diff --git a/doc/source/whatsnew/v2.1.0.rst b/doc/source/whatsnew/v2.1.0.rst
index bc187361493c0..e9492b45c3be0 100644
--- a/doc/source/whatsnew/v2.1.0.rst
+++ b/doc/source/whatsnew/v2.1.0.rst
@@ -348,6 +348,7 @@ Deprecations
 - Deprecated unused "closed" and "normalize" keywords in the :class:`DatetimeIndex` constructor (:issue:`52628`)
 - Deprecated unused "closed" keyword in the :class:`TimedeltaIndex` constructor (:issue:`52628`)
 - Deprecated logical operation between two non boolean :class:`Series` with different indexes always coercing the result to bool dtype. In a future version, this will maintain the return type of the inputs. (:issue:`52500`, :issue:`52538`)
+- Deprecated :class:`Period` and :class:`PeriodDtype` with ``BDay`` freq, use a :class:`DatetimeIndex` with ``BDay`` freq instead (:issue:`53446`)
 - Deprecated :func:`value_counts`, use ``pd.Series(obj).value_counts()`` instead (:issue:`47862`)
 - Deprecated :meth:`Series.first` and :meth:`DataFrame.first` (please create a mask and filter using ``.loc`` instead) (:issue:`45908`)
 - Deprecated :meth:`Series.interpolate` and :meth:`DataFrame.interpolate` for object-dtype (:issue:`53631`)
diff --git a/pandas/_libs/tslibs/period.pyx b/pandas/_libs/tslibs/period.pyx
index d4997b5f00975..c37e9cd7ef1f3 100644
--- a/pandas/_libs/tslibs/period.pyx
+++ b/pandas/_libs/tslibs/period.pyx
@@ -107,7 +107,10 @@ from pandas._libs.tslibs.offsets cimport (
     to_offset,
 )
 
-from pandas._libs.tslibs.offsets import INVALID_FREQ_ERR_MSG
+from pandas._libs.tslibs.offsets import (
+    INVALID_FREQ_ERR_MSG,
+    BDay,
+)
 
 cdef:
     enum:
@@ -2812,6 +2815,18 @@ class Period(_Period):
                                      dt.hour, dt.minute, dt.second,
                                      dt.microsecond, 1000*nanosecond, base)
 
+        if isinstance(freq, BDay):
+            # GH#53446
+            import warnings
+
+            from pandas.util._exceptions import find_stack_level
+            warnings.warn(
+                "Period with BDay freq is deprecated and will be removed "
+                "in a future version. Use a DatetimeIndex with BDay freq instead.",
+                FutureWarning,
+                stacklevel=find_stack_level(),
+            )
+
         return cls._from_ordinal(ordinal, freq)
 
 
diff --git a/pandas/_testing/__init__.py b/pandas/_testing/__init__.py
index 886c0f389ebeb..564d727b4be5a 100644
--- a/pandas/_testing/__init__.py
+++ b/pandas/_testing/__init__.py
@@ -441,7 +441,8 @@ def makeTimedeltaIndex(
 
 def makePeriodIndex(k: int = 10, name=None, **kwargs) -> PeriodIndex:
     dt = datetime(2000, 1, 1)
-    return pd.period_range(start=dt, periods=k, freq="B", name=name, **kwargs)
+    pi = pd.period_range(start=dt, periods=k, freq="D", name=name, **kwargs)
+    return pi
 
 
 def makeMultiIndex(k: int = 10, names=None, **kwargs):
diff --git a/pandas/core/dtypes/dtypes.py b/pandas/core/dtypes/dtypes.py
index 5d3d5a1a6b344..88d73589e0339 100644
--- a/pandas/core/dtypes/dtypes.py
+++ b/pandas/core/dtypes/dtypes.py
@@ -42,6 +42,7 @@
     PeriodDtypeBase,
     abbrev_to_npy_unit,
 )
+from pandas._libs.tslibs.offsets import BDay
 from pandas.compat import pa_version_under7p0
 from pandas.errors import PerformanceWarning
 from pandas.util._exceptions import find_stack_level
@@ -966,6 +967,15 @@ def __new__(cls, freq):
         if not isinstance(freq, BaseOffset):
             freq = cls._parse_dtype_strict(freq)
 
+        if isinstance(freq, BDay):
+            # GH#53446
+            warnings.warn(
+                "PeriodDtype[B] is deprecated and will be removed in a future "
+                "version. Use a DatetimeIndex with freq='B' instead",
+                FutureWarning,
+                stacklevel=find_stack_level(),
+            )
+
         try:
             dtype_code = cls._cache_dtypes[freq]
         except KeyError:
diff --git a/pandas/plotting/_matplotlib/timeseries.py b/pandas/plotting/_matplotlib/timeseries.py
index 15af2dc6aa7bd..90e6f29dd98ab 100644
--- a/pandas/plotting/_matplotlib/timeseries.py
+++ b/pandas/plotting/_matplotlib/timeseries.py
@@ -276,10 +276,22 @@ def maybe_convert_index(ax: Axes, data):
 
         freq_str = _get_period_alias(freq)
 
