La Silla, Chile), and at the Observatorio Astronómico Nacional of San Pedro Mártir (Mexico).