diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 2dab79149..e4fcbd670 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -428,11 +428,11 @@ class ModelSerializer(Serializer):
         if max_length:
             kwargs['max_length'] = max_length
 
-        if model_field.verbose_name:
-            kwargs['label'] = model_field.verbose_name
+        if model_field.verbose_name is not None:
+            kwargs['label'] = smart_unicode(model_field.verbose_name)
 
-        if model_field.help_text:
-            kwargs['help_text'] = model_field.help_text
+        if model_field.help_text is not None:
+            kwargs['help_text'] = smart_unicode(model_field.help_text)
 
         field_mapping = {
             models.FloatField: FloatField,
diff --git a/rest_framework/tests/models.py b/rest_framework/tests/models.py
index c35861c6c..a13f1ef34 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
 
@@ -56,7 +57,7 @@ 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 61a05da18..cc83a7402 100644
--- a/rest_framework/tests/serializer.py
+++ b/rest_framework/tests/serializer.py
@@ -1,6 +1,6 @@
 import datetime
 from django.test import TestCase
-from rest_framework import serializers
+from rest_framework import serializers, fields
 from rest_framework.tests.models import (ActionItem, Anchor, BasicModel,
     BlankFieldModel, BlogPost, Book, CallableDefaultValueModel, DefaultValueModel,
     ManyToManyModel, Person, ReadOnlyManyToManyModel)
@@ -48,7 +48,7 @@ class BookSerializer(serializers.ModelSerializer):
 
 
 class ActionItemSerializer(serializers.ModelSerializer):
-    
+
     class Meta:
         model = ActionItem
 
@@ -641,3 +641,26 @@ class BlankFieldTests(TestCase):
         """
         serializer = self.not_blank_model_serializer_class(data=self.data)
         self.assertEquals(serializer.is_valid(), False)
+
+
+# Test for issue #467
+class FieldLabelTest(TestCase):
+    def setUp(self):
+        class LabelModelSerializer(serializers.ModelSerializer):
+            # This is check that ctor supports both fields
+            additional = fields.CharField(label='Label', help_text='Help')
+
+            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('Text', text_field.label)
+        self.assertEquals('Text description.', text_field.help_text)