-        if isinstance(data.index, ABCDatetimeIndex):
-            data = data.tz_localize(None).to_period(freq=freq_str)
-        elif isinstance(data.index, ABCPeriodIndex):
-            data.index = data.index.asfreq(freq=freq_str)
+        import warnings
+
+        with warnings.catch_warnings():
+            # suppress Period[B] deprecation warning
+            # TODO: need to find an alternative to this before the deprecation
+            #  is enforced!
+            warnings.filterwarnings(
+                "ignore",
+                r"PeriodDtype\[B\] is deprecated",
+                category=FutureWarning,
+            )
+
+            if isinstance(data.index, ABCDatetimeIndex):
+                data = data.tz_localize(None).to_period(freq=freq_str)
+            elif isinstance(data.index, ABCPeriodIndex):
+                data.index = data.index.asfreq(freq=freq_str)
     return data
 
 
diff --git a/pandas/tests/arrays/test_datetimelike.py b/pandas/tests/arrays/test_datetimelike.py
index 7df17c42134e9..8f87749a4ed6e 100644
--- a/pandas/tests/arrays/test_datetimelike.py
+++ b/pandas/tests/arrays/test_datetimelike.py
@@ -2,6 +2,7 @@
 
 import array
 import re
+import warnings
 
 import numpy as np
 import pytest
@@ -48,7 +49,10 @@ def period_index(freqstr):
     the PeriodIndex behavior.
     """
     # TODO: non-monotone indexes; NaTs, different start dates
-    pi = pd.period_range(start=Timestamp("2000-01-01"), periods=100, freq=freqstr)
+    with warnings.catch_warnings():
+        # suppress deprecation of Period[B]
+        warnings.simplefilter("ignore")
+        pi = pd.period_range(start=Timestamp("2000-01-01"), periods=100, freq=freqstr)
     return pi
 
 
@@ -192,6 +196,9 @@ def test_take_fill(self, arr1d):
         result = arr.take([-1, 1], allow_fill=True, fill_value=NaT)
         assert result[0] is NaT
 
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     def test_take_fill_str(self, arr1d):
         # Cast str fill_value matching other fill_value-taking methods
         result = arr1d.take([-1, 1], allow_fill=True, fill_value=str(arr1d[-1]))
@@ -745,6 +752,7 @@ def test_astype_object(self, arr1d):
         assert asobj.dtype == "O"
         assert list(asobj) == list(dti)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_to_period(self, datetime_index, freqstr):
         dti = datetime_index
         arr = DatetimeArray(dti)
@@ -999,6 +1007,8 @@ def test_take_fill_valid(self, timedelta_index, fixed_now_ts):
             arr.take([-1, 1], allow_fill=True, fill_value=value)
 
 
+@pytest.mark.filterwarnings(r"ignore:Period with BDay freq is deprecated:FutureWarning")
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 class TestPeriodArray(SharedTests):
     index_cls = PeriodIndex
     array_cls = PeriodArray
diff --git a/pandas/tests/base/test_unique.py b/pandas/tests/base/test_unique.py
index ab49dd3052d31..4c845d8f24d01 100644
--- a/pandas/tests/base/test_unique.py
+++ b/pandas/tests/base/test_unique.py
@@ -6,6 +6,7 @@
 from pandas.tests.base.common import allow_na_ops
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_unique(index_or_series_obj):
     obj = index_or_series_obj
     obj = np.repeat(obj, range(1, len(obj) + 1))
@@ -27,6 +28,7 @@ def test_unique(index_or_series_obj):
         tm.assert_numpy_array_equal(result, expected)
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 @pytest.mark.parametrize("null_obj", [np.nan, None])
 def test_unique_null(null_obj, index_or_series_obj):
     obj = index_or_series_obj
diff --git a/pandas/tests/base/test_value_counts.py b/pandas/tests/base/test_value_counts.py
index 89f3c005c52f0..3cdfb7fe41e92 100644
--- a/pandas/tests/base/test_value_counts.py
+++ b/pandas/tests/base/test_value_counts.py
@@ -19,6 +19,7 @@
 from pandas.tests.base.common import allow_na_ops
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_value_counts(index_or_series_obj):
     obj = index_or_series_obj
     obj = np.repeat(obj, range(1, len(obj) + 1))
@@ -54,6 +55,7 @@ def test_value_counts(index_or_series_obj):
 
 
 @pytest.mark.parametrize("null_obj", [np.nan, None])
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_value_counts_null(null_obj, index_or_series_obj):
     orig = index_or_series_obj
     obj = orig.copy()
diff --git a/pandas/tests/dtypes/test_dtypes.py b/pandas/tests/dtypes/test_dtypes.py
index cdb33db540743..f57093c29b733 100644
--- a/pandas/tests/dtypes/test_dtypes.py
+++ b/pandas/tests/dtypes/test_dtypes.py
@@ -445,10 +445,13 @@ def test_construction(self):
     def test_cannot_use_custom_businessday(self):
         # GH#52534
         msg = "CustomBusinessDay cannot be used with Period or PeriodDtype"
+        msg2 = r"PeriodDtype\[B\] is deprecated"
         with pytest.raises(TypeError, match=msg):
-            PeriodDtype("C")
+            with tm.assert_produces_warning(FutureWarning, match=msg2):
+                PeriodDtype("C")
         with pytest.raises(TypeError, match=msg):
-            PeriodDtype(pd.offsets.CustomBusinessDay())
+            with tm.assert_produces_warning(FutureWarning, match=msg2):
+                PeriodDtype(pd.offsets.CustomBusinessDay())
 
     def test_subclass(self):
         a = PeriodDtype("period[D]")
diff --git a/pandas/tests/frame/methods/test_shift.py b/pandas/tests/frame/methods/test_shift.py
index 2c36535d82ba5..c024cb0387ff2 100644
--- a/pandas/tests/frame/methods/test_shift.py
+++ b/pandas/tests/frame/methods/test_shift.py
@@ -249,20 +249,20 @@ def test_shift_with_periodindex(self, frame_or_series):
         else:
             tm.assert_numpy_array_equal(unshifted.dropna().values, ps.values[:-1])
 
-        shifted2 = ps.shift(1, "B")
-        shifted3 = ps.shift(1, offsets.BDay())
+        shifted2 = ps.shift(1, "D")
+        shifted3 = ps.shift(1, offsets.Day())
         tm.assert_equal(shifted2, shifted3)
-        tm.assert_equal(ps, shifted2.shift(-1, "B"))
+        tm.assert_equal(ps, shifted2.shift(-1, "D"))
 
         msg = "does not match PeriodIndex freq"
         with pytest.raises(ValueError, match=msg):
-            ps.shift(freq="D")
+            ps.shift(freq="W")
 
         # legacy support
-        shifted4 = ps.shift(1, freq="B")
+        shifted4 = ps.shift(1, freq="D")
         tm.assert_equal(shifted2, shifted4)
 
