Admins, Moderators, and Members (when enabled) can invite users to register to the community. Learn more here.
When Admins enable the Invite-Only option, it means that the only way to become a member of the community is to receive an “invitation email” or a “Share invitation link ”. If the invite-only option is enabled, the Join button will be removed from the registration page. There would be only an option to Log In for the already existing members.
How to make a site invite-only
Log in to the community with your admin account > Click on your profile picture on the top-right > Administration > Settings > Site Settings > Turn on the toggle for Invite-only > Update the settings.