diff --git a/rest_framework/fields.py b/rest_framework/fields.py
index c83ee5ecf..3c4e975ae 100644
--- a/rest_framework/fields.py
+++ b/rest_framework/fields.py
@@ -108,7 +108,7 @@ class Field(object):
     use_files = False
     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
@@ -116,6 +116,12 @@ 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.
@@ -194,7 +200,8 @@ 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):
 
@@ -205,7 +212,7 @@ class WritableField(Field):
                           DeprecationWarning, stacklevel=2)
             required = not(blank)
 
-        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 7707de7a7..942ab3994 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -724,6 +724,12 @@ 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
+
         try:
             return self.field_mapping[model_field.__class__](**kwargs)
         except KeyError:
diff --git a/rest_framework/tests/models.py b/rest_framework/tests/models.py
index 40e41a644..3465268b6 100644
--- a/rest_framework/tests/models.py
+++ b/rest_framework/tests/models.py
@@ -1,5 +1,6 @@
 from __future__ import unicode_literals
 from django.db import models
+from django.utils.translation import ugettext_lazy as _
 
 
 def foobar():
@@ -32,7 +33,7 @@ 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 db3881f9a..b0c7e5689 100644
--- a/rest_framework/tests/serializer.py
+++ b/rest_framework/tests/serializer.py
@@ -1,7 +1,7 @@
 from __future__ import unicode_literals
 from django.utils.datastructures import MultiValueDict
 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, BlogPostComment, Book, CallableDefaultValueModel, DefaultValueModel,
     ManyToManyModel, Person, ReadOnlyManyToManyModel, Photo)
@@ -1143,3 +1143,32 @@ class DeserializeListTestCase(TestCase):
         self.assertFalse(serializer.is_valid())
         expected = [{}, {'email': ['This field is required.']}, {}]
         self.assertEqual(serializer.errors, expected)
+
+
+# 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)
+