-        shifted5 = ps.shift(1, freq=offsets.BDay())
+        shifted5 = ps.shift(1, freq=offsets.Day())
         tm.assert_equal(shifted5, shifted4)
 
     def test_shift_other_axis(self):
@@ -492,10 +492,10 @@ def test_period_index_frame_shift_with_freq(self, frame_or_series):
         unshifted = shifted.shift(-1, freq="infer")
         tm.assert_equal(unshifted, ps)
 
-        shifted2 = ps.shift(freq="B")
+        shifted2 = ps.shift(freq="D")
         tm.assert_equal(shifted, shifted2)
 
-        shifted3 = ps.shift(freq=offsets.BDay())
+        shifted3 = ps.shift(freq=offsets.Day())
         tm.assert_equal(shifted, shifted3)
 
     def test_datetime_frame_shift_with_freq(self, datetime_frame, frame_or_series):
@@ -524,7 +524,7 @@ def test_datetime_frame_shift_with_freq(self, datetime_frame, frame_or_series):
     def test_period_index_frame_shift_with_freq_error(self, frame_or_series):
         ps = tm.makePeriodFrame()
         ps = tm.get_obj(ps, frame_or_series)
-        msg = "Given freq M does not match PeriodIndex freq B"
+        msg = "Given freq M does not match PeriodIndex freq D"
         with pytest.raises(ValueError, match=msg):
             ps.shift(freq="M")
 
diff --git a/pandas/tests/frame/methods/test_to_csv.py b/pandas/tests/frame/methods/test_to_csv.py
index ee9c4f05991a0..f7d132a1c0bf0 100644
--- a/pandas/tests/frame/methods/test_to_csv.py
+++ b/pandas/tests/frame/methods/test_to_csv.py
@@ -341,6 +341,7 @@ def test_to_csv_nrows(self, nrows):
         "r_idx_type, c_idx_type", [("i", "i"), ("s", "s"), ("s", "dt"), ("p", "p")]
     )
     @pytest.mark.parametrize("ncols", [1, 2, 3, 4])
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_to_csv_idx_types(self, nrows, r_idx_type, c_idx_type, ncols):
         df = tm.makeCustomDataframe(
             nrows, ncols, r_idx_type=r_idx_type, c_idx_type=c_idx_type
diff --git a/pandas/tests/frame/test_reductions.py b/pandas/tests/frame/test_reductions.py
index d1e48192edf0a..6a4d4ff2a5092 100644
--- a/pandas/tests/frame/test_reductions.py
+++ b/pandas/tests/frame/test_reductions.py
@@ -974,6 +974,7 @@ def test_idxmin(self, float_frame, int_frame, skipna, axis):
             tm.assert_series_equal(result, expected)
 
     @pytest.mark.parametrize("axis", [0, 1])
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_idxmin_empty(self, index, skipna, axis):
         # GH53265
         if axis == 0:
@@ -1014,6 +1015,7 @@ def test_idxmax(self, float_frame, int_frame, skipna, axis):
             tm.assert_series_equal(result, expected)
 
     @pytest.mark.parametrize("axis", [0, 1])
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_idxmax_empty(self, index, skipna, axis):
         # GH53265
         if axis == 0:
diff --git a/pandas/tests/groupby/test_grouping.py b/pandas/tests/groupby/test_grouping.py
index 1e9c4b446c4d0..63c0fec7b90b6 100644
--- a/pandas/tests/groupby/test_grouping.py
+++ b/pandas/tests/groupby/test_grouping.py
@@ -161,6 +161,7 @@ class TestGrouping:
             tm.makePeriodIndex,
         ],
     )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_grouper_index_types(self, index):
         # related GH5375
         # groupby misbehaving when using a Floatlike index
diff --git a/pandas/tests/indexes/datetimes/methods/test_to_period.py b/pandas/tests/indexes/datetimes/methods/test_to_period.py
index 6c41b76aa113c..fe0b9464c7f45 100644
--- a/pandas/tests/indexes/datetimes/methods/test_to_period.py
+++ b/pandas/tests/indexes/datetimes/methods/test_to_period.py
@@ -107,6 +107,7 @@ def test_to_period_infer(self):
 
         tm.assert_index_equal(pi1, pi2)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_period_dt64_round_trip(self):
         dti = date_range("1/1/2000", "1/7/2002", freq="B")
         pi = dti.to_period()
diff --git a/pandas/tests/indexes/multi/test_setops.py b/pandas/tests/indexes/multi/test_setops.py
index fd0928b82ecbf..29f9295513c31 100644
--- a/pandas/tests/indexes/multi/test_setops.py
+++ b/pandas/tests/indexes/multi/test_setops.py
@@ -622,6 +622,7 @@ def test_union_with_duplicates_keep_ea_dtype(dupe_val, any_numeric_ea_dtype):
     tm.assert_index_equal(result, expected)
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_union_duplicates(index, request):
     # GH#38977
     if index.empty or isinstance(index, (IntervalIndex, CategoricalIndex)):
diff --git a/pandas/tests/indexes/period/methods/test_to_timestamp.py b/pandas/tests/indexes/period/methods/test_to_timestamp.py
index 164ed3ec43996..8bb0c3518c835 100644
--- a/pandas/tests/indexes/period/methods/test_to_timestamp.py
+++ b/pandas/tests/indexes/period/methods/test_to_timestamp.py
@@ -18,7 +18,7 @@
 class TestToTimestamp:
     def test_to_timestamp_non_contiguous(self):
         # GH#44100
-        dti = date_range("2021-10-18", periods=9, freq="B")
+        dti = date_range("2021-10-18", periods=9, freq="D")
         pi = dti.to_period()
 
         result = pi[::2].to_timestamp()
diff --git a/pandas/tests/indexes/period/test_constructors.py b/pandas/tests/indexes/period/test_constructors.py
index e3e0212607f91..7d4d681659ab6 100644
--- a/pandas/tests/indexes/period/test_constructors.py
+++ b/pandas/tests/indexes/period/test_constructors.py
@@ -61,10 +61,15 @@ def test_index_object_dtype(self, values_constructor):
 
