diff --git a/pandas/core/array_algos/putmask.py b/pandas/core/array_algos/putmask.py
index b17e86e774f60..54324bf721945 100644
--- a/pandas/core/array_algos/putmask.py
+++ b/pandas/core/array_algos/putmask.py
@@ -126,8 +126,7 @@ def putmask_smart(values: np.ndarray, mask: npt.NDArray[np.bool_], new) -> np.nd
 
     if values.dtype.kind == new.dtype.kind:
         # preserves dtype if possible
-        np.putmask(values, mask, new)
-        return values
+        return _putmask_preserve(values, new, mask)
 
     dtype = find_common_type([values.dtype, new.dtype])
     # error: Argument 1 to "astype" of "_ArrayOrScalarCommon" has incompatible type
@@ -136,8 +135,51 @@ def putmask_smart(values: np.ndarray, mask: npt.NDArray[np.bool_], new) -> np.nd
     # List[Any], _DTypeDict, Tuple[Any, Any]]]"
     values = values.astype(dtype)  # type: ignore[arg-type]
 
-    np.putmask(values, mask, new)
-    return values
+    return _putmask_preserve(values, new, mask)
+
+
+def _putmask_preserve(new_values: np.ndarray, new, mask: npt.NDArray[np.bool_]):
+    try:
+        new_values[mask] = new[mask]
+    except (IndexError, ValueError):
+        new_values[mask] = new
+    return new_values
+
+
+def putmask_without_repeat(
+    values: np.ndarray, mask: npt.NDArray[np.bool_], new: Any
+) -> None:
+    """
+    np.putmask will truncate or repeat if `new` is a listlike with
+    len(new) != len(values).  We require an exact match.
+
+    Parameters
+    ----------
+    values : np.ndarray
+    mask : np.ndarray[bool]
+    new : Any
+    """
+    if getattr(new, "ndim", 0) >= 1:
+        new = new.astype(values.dtype, copy=False)
+
+    # TODO: this prob needs some better checking for 2D cases
+    nlocs = mask.sum()
+    if nlocs > 0 and is_list_like(new) and getattr(new, "ndim", 1) == 1:
+        if nlocs == len(new):
+            # GH#30567
+            # If length of ``new`` is less than the length of ``values``,
+            # `np.putmask` would first repeat the ``new`` array and then
+            # assign the masked values hence produces incorrect result.
+            # `np.place` on the other hand uses the ``new`` values at it is
+            # to place in the masked locations of ``values``
+            np.place(values, mask, new)
+            # i.e. values[mask] = new
+        elif mask.shape[-1] == len(new) or len(new) == 1:
+            np.putmask(values, mask, new)
+        else:
+            raise ValueError("cannot assign mismatch length to masked array")
+    else:
+        np.putmask(values, mask, new)
 
 
 def validate_putmask(
diff --git a/pandas/core/internals/blocks.py b/pandas/core/internals/blocks.py
index a452eabd4ea6f..2589015e0f0b1 100644
--- a/pandas/core/internals/blocks.py
+++ b/pandas/core/internals/blocks.py
@@ -51,7 +51,6 @@
     is_extension_array_dtype,
     is_interval_dtype,
     is_list_like,
-    is_object_dtype,
     is_string_dtype,
 )
 from pandas.core.dtypes.dtypes import (
@@ -77,6 +76,7 @@
     extract_bool_array,
     putmask_inplace,
     putmask_smart,
+    putmask_without_repeat,
     setitem_datetimelike_compat,
     validate_putmask,
 )
@@ -960,7 +960,10 @@ def putmask(self, mask, new) -> list[Block]:
             new = self.fill_value
 
         if self._can_hold_element(new):
-            np.putmask(self.values.T, mask, new)
+
+            # error: Argument 1 to "putmask_without_repeat" has incompatible type
+            # "Union[ndarray, ExtensionArray]"; expected "ndarray"
+            putmask_without_repeat(self.values.T, mask, new)  # type: ignore[arg-type]
             return [self]
 
         elif noop:
@@ -1412,16 +1415,15 @@ def putmask(self, mask, new) -> list[Block]:
 
         new_values = self.values
 
+        if isinstance(new, (np.ndarray, ExtensionArray)) and len(new) == len(mask):
+            new = new[mask]
+
         if mask.ndim == new_values.ndim + 1:
             # TODO(EA2D): unnecessary with 2D EAs
             mask = mask.reshape(new_values.shape)
 
         try:
-            if isinstance(new, (np.ndarray, ExtensionArray)):
-                # Caller is responsible for ensuring matching lengths
-                new_values[mask] = new[mask]
-            else:
-                new_values[mask] = new
+            new_values[mask] = new
         except TypeError:
             if not is_interval_dtype(self.dtype):
                 # Discussion about what we want to support in the general
@@ -1479,14 +1481,7 @@ def setitem(self, indexer, value):
             # we are always 1-D
             indexer = indexer[0]
 
-        try:
-            check_setitem_lengths(indexer, value, self.values)
-        except ValueError:
-            # If we are object dtype (e.g. PandasDtype[object]) then
-            #  we can hold nested data, so can ignore this mismatch.
-            if not is_object_dtype(self.dtype):
-                raise
-
+        check_setitem_lengths(indexer, value, self.values)
         self.values[indexer] = value
         return self
 
diff --git a/pandas/core/series.py b/pandas/core/series.py
index 579c16613ec2e..7ee9a0bcdd9e1 100644
--- a/pandas/core/series.py
+++ b/pandas/core/series.py
@@ -1101,6 +1101,7 @@ def __setitem__(self, key, value) -> None:
                     is_list_like(value)
                     and len(value) != len(self)
                     and not isinstance(value, Series)
+                    and not is_object_dtype(self.dtype)
                 ):
                     # Series will be reindexed to have matching length inside
                     #  _where call below
diff --git a/pandas/tests/extension/test_numpy.py b/pandas/tests/extension/test_numpy.py
index df424e649fbe9..e60f7769270bd 100644
--- a/pandas/tests/extension/test_numpy.py
+++ b/pandas/tests/extension/test_numpy.py
@@ -363,11 +363,6 @@ def test_concat(self, data, in_frame):
 
 
 class TestSetitem(BaseNumPyTests, base.BaseSetitemTests):
-    @skip_nested
-    def test_setitem_sequence_mismatched_length_raises(self, data, as_array):
-        # doesn't raise bc object dtype holds nested data
-        super().test_setitem_sequence_mismatched_length_raises(data, as_array)
-
     @skip_nested
     def test_setitem_invalid(self, data, invalid_scalar):
         # object dtype can hold anything, so doesn't raise