diff --git a/src/marshmallow/fields.py b/src/marshmallow/fields.py
index d9dd4c480..ac59ba8b8 100644
--- a/src/marshmallow/fields.py
+++ b/src/marshmallow/fields.py
@@ -264,14 +264,14 @@ def get_value(
         check_key = attr if self.attribute is None else self.attribute
         return accessor_func(obj, check_key, default)
 
-    def _validate(self, value: typing.Any) -> None:
+    def _validate(self, value: _InternalT) -> _InternalT:
         """Perform validation on ``value``. Raise a :exc:`ValidationError` if validation
         does not succeed.
         """
-        self._validate_all(value)
+        return self._validate_all(value)
 
     @property
-    def _validate_all(self) -> typing.Callable[[typing.Any], None]:
+    def _validate_all(self) -> typing.Callable[[_InternalT], _InternalT]:
         return And(*self.validators)
 
     def make_error(self, key: str, **kwargs) -> ValidationError:
@@ -373,7 +373,7 @@ def deserialize(
         if self.allow_none and value is None:
             return None
         output = self._deserialize(value, attr, data, **kwargs)
-        self._validate(output)
+        output = self._validate(output)
         return output
 
     # Methods for concrete classes to override.
diff --git a/src/marshmallow/schema.py b/src/marshmallow/schema.py
index 23d5cd279..095109b05 100644
--- a/src/marshmallow/schema.py
+++ b/src/marshmallow/schema.py
@@ -1125,6 +1125,10 @@ def _invoke_field_validators(self, *, error_store: ErrorStore, data, many: bool)
                         )
                         if validated_value is missing:
                             data[idx].pop(field_name, None)
+                        else:
+                            data[idx][field_obj.attribute or field_name] = (
+                                validated_value
+                            )
             else:
                 try:
                     value = data[field_obj.attribute or field_name]
@@ -1139,6 +1143,8 @@ def _invoke_field_validators(self, *, error_store: ErrorStore, data, many: bool)
                     )
                     if validated_value is missing:
                         data.pop(field_name, None)
+                    else:
+                        data[field_obj.attribute or field_name] = validated_value
 
     def _invoke_schema_validators(
         self,
diff --git a/src/marshmallow/validate.py b/src/marshmallow/validate.py
index 0f6cf3b1a..dfeb77f7a 100644
--- a/src/marshmallow/validate.py
+++ b/src/marshmallow/validate.py
@@ -71,7 +71,7 @@ def __call__(self, value: typing.Any) -> typing.Any:
         kwargs = {}
         for validator in self.validators:
             try:
-                validator(value)
+                value = validator(value)
             except ValidationError as err:
                 kwargs.update(err.kwargs)
                 if isinstance(err.messages, dict):
diff --git a/tests/base.py b/tests/base.py
index 28efaeffc..e7466ca2c 100644
--- a/tests/base.py
+++ b/tests/base.py
@@ -78,13 +78,16 @@ def assert_time_equal(t1: dt.time, t2: dt.time) -> None:
 
 ##### Validation #####
 
+T = typing.TypeVar("T")
+
 
 def predicate(
     func: typing.Callable[[typing.Any], bool],
-) -> typing.Callable[[typing.Any], None]:
-    def validate(value: typing.Any) -> None:
+) -> typing.Callable[[T], T]:
+    def validate(value: T) -> T:
         if func(value) is False:
             raise ValidationError("Invalid value.")
+        return value
 
     return validate
 
diff --git a/tests/test_decorators.py b/tests/test_decorators.py
index d8a6f77d3..bc6624f4d 100644
--- a/tests/test_decorators.py
+++ b/tests/test_decorators.py
@@ -248,9 +248,10 @@ class ValidatesSchema(Schema):
     foo = fields.Int()
 
     @validates("foo")
-    def validate_foo(self, value):
+    def validate_foo(self, value: int) -> int:
         if value != 42:
             raise ValidationError("The answer to life the universe and everything.")
+        return value
 
 
 class TestValidatesDecorator:
diff --git a/tests/test_schema.py b/tests/test_schema.py
index 674b1a60d..54570e827 100644
--- a/tests/test_schema.py
+++ b/tests/test_schema.py
@@ -1751,6 +1751,46 @@ def validate_b(self, val):
         errors = s.validate({"b": "data"})
         assert errors == {"b": {"code": "invalid_b"}}
 
+    def test_field_validator_can_transform_deserialized_value(self):
+        def strip_whitespace(value: str) -> str:
+            return value.strip()
+
+        def uppercase(value: str) -> str:
+            return value.upper()
+
+        class ArtistSchema(Schema):
+            name = fields.Str(data_key="Name", validate=(strip_whitespace, uppercase))
+
+        s = ArtistSchema()
+        assert s.load({"Name": "  foo  "}) == {"name": "FOO"}
+
+        s_many = ArtistSchema(many=True)
+        assert s_many.load([{"Name": "  foo  "}, {"Name": "  bar  "}]) == [
+            {"name": "FOO"},
+            {"name": "BAR"},
+        ]
+
+    def test_validator_method_can_transform_deserialized_value(self):
+        class ArtistSchema(Schema):
+            name = fields.Str(data_key="Name")
+
+            @validates("name")
+            def strip_whitespace(self, value: str) -> str:
+                return value.strip()
+
+            @validates("name")
+            def uppercase(self, value: str) -> str:
+                return value.upper()
+
+        s = ArtistSchema()
+        assert s.load({"Name": "  foo  "}) == {"name": "FOO"}
+
+        s_many = ArtistSchema(many=True)
+        assert s_many.load([{"Name": "  foo  "}, {"Name": "  bar  "}]) == [
+            {"name": "FOO"},
+            {"name": "BAR"},
+        ]
+
 
 def test_schema_repr():
     class MySchema(Schema):
diff --git a/tests/test_validate.py b/tests/test_validate.py
index fcda4e816..69d514fc8 100644
--- a/tests/test_validate.py
+++ b/tests/test_validate.py
@@ -961,9 +961,10 @@ def test_containsnoneof_mixing_types():
         validate.ContainsNoneOf([1, 2, 3])((1,))
 
 
-def is_even(value):
+def is_even(value: int) -> int:
     if value % 2 != 0:
         raise ValidationError("Not an even value.")
+    return value
 
 
 def test_and():