     def test_constructor_use_start_freq(self):
         # GH #1118
-        p = Period("4/2/2012", freq="B")
-        expected = period_range(start="4/2/2012", periods=10, freq="B")
-
-        index = period_range(start=p, periods=10)
+        msg1 = "Period with BDay freq is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg1):
+            p = Period("4/2/2012", freq="B")
+        msg2 = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg2):
+            expected = period_range(start="4/2/2012", periods=10, freq="B")
+
+        with tm.assert_produces_warning(FutureWarning, match=msg2):
+            index = period_range(start=p, periods=10)
         tm.assert_index_equal(index, expected)
 
     def test_constructor_field_arrays(self):
@@ -440,7 +445,9 @@ def test_constructor(self):
         pi = period_range(freq="D", start="1/1/2001", end="12/31/2009")
         assert len(pi) == 365 * 9 + 2
 
-        pi = period_range(freq="B", start="1/1/2001", end="12/31/2009")
+        msg = "Period with BDay freq is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            pi = period_range(freq="B", start="1/1/2001", end="12/31/2009")
         assert len(pi) == 261 * 9
 
         pi = period_range(freq="H", start="1/1/2001", end="12/31/2001 23:00")
@@ -452,8 +459,9 @@ def test_constructor(self):
         pi = period_range(freq="S", start="1/1/2001", end="1/1/2001 23:59:59")
         assert len(pi) == 24 * 60 * 60
 
-        start = Period("02-Apr-2005", "B")
-        i1 = period_range(start=start, periods=20)
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            start = Period("02-Apr-2005", "B")
+            i1 = period_range(start=start, periods=20)
         assert len(i1) == 20
         assert i1.freq == start.freq
         assert i1[0] == start
@@ -470,15 +478,17 @@ def test_constructor(self):
         assert (i1 == i2).all()
         assert i1.freq == i2.freq
 
-        end_intv = Period("2005-05-01", "B")
-        i1 = period_range(start=start, end=end_intv)
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            end_intv = Period("2005-05-01", "B")
+            i1 = period_range(start=start, end=end_intv)
 
-        # infer freq from first element
-        i2 = PeriodIndex([end_intv, Period("2005-05-05", "B")])
+            # infer freq from first element
+            i2 = PeriodIndex([end_intv, Period("2005-05-05", "B")])
         assert len(i2) == 2
         assert i2[0] == end_intv
 
-        i2 = PeriodIndex(np.array([end_intv, Period("2005-05-05", "B")]))
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            i2 = PeriodIndex(np.array([end_intv, Period("2005-05-05", "B")]))
         assert len(i2) == 2
         assert i2[0] == end_intv
 
@@ -498,6 +508,10 @@ def test_constructor(self):
     @pytest.mark.parametrize(
         "freq", ["M", "Q", "A", "D", "B", "T", "S", "L", "U", "N", "H"]
     )
+    @pytest.mark.filterwarnings(
+        r"ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_recreate_from_data(self, freq):
         org = period_range(start="2001/04/01", freq=freq, periods=1)
         idx = PeriodIndex(org.values, freq=freq)
diff --git a/pandas/tests/indexes/period/test_period.py b/pandas/tests/indexes/period/test_period.py
index 412d66de11ba3..6d8ae1793d5ec 100644
--- a/pandas/tests/indexes/period/test_period.py
+++ b/pandas/tests/indexes/period/test_period.py
@@ -76,8 +76,10 @@ def test_period_index_length(self):
         pi = period_range(freq="M", start="1/1/2001", end="12/1/2009")
         assert len(pi) == 12 * 9
 
-        start = Period("02-Apr-2005", "B")
-        i1 = period_range(start=start, periods=20)
+        msg = "Period with BDay freq is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            start = Period("02-Apr-2005", "B")
+            i1 = period_range(start=start, periods=20)
         assert len(i1) == 20
         assert i1.freq == start.freq
         assert i1[0] == start
@@ -95,11 +97,15 @@ def test_period_index_length(self):
         assert i1.freq == i2.freq
 
         msg = "start and end must have same freq"
+        msg2 = "Period with BDay freq is deprecated"
         with pytest.raises(ValueError, match=msg):
-            period_range(start=start, end=end_intv)
+            with tm.assert_produces_warning(FutureWarning, match=msg2):
+                period_range(start=start, end=end_intv)
 
-        end_intv = Period("2005-05-01", "B")
-        i1 = period_range(start=start, end=end_intv)
+        with tm.assert_produces_warning(FutureWarning, match=msg2):
+            end_intv = Period("2005-05-01", "B")
+        with tm.assert_produces_warning(FutureWarning, match=msg2):
+            i1 = period_range(start=start, end=end_intv)
 
         msg = (
             "Of the three parameters: start, end, and periods, exactly two "
@@ -109,11 +115,13 @@ def test_period_index_length(self):
             period_range(start=start)
 
         # infer freq from first element
-        i2 = PeriodIndex([end_intv, Period("2005-05-05", "B")])
+        with tm.assert_produces_warning(FutureWarning, match=msg2):
+            i2 = PeriodIndex([end_intv, Period("2005-05-05", "B")])
         assert len(i2) == 2
         assert i2[0] == end_intv
 
-        i2 = PeriodIndex(np.array([end_intv, Period("2005-05-05", "B")]))
+        with tm.assert_produces_warning(FutureWarning, match=msg2):
+            i2 = PeriodIndex(np.array([end_intv, Period("2005-05-05", "B")]))
         assert len(i2) == 2
         assert i2[0] == end_intv
 
