diff --git a/rest_framework/decorators.py b/rest_framework/decorators.py
index f5a0c3579..7c9efc4d1 100644
--- a/rest_framework/decorators.py
+++ b/rest_framework/decorators.py
@@ -9,6 +9,7 @@ used to annotate methods on viewsets that should be included by routers.
 from __future__ import unicode_literals
 
 import types
+import warnings
 
 from django.utils import six
 
@@ -76,9 +77,11 @@ def api_view(http_method_names=None, exclude_from_schema=False):
                                         APIView.schema)
 
         if exclude_from_schema:
-            # This won't catch an explicit `exclude_from_schema=False`
-            #   but it should be good enough.
-            # TODO: DeprecationWarning
+            warnings.warn(
+                "The `exclude_from_schema` argument to `api_view` is deprecated. "
+                "Use the `schema` decorator instead, passing `None`.",
+                PendingDeprecationWarning
+            )
             WrappedAPIView.exclude_from_schema = exclude_from_schema
 
         return WrappedAPIView.as_view()
diff --git a/rest_framework/schemas/generators.py b/rest_framework/schemas/generators.py
index 21726ef26..f24fdaafd 100644
--- a/rest_framework/schemas/generators.py
+++ b/rest_framework/schemas/generators.py
@@ -3,6 +3,7 @@ generators.py   # Top-down schema generation
 
 See schemas.__init__.py for package overview.
 """
+import warnings
 from collections import OrderedDict
 from importlib import import_module
 
@@ -149,7 +150,10 @@ class EndpointEnumerator(object):
             return False  # Ignore anything except REST framework views.
 
         if hasattr(callback.cls, 'exclude_from_schema'):
-            # TODO: deprecation warning
+            fmt = ("{}. The `APIView.exclude_from_schema` is deprecated. "
+                   "Set `schema = None` instead")
+            msg = fmt.format(callback.cls.__name__)
+            warnings.warn(msg, PendingDeprecationWarning)
             if getattr(callback.cls, 'exclude_from_schema', False):
                 return False
 
diff --git a/tests/test_schemas.py b/tests/test_schemas.py
index 1ecd31314..90916fdf5 100644
--- a/tests/test_schemas.py
+++ b/tests/test_schemas.py
@@ -641,9 +641,9 @@ def included_fbv(request):
 class SchemaGenerationExclusionTests(TestCase):
     def setUp(self):
         self.patterns = [
-            url('^excluded-cbv/?$', ExcludedAPIView.as_view()),
-            url('^excluded-fbv/?$', excluded_fbv),
-            url('^included-fbv/?$', included_fbv),
+            url('^excluded-cbv/$', ExcludedAPIView.as_view()),
+            url('^excluded-fbv/$', excluded_fbv),
+            url('^included-fbv/$', included_fbv),
         ]
 
     def test_schema_generator_excludes_correctly(self):
@@ -690,4 +690,21 @@ class SchemaGenerationExclusionTests(TestCase):
         assert should_include == expected
 
     def test_deprecations(self):
-        pass
+        with pytest.warns(PendingDeprecationWarning):
+            @api_view(["GET"], exclude_from_schema=True)
+            def view(request):
+                pass
+
+        class OldFashjonedExcludedView(APIView):
+            exclude_from_schema = True
+
+            def get(self, request, *args, **kwargs):
+                pass
+
+        patterns = [
+            url('^excluded-old-fashioned/$', OldFashjonedExcludedView.as_view()),
+        ]
+
+        inspector = EndpointEnumerator(patterns)
+        with pytest.warns(PendingDeprecationWarning):
+            inspector.get_api_endpoints()