diff --git a/doc/source/whatsnew/v2.1.0.rst b/doc/source/whatsnew/v2.1.0.rst
index 69a955dc3cd9f..a61400e20eaa4 100644
--- a/doc/source/whatsnew/v2.1.0.rst
+++ b/doc/source/whatsnew/v2.1.0.rst
@@ -110,6 +110,7 @@ Deprecations
 - Deprecated :meth:`DataFrame._data` and :meth:`Series._data`, use public APIs instead (:issue:`33333`)
 - Deprecated :meth:`.Groupby.all` and :meth:`.GroupBy.any` with datetime64 or :class:`PeriodDtype` values, matching the :class:`Series` and :class:`DataFrame` deprecations (:issue:`34479`)
 - Deprecating pinning ``group.name`` to each group in :meth:`SeriesGroupBy.aggregate` aggregations; if your operation requires utilizing the groupby keys, iterate over the groupby object instead (:issue:`41090`)
+- Deprecated the behavior of :func:`concat` with both ``len(keys) != len(objs)``, in a future version this will raise instead of truncating to the shorter of the two sequences (:issue:`43485`)
 - Deprecated the default of ``observed=False`` in :meth:`DataFrame.groupby` and :meth:`Series.groupby`; this will default to ``True`` in a future version (:issue:`43999`)
 - Deprecated explicit support for subclassing :class:`Index` (:issue:`45289`)
 - Deprecated :meth:`DataFrameGroupBy.dtypes`, check ``dtypes`` on the underlying object instead (:issue:`51045`)
@@ -129,6 +130,7 @@ Deprecations
 - Deprecated parameter ``convert_type`` in :meth:`Series.apply` (:issue:`52140`)
 -
 
+
 .. ---------------------------------------------------------------------------
 .. _whatsnew_210.performance:
 
diff --git a/pandas/core/reshape/concat.py b/pandas/core/reshape/concat.py
index 0e920876e09f2..3b6e4e0472e89 100644
--- a/pandas/core/reshape/concat.py
+++ b/pandas/core/reshape/concat.py
@@ -14,13 +14,16 @@
     cast,
     overload,
 )
+import warnings
 
 import numpy as np
 
 from pandas._config import using_copy_on_write
 
 from pandas.util._decorators import cache_readonly
+from pandas.util._exceptions import find_stack_level
 
+from pandas.core.dtypes.common import is_iterator
 from pandas.core.dtypes.concat import concat_compat
 from pandas.core.dtypes.generic import (
     ABCDataFrame,
@@ -437,6 +440,19 @@ def __init__(
             # #1649
             clean_keys = []
             clean_objs = []
+            if is_iterator(keys):
+                keys = list(keys)
+            if is_iterator(objs):
+                objs = list(objs)
+            if len(keys) != len(objs):
+                # GH#43485
+                warnings.warn(
+                    "The behavior of pd.concat with len(keys) != len(objs) is "
+                    "deprecated. In a future version this will raise instead of "
+                    "truncating to the smaller of the two sequences",
+                    FutureWarning,
+                    stacklevel=find_stack_level(),
+                )
             for k, v in zip(keys, objs):
                 if v is None:
                     continue
diff --git a/pandas/tests/reshape/concat/test_concat.py b/pandas/tests/reshape/concat/test_concat.py
index 32d789c118321..244fe6a7927fe 100644
--- a/pandas/tests/reshape/concat/test_concat.py
+++ b/pandas/tests/reshape/concat/test_concat.py
@@ -785,3 +785,20 @@ def test_concat_ignore_empty_from_reindex():
     result = concat([df1, df2.reindex(columns=df1.columns)], ignore_index=True)
     expected = df1 = DataFrame({"a": [1, 2], "b": [pd.Timestamp("2012-01-01"), pd.NaT]})
     tm.assert_frame_equal(result, expected)
+
+
+def test_concat_mismatched_keys_length():
+    # GH#43485
+    ser = Series(range(5))
+    sers = [ser + n for n in range(4)]
+    keys = ["A", "B", "C"]
+
+    msg = r"The behavior of pd.concat with len\(keys\) != len\(objs\) is deprecated"
+    with tm.assert_produces_warning(FutureWarning, match=msg):
+        concat(sers, keys=keys, axis=1)
+    with tm.assert_produces_warning(FutureWarning, match=msg):
+        concat(sers, keys=keys, axis=0)
+    with tm.assert_produces_warning(FutureWarning, match=msg):
+        concat((x for x in sers), keys=(y for y in keys), axis=1)
+    with tm.assert_produces_warning(FutureWarning, match=msg):
+        concat((x for x in sers), keys=(y for y in keys), axis=0)