@@ -153,7 +161,6 @@ def test_period_index_length(self):
             period_range(freq="Q", start="1/1/2001", end="12/1/2002"),
             period_range(freq="M", start="1/1/2001", end="1/1/2002"),
             period_range(freq="D", start="12/1/2001", end="6/1/2001"),
-            period_range(freq="B", start="12/1/2001", end="6/1/2001"),
             period_range(freq="H", start="12/31/2001", end="1/1/2002 23:00"),
             period_range(freq="Min", start="12/31/2001", end="1/1/2002 00:20"),
             period_range(
@@ -237,6 +244,8 @@ def test_pindex_multiples(self):
         assert pi.freq == offsets.MonthEnd(2)
         assert pi.freqstr == "2M"
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
+    @pytest.mark.filterwarnings("ignore:Period with BDay freq:FutureWarning")
     def test_iteration(self):
         index = period_range(start="1/1/10", periods=4, freq="B")
 
diff --git a/pandas/tests/indexes/period/test_scalar_compat.py b/pandas/tests/indexes/period/test_scalar_compat.py
index a42b8496b0bcf..c96444981ff14 100644
--- a/pandas/tests/indexes/period/test_scalar_compat.py
+++ b/pandas/tests/indexes/period/test_scalar_compat.py
@@ -1,5 +1,7 @@
 """Tests for PeriodIndex behaving like a vectorized Period scalar"""
 
+import pytest
+
 from pandas import (
     Timedelta,
     date_range,
@@ -22,6 +24,10 @@ def test_end_time(self):
         expected_index += Timedelta(1, "D") - Timedelta(1, "ns")
         tm.assert_index_equal(index.end_time, expected_index)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     def test_end_time_business_friday(self):
         # GH#34449
         pi = period_range("1990-01-05", freq="B", periods=1)
diff --git a/pandas/tests/indexes/period/test_setops.py b/pandas/tests/indexes/period/test_setops.py
index 22182416c79fd..68858b4466b56 100644
--- a/pandas/tests/indexes/period/test_setops.py
+++ b/pandas/tests/indexes/period/test_setops.py
@@ -1,4 +1,5 @@
 import numpy as np
+import pytest
 
 import pandas as pd
 from pandas import (
@@ -336,6 +337,7 @@ def test_intersection_equal_duplicates(self):
         result = idx_dup.intersection(idx_dup)
         tm.assert_index_equal(result, idx)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_union_duplicates(self):
         # GH#36289
         idx = period_range("2011-01-01", periods=2)
diff --git a/pandas/tests/indexes/period/test_tools.py b/pandas/tests/indexes/period/test_tools.py
index 41b76d6aced23..13509bd58b4b8 100644
--- a/pandas/tests/indexes/period/test_tools.py
+++ b/pandas/tests/indexes/period/test_tools.py
@@ -30,6 +30,10 @@ class TestPeriodRepresentation:
             ("A", 1970),
         ],
     )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     def test_freq(self, freq, base_date):
         rng = period_range(start=base_date, periods=10, freq=freq)
         exp = np.arange(10, dtype=np.int64)
diff --git a/pandas/tests/indexes/test_any_index.py b/pandas/tests/indexes/test_any_index.py
index 3b3d6dbaf697f..8a951c3c38be6 100644
--- a/pandas/tests/indexes/test_any_index.py
+++ b/pandas/tests/indexes/test_any_index.py
@@ -40,6 +40,7 @@ def test_mutability(index):
         index[0] = index[0]
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_map_identity_mapping(index, request):
     # GH#12766
 
diff --git a/pandas/tests/indexes/test_base.py b/pandas/tests/indexes/test_base.py
index 3d3c27bc8f6c7..00d82fe353497 100644
--- a/pandas/tests/indexes/test_base.py
+++ b/pandas/tests/indexes/test_base.py
@@ -297,9 +297,9 @@ def test_constructor_empty(self, value, klass):
     @pytest.mark.parametrize(
         "empty,klass",
         [
-            (PeriodIndex([], freq="B"), PeriodIndex),
-            (PeriodIndex(iter([]), freq="B"), PeriodIndex),
-            (PeriodIndex((_ for _ in []), freq="B"), PeriodIndex),
+            (PeriodIndex([], freq="D"), PeriodIndex),
+            (PeriodIndex(iter([]), freq="D"), PeriodIndex),
+            (PeriodIndex((_ for _ in []), freq="D"), PeriodIndex),
             (RangeIndex(step=1), RangeIndex),
             (MultiIndex(levels=[[1, 2], ["blue", "red"]], codes=[[], []]), MultiIndex),
         ],
@@ -557,6 +557,7 @@ def test_map_dictlike_simple(self, mapper):
             lambda values, index: Series(values, index),
         ],
     )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_map_dictlike(self, index, mapper, request):
         # GH 12756
         if isinstance(index, CategoricalIndex):
@@ -780,6 +781,7 @@ def test_drop_tuple(self, values, to_drop):
             with pytest.raises(KeyError, match=msg):
                 removed.drop(drop_me)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_drop_with_duplicates_in_index(self, index):
         # GH38051
         if len(index) == 0 or isinstance(index, MultiIndex):
diff --git a/pandas/tests/indexes/test_common.py b/pandas/tests/indexes/test_common.py
index b73bd7c78f009..9bdc16ab2e0e2 100644
--- a/pandas/tests/indexes/test_common.py
+++ b/pandas/tests/indexes/test_common.py
@@ -243,6 +243,8 @@ def test_unique(self, index_flat):
             result = i.unique()
             tm.assert_index_equal(result, expected)
 
