diff --git a/rest_framework/fields.py b/rest_framework/fields.py
index 998911e12..d5f08eb2e 100644
--- a/rest_framework/fields.py
+++ b/rest_framework/fields.py
@@ -35,7 +35,7 @@ class Field(object):
     _use_files = None
     form_field_class = forms.CharField
 
-    def __init__(self, source=None):
+    def __init__(self, source=None, label=None, help_text=None):
         self.parent = None
 
         self.creation_counter = Field.creation_counter
@@ -43,6 +43,12 @@ class Field(object):
 
         self.source = source
 
+        if label is not None:
+            self.label = smart_unicode(label)
+
+        if help_text is not None:
+            self.help_text = smart_unicode(help_text)
+
     def initialize(self, parent, field_name):
         """
         Called to set up a field prior to field_to_native or field_from_native.
@@ -120,11 +126,11 @@ class WritableField(Field):
     widget = widgets.TextInput
     default = None
 
-    def __init__(self, source=None, read_only=False, required=None,
+    def __init__(self, source=None, label=None, help_text=None,
+                 read_only=False, required=None,
                  validators=[], error_messages=None, widget=None,
                  default=None, blank=None):
-
-        super(WritableField, self).__init__(source=source)
+        super(WritableField, self).__init__(source=source, label=label, help_text=help_text)
 
         self.read_only = read_only
         if required is None:
diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 4fb802a7c..cf5cbca40 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -477,6 +477,12 @@ class ModelSerializer(Serializer):
             kwargs['choices'] = model_field.flatchoices
             return ChoiceField(**kwargs)
 
+        if model_field.verbose_name is not None:
+            kwargs['label'] = model_field.verbose_name
+
+        if model_field.help_text is not None:
+            kwargs['help_text'] = model_field.help_text
+
         field_mapping = {
             models.AutoField: IntegerField,
             models.FloatField: FloatField,
diff --git a/rest_framework/tests/models.py b/rest_framework/tests/models.py
index 9ab153280..7fc2dc927 100644
--- a/rest_framework/tests/models.py
+++ b/rest_framework/tests/models.py
@@ -1,6 +1,7 @@
 from django.db import models
 from django.contrib.contenttypes.models import ContentType
 from django.contrib.contenttypes.generic import GenericForeignKey, GenericRelation
+from django.utils.translation import ugettext_lazy as _
 
 # from django.contrib.auth.models import Group
 
@@ -61,7 +62,7 @@ class Anchor(RESTFrameworkModel):
 
 
 class BasicModel(RESTFrameworkModel):
-    text = models.CharField(max_length=100)
+    text = models.CharField(max_length=100, verbose_name=_("Text"), help_text=_("Text description."))
 
 
 class SlugBasedModel(RESTFrameworkModel):
diff --git a/rest_framework/tests/serializer.py b/rest_framework/tests/serializer.py
index 48b4f1ab9..70c54b8e9 100644
--- a/rest_framework/tests/serializer.py
+++ b/rest_framework/tests/serializer.py
@@ -1,7 +1,7 @@
 import datetime
 import pickle
 from django.test import TestCase
-from rest_framework import serializers
+from rest_framework import serializers, fields
 from rest_framework.tests.models import (HasPositiveIntegerAsChoice, Album, ActionItem, Anchor, BasicModel,
     BlankFieldModel, BlogPost, Book, CallableDefaultValueModel, DefaultValueModel,
     ManyToManyModel, Person, ReadOnlyManyToManyModel, Photo)
@@ -958,3 +958,31 @@ class NestedSerializerContextTests(TestCase):
 
         # This will raise RuntimeError if context doesn't get passed correctly to the nested Serializers
         AlbumCollectionSerializer(album_collection, context={'context_item': 'album context'}).data
+
+
+# Test for issue #467
+class FieldLabelTest(TestCase):
+    def setUp(self):
+        class LabelModelSerializer(serializers.ModelSerializer):
+            class Meta:
+                model = BasicModel
+
+        self.serializer_class = LabelModelSerializer
+
+    def test_label_from_model(self):
+        """
+        Validates that label and help_text are correctly copied from the model class.
+        """
+        serializer = self.serializer_class()
+        text_field = serializer.fields['text']
+
+        self.assertEquals(u'Text', text_field.label)
+        self.assertEquals(u'Text description.', text_field.help_text)
+
+    def test_field_ctor(self):
+        """
+        This is check that ctor supports both label and help_text.
+        """
+        self.assertEquals(u'Label', fields.Field(label='Label', help_text='Help').label)
+        self.assertEquals(u'Help', fields.CharField(label='Label', help_text='Help').help_text)
+        self.assertEquals(u'Label', fields.ManyHyperlinkedRelatedField(view_name='fake', label='Label', help_text='Help').label)