diff --git a/doc/source/whatsnew/v1.5.0.rst b/doc/source/whatsnew/v1.5.0.rst
index a485aece76294..b2e39bad695af 100644
--- a/doc/source/whatsnew/v1.5.0.rst
+++ b/doc/source/whatsnew/v1.5.0.rst
@@ -138,6 +138,7 @@ Slicing on a :class:`DataFrame` will not be affected.
 
 Other Deprecations
 ^^^^^^^^^^^^^^^^^^
+- Deprecated the fallback behavior for :meth:`Series.where`, :meth:`Series.mask`, :meth:`DataFrame.where` and :meth:`DataFrame.mask` with ``PeriodDtype`` when an incompatible value is passed. In a future version, this will coerce to a common dtype instead of raising, matching other datetime-like dtypes (:issue:`45148`)
 - Deprecated the keyword ``line_terminator`` in :meth:`DataFrame.to_csv` and :meth:`Series.to_csv`, use ``lineterminator`` instead; this is for consistency with :func:`read_csv` and the standard library 'csv' module (:issue:`9568`)
 - Deprecated :meth:`DataFrame.iteritems`, :meth:`Series.iteritems`, :meth:`HDFStore.iteritems` in favor of :meth:`DataFrame.items`, :meth:`Series.items`, :meth:`HDFStore.items`  (:issue:`45321`)
 -
diff --git a/pandas/core/internals/blocks.py b/pandas/core/internals/blocks.py
index d8543a15b1ea0..69f972c946741 100644
--- a/pandas/core/internals/blocks.py
+++ b/pandas/core/internals/blocks.py
@@ -1379,9 +1379,17 @@ def where(self, other, cond) -> list[Block]:
                 # NB: not (yet) the same as
                 #  isinstance(values, NDArrayBackedExtensionArray)
                 if isinstance(self.dtype, PeriodDtype):
-                    # TODO: don't special-case
-                    # Note: this is the main place where the fallback logic
-                    #  is different from EABackedBlock.putmask.
+                    # TODO(2.0): once this deprecation is enforced, we can
+                    #  share fallback logic with EABackedBlock.putmask.
+                    # GH#45148
+                    warnings.warn(
+                        "The fallback behavior of .where and .mask with PeriodDtype is "
+                        "deprecated. In a future version, when an incompatible "
+                        "value is passed, the array will be upcast to a common dtype "
+                        "(matching the behavior of other datetimelike dtypes).",
+                        FutureWarning,
+                        stacklevel=find_stack_level(),
+                    )
                     raise
                 blk = self.coerce_to_target_dtype(other)
                 nbs = blk.where(other, cond)
diff --git a/pandas/tests/frame/indexing/test_where.py b/pandas/tests/frame/indexing/test_where.py
index 29605d0cfad3e..2f780c03bdfa7 100644
--- a/pandas/tests/frame/indexing/test_where.py
+++ b/pandas/tests/frame/indexing/test_where.py
@@ -893,11 +893,15 @@ def test_where_period_invalid_na(frame_or_series, as_cat, request):
     else:
         msg = "value should be a 'Period'"
 
+    warn = None if as_cat else FutureWarning
+    wmsg = "The fallback behavior of .where with PeriodDtype"
     with pytest.raises(TypeError, match=msg):
-        obj.where(mask, tdnat)
+        with tm.assert_produces_warning(warn, match=wmsg):
+            obj.where(mask, tdnat)
 
     with pytest.raises(TypeError, match=msg):
-        obj.mask(mask, tdnat)
+        with tm.assert_produces_warning(warn, match=wmsg):
+            obj.mask(mask, tdnat)
 
 
 def test_where_nullable_invalid_na(frame_or_series, any_numeric_ea_dtype):