+    @pytest.mark.filterwarnings("ignore:Period with BDay freq:FutureWarning")
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_searchsorted_monotonic(self, index_flat, request):
         # GH17271
         index = index_flat
@@ -293,6 +295,7 @@ def test_searchsorted_monotonic(self, index_flat, request):
             with pytest.raises(ValueError, match=msg):
                 index._searchsorted_monotonic(value, side="left")
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_drop_duplicates(self, index_flat, keep):
         # MultiIndex is tested separately
         index = index_flat
@@ -328,6 +331,7 @@ def test_drop_duplicates(self, index_flat, keep):
         expected_dropped = holder(pd.Series(idx).drop_duplicates(keep=keep))
         tm.assert_index_equal(idx.drop_duplicates(keep=keep), expected_dropped)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_drop_duplicates_no_duplicates(self, index_flat):
         # MultiIndex is tested separately
         index = index_flat
@@ -355,6 +359,7 @@ def test_drop_duplicates_inplace(self, index):
         with pytest.raises(TypeError, match=msg):
             index.drop_duplicates(inplace=True)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_has_duplicates(self, index_flat):
         # MultiIndex tested separately in:
         #   tests/indexes/multi/test_unique_and_duplicates.
@@ -434,12 +439,14 @@ def test_hasnans_isnans(self, index_flat):
         assert idx.hasnans is True
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 @pytest.mark.parametrize("na_position", [None, "middle"])
 def test_sort_values_invalid_na_position(index_with_missing, na_position):
     with pytest.raises(ValueError, match=f"invalid na_position: {na_position}"):
         index_with_missing.sort_values(na_position=na_position)
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 @pytest.mark.parametrize("na_position", ["first", "last"])
 def test_sort_values_with_missing(index_with_missing, na_position, request):
     # GH 35584. Test that sort_values works with missing values,
diff --git a/pandas/tests/indexes/test_datetimelike.py b/pandas/tests/indexes/test_datetimelike.py
index b315b1ac141cd..71cc7f29c62bc 100644
--- a/pandas/tests/indexes/test_datetimelike.py
+++ b/pandas/tests/indexes/test_datetimelike.py
@@ -111,6 +111,7 @@ def test_map_callable(self, simple_index):
             lambda values, index: pd.Series(values, index, dtype=object),
         ],
     )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_map_dictlike(self, mapper, simple_index):
         index = simple_index
         expected = index + index.freq
diff --git a/pandas/tests/indexes/test_old_base.py b/pandas/tests/indexes/test_old_base.py
index 588aa458c8b04..3b627f2fae845 100644
--- a/pandas/tests/indexes/test_old_base.py
+++ b/pandas/tests/indexes/test_old_base.py
@@ -237,6 +237,7 @@ def test_repr_max_seq_item_setting(self, simple_index):
             repr(idx)
             assert "..." not in str(idx)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_ensure_copied_data(self, index):
         # Check the "copy" argument of each Index.__new__ is honoured
         # GH12309
@@ -454,6 +455,7 @@ def test_delete_base(self, index):
         with pytest.raises(IndexError, match=msg):
             index.delete(length)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_equals(self, index):
         if isinstance(index, IntervalIndex):
             # IntervalIndex tested separately, the index.equals(index.astype(object))
@@ -651,6 +653,7 @@ def test_map(self, simple_index):
             lambda values, index: Series(values, index),
         ],
     )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_map_dictlike(self, mapper, simple_index):
         idx = simple_index
         if isinstance(idx, CategoricalIndex):
diff --git a/pandas/tests/indexes/test_setops.py b/pandas/tests/indexes/test_setops.py
index 8b12d3ccb2c2f..31a867acdb5d1 100644
--- a/pandas/tests/indexes/test_setops.py
+++ b/pandas/tests/indexes/test_setops.py
@@ -13,10 +13,12 @@
 from pandas.core.dtypes.cast import find_common_type
 
 from pandas import (
+    CategoricalDtype,
     CategoricalIndex,
     DatetimeTZDtype,
     Index,
     MultiIndex,
+    PeriodDtype,
     RangeIndex,
     Series,
     Timestamp,
@@ -67,6 +69,7 @@ def test_union_different_types(index_flat, index_flat2, request):
     common_dtype = find_common_type([idx1.dtype, idx2.dtype])
 
     warn = None
+    msg = "'<' not supported between"
     if not len(idx1) or not len(idx2):
         pass
     elif (idx1.dtype.kind == "c" and (not lib.is_np_dtype(idx2.dtype, "iufc"))) or (
@@ -74,6 +77,19 @@ def test_union_different_types(index_flat, index_flat2, request):
     ):
         # complex objects non-sortable
         warn = RuntimeWarning
+    elif (
+        isinstance(idx1.dtype, PeriodDtype) and isinstance(idx2.dtype, CategoricalDtype)
+    ) or (
+        isinstance(idx2.dtype, PeriodDtype) and isinstance(idx1.dtype, CategoricalDtype)
+    ):
+        warn = FutureWarning
+        msg = r"PeriodDtype\[B\] is deprecated"
+        mark = pytest.mark.xfail(
+            reason="Warning not produced on all builds",
+            raises=AssertionError,
+            strict=False,
+        )
+        request.node.add_marker(mark)
 
     any_uint64 = np.uint64 in (idx1.dtype, idx2.dtype)
     idx1_signed = is_signed_integer_dtype(idx1.dtype)
@@ -84,7 +100,7 @@ def test_union_different_types(index_flat, index_flat2, request):
     idx1 = idx1.sort_values()
     idx2 = idx2.sort_values()
 
-    with tm.assert_produces_warning(warn, match="'<' not supported between"):
+    with tm.assert_produces_warning(warn, match=msg):
         res1 = idx1.union(idx2)
         res2 = idx2.union(idx1)
 
@@ -175,6 +191,7 @@ def test_set_ops_error_cases(self, case, method, index):
         with pytest.raises(TypeError, match=msg):
             getattr(index, method)(case)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_intersection_base(self, index):
         if isinstance(index, CategoricalIndex):
             return
@@ -203,6 +220,7 @@ def test_intersection_base(self, index):
     @pytest.mark.filterwarnings(
         "ignore:Falling back on a non-pyarrow:pandas.errors.PerformanceWarning"
     )
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_union_base(self, index):
         first = index[3:]
         second = index[:5]
@@ -227,6 +245,7 @@ def test_union_base(self, index):
             with pytest.raises(TypeError, match=msg):
                 first.union([1, 2, 3])
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     @pytest.mark.filterwarnings(
         "ignore:Falling back on a non-pyarrow:pandas.errors.PerformanceWarning"
     )
@@ -255,6 +274,7 @@ def test_difference_base(self, sort, index):
             with pytest.raises(TypeError, match=msg):
                 first.difference([1, 2, 3], sort)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     @pytest.mark.filterwarnings(
         "ignore:Falling back on a non-pyarrow:pandas.errors.PerformanceWarning"
     )
@@ -420,6 +440,7 @@ def test_intersect_unequal(self, index_flat, fname, sname, expected_name):
         expected = index[1:].set_names(expected_name).sort_values()
         tm.assert_index_equal(intersect, expected)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_intersection_name_retention_with_nameless(self, index):
         if isinstance(index, MultiIndex):
             index = index.rename(list(range(index.nlevels)))
@@ -473,6 +494,7 @@ def test_intersection_difference_match_empty(self, index, sort):
         tm.assert_index_equal(inter, diff, exact=True)
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 @pytest.mark.filterwarnings(
     "ignore:Falling back on a non-pyarrow:pandas.errors.PerformanceWarning"
 )
diff --git a/pandas/tests/indexing/multiindex/test_loc.py b/pandas/tests/indexing/multiindex/test_loc.py
index 3bf8c2eaa7e94..f74da0d48a3be 100644
--- a/pandas/tests/indexing/multiindex/test_loc.py
+++ b/pandas/tests/indexing/multiindex/test_loc.py
@@ -708,7 +708,7 @@ def test_3levels_leading_period_index():
     pi = pd.PeriodIndex(
         ["20181101 1100", "20181101 1200", "20181102 1300", "20181102 1400"],
         name="datetime",
-        freq="B",
+        freq="D",
     )
     lev2 = ["A", "A", "Z", "W"]
     lev3 = ["B", "C", "Q", "F"]
diff --git a/pandas/tests/indexing/test_loc.py b/pandas/tests/indexing/test_loc.py
index 4017a0e3a2f80..f6e7f7355bc73 100644
--- a/pandas/tests/indexing/test_loc.py
+++ b/pandas/tests/indexing/test_loc.py
@@ -1656,6 +1656,7 @@ def test_loc_iloc_getitem_ellipsis(self, obj, indexer):
         result = indexer(obj)[...]
         tm.assert_equal(result, obj)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_loc_iloc_getitem_leading_ellipses(self, series_with_simple_index, indexer):
         obj = series_with_simple_index
         key = 0 if (indexer is tm.iloc or len(obj) == 0) else obj.index[0]
@@ -2963,6 +2964,8 @@ def test_loc_set_int_dtype():
     tm.assert_frame_equal(df, expected)
 
 
+@pytest.mark.filterwarnings(r"ignore:Period with BDay freq is deprecated:FutureWarning")
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_loc_periodindex_3_levels():
     # GH#24091
     p_index = PeriodIndex(
@@ -3246,6 +3249,8 @@ def test_loc_set_multiple_items_in_multiple_new_columns(self):
 
     def test_getitem_loc_str_periodindex(self):
         # GH#33964
-        index = pd.period_range(start="2000", periods=20, freq="B")
-        series = Series(range(20), index=index)
-        assert series.loc["2000-01-14"] == 9
+        msg = "Period with BDay freq is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            index = pd.period_range(start="2000", periods=20, freq="B")
+            series = Series(range(20), index=index)
+            assert series.loc["2000-01-14"] == 9
diff --git a/pandas/tests/io/pytables/test_put.py b/pandas/tests/io/pytables/test_put.py
index 910f83e0b997c..1411c9d600897 100644
--- a/pandas/tests/io/pytables/test_put.py
+++ b/pandas/tests/io/pytables/test_put.py
@@ -217,6 +217,7 @@ def test_put_mixed_type(setup_path):
         ["fixed", tm.makePeriodIndex],
     ],
 )
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_store_index_types(setup_path, format, index):
     # GH5386
     # test storing various index types
diff --git a/pandas/tests/io/pytables/test_read.py b/pandas/tests/io/pytables/test_read.py
index 61dabf15653f0..5a270a7d88a1d 100644
--- a/pandas/tests/io/pytables/test_read.py
+++ b/pandas/tests/io/pytables/test_read.py
@@ -342,6 +342,8 @@ def test_read_hdf_series_mode_r(tmp_path, format, setup_path):
     tm.assert_series_equal(result, series)
 
 
+@pytest.mark.filterwarnings(r"ignore:Period with BDay freq is deprecated:FutureWarning")
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_read_py2_hdf_file_in_py3(datapath):
     # GH 16781
 
diff --git a/pandas/tests/io/pytables/test_store.py b/pandas/tests/io/pytables/test_store.py
index 17b7eef011a0a..00a9587241db0 100644
--- a/pandas/tests/io/pytables/test_store.py
+++ b/pandas/tests/io/pytables/test_store.py
@@ -911,6 +911,7 @@ def test_columns_multiindex_modified(tmp_path, setup_path):
     assert cols2load_original == cols2load
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_to_hdf_with_object_column_names(tmp_path, setup_path):
     # GH9057
 
diff --git a/pandas/tests/io/pytables/test_time_series.py b/pandas/tests/io/pytables/test_time_series.py
index 262f25e77b69c..8f6f8ee6c5682 100644
--- a/pandas/tests/io/pytables/test_time_series.py
+++ b/pandas/tests/io/pytables/test_time_series.py
@@ -21,6 +21,7 @@ def test_store_datetime_fractional_secs(setup_path):
         assert store["a"].index[0] == dt
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_tseries_indices_series(setup_path):
     with ensure_clean_store(setup_path) as store:
         idx = tm.makeDateIndex(10)
@@ -42,6 +43,7 @@ def test_tseries_indices_series(setup_path):
         tm.assert_class_equal(result.index, ser.index, obj="series index")
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 def test_tseries_indices_frame(setup_path):
     with ensure_clean_store(setup_path) as store:
         idx = tm.makeDateIndex(10)
diff --git a/pandas/tests/plotting/frame/test_frame.py b/pandas/tests/plotting/frame/test_frame.py
index f3b3fb43edf36..5cbe7b6e30c84 100644
--- a/pandas/tests/plotting/frame/test_frame.py
+++ b/pandas/tests/plotting/frame/test_frame.py
@@ -339,7 +339,9 @@ def test_xcompat_plot_params_x_compat(self):
         ax = df.plot()
         lines = ax.get_lines()
         assert not isinstance(lines[0].get_xdata(), PeriodIndex)
-        assert isinstance(PeriodIndex(lines[0].get_xdata()), PeriodIndex)
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            assert isinstance(PeriodIndex(lines[0].get_xdata()), PeriodIndex)
 
     def test_xcompat_plot_params_context_manager(self):
         df = tm.makeTimeDataFrame()
@@ -355,7 +357,9 @@ def test_xcompat_plot_period(self):
         ax = df.plot()
         lines = ax.get_lines()
         assert not isinstance(lines[0].get_xdata(), PeriodIndex)
-        assert isinstance(PeriodIndex(lines[0].get_xdata()), PeriodIndex)
+        msg = r"PeriodDtype\[B\] is deprecated "
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            assert isinstance(PeriodIndex(lines[0].get_xdata()), PeriodIndex)
         _check_ticks_props(ax, xrot=0)
 
     def test_period_compat(self):
diff --git a/pandas/tests/plotting/test_datetimelike.py b/pandas/tests/plotting/test_datetimelike.py
index af8bcd943765e..4b121841b4e4d 100644
--- a/pandas/tests/plotting/test_datetimelike.py
+++ b/pandas/tests/plotting/test_datetimelike.py
@@ -221,6 +221,7 @@ def test_line_plot_period_mlt_frame(self, frqncy):
         freq = df.index.asfreq(df.index.freq.rule_code).freq
         _check_plot_works(df.plot, freq)
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     @pytest.mark.parametrize(
         "freq", ["S", "T", "H", "D", "W", "M", "Q-DEC", "A", "1B30Min"]
     )
@@ -319,11 +320,16 @@ def test_irregular_datetime64_repr_bug(self):
 
     def test_business_freq(self):
         bts = tm.makePeriodSeries()
+        msg = r"PeriodDtype\[B\] is deprecated"
+        dt = bts.index[0].to_timestamp()
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            bts.index = period_range(start=dt, periods=len(bts), freq="B")
         _, ax = mpl.pyplot.subplots()
         bts.plot(ax=ax)
         assert ax.get_lines()[0].get_xydata()[0, 0] == bts.index[0].ordinal
         idx = ax.get_lines()[0].get_xdata()
-        assert PeriodIndex(data=idx).freqstr == "B"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            assert PeriodIndex(data=idx).freqstr == "B"
 
     def test_business_freq_convert(self):
         bts = tm.makeTimeSeries(300).asfreq("BM")
@@ -360,8 +366,13 @@ def test_dataframe(self):
         _, ax = mpl.pyplot.subplots()
         bts.plot(ax=ax)
         idx = ax.get_lines()[0].get_xdata()
-        tm.assert_index_equal(bts.index.to_period(), PeriodIndex(idx))
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            tm.assert_index_equal(bts.index.to_period(), PeriodIndex(idx))
 
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     @pytest.mark.parametrize(
         "obj",
         [
@@ -407,7 +418,9 @@ def test_get_finder(self):
     def test_finder_daily(self):
         day_lst = [10, 40, 252, 400, 950, 2750, 10000]
 
-        xpl1 = xpl2 = [Period("1999-1-1", freq="B").ordinal] * len(day_lst)
+        msg = "Period with BDay freq is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            xpl1 = xpl2 = [Period("1999-1-1", freq="B").ordinal] * len(day_lst)
         rs1 = []
         rs2 = []
         for n in day_lst:
@@ -698,14 +711,16 @@ def test_mixed_freq_regular_first(self):
 
         ax2 = s2.plot(style="g", ax=ax)
         lines = ax2.get_lines()
-        idx1 = PeriodIndex(lines[0].get_xdata())
-        idx2 = PeriodIndex(lines[1].get_xdata())
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            idx1 = PeriodIndex(lines[0].get_xdata())
+            idx2 = PeriodIndex(lines[1].get_xdata())
 
-        tm.assert_index_equal(idx1, s1.index.to_period("B"))
-        tm.assert_index_equal(idx2, s2.index.to_period("B"))
+            tm.assert_index_equal(idx1, s1.index.to_period("B"))
+            tm.assert_index_equal(idx2, s2.index.to_period("B"))
 
-        left, right = ax2.get_xlim()
-        pidx = s1.index.to_period()
+            left, right = ax2.get_xlim()
+            pidx = s1.index.to_period()
         assert left <= pidx[0].ordinal
         assert right >= pidx[-1].ordinal
 
@@ -730,12 +745,14 @@ def test_mixed_freq_regular_first_df(self):
         s1.plot(ax=ax)
         ax2 = s2.plot(style="g", ax=ax)
         lines = ax2.get_lines()
-        idx1 = PeriodIndex(lines[0].get_xdata())
-        idx2 = PeriodIndex(lines[1].get_xdata())
-        assert idx1.equals(s1.index.to_period("B"))
-        assert idx2.equals(s2.index.to_period("B"))
-        left, right = ax2.get_xlim()
-        pidx = s1.index.to_period()
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            idx1 = PeriodIndex(lines[0].get_xdata())
+            idx2 = PeriodIndex(lines[1].get_xdata())
+            assert idx1.equals(s1.index.to_period("B"))
+            assert idx2.equals(s2.index.to_period("B"))
+            left, right = ax2.get_xlim()
+            pidx = s1.index.to_period()
         assert left <= pidx[0].ordinal
         assert right >= pidx[-1].ordinal
 
@@ -802,10 +819,13 @@ def test_mixed_freq_lf_first_hourly(self):
         for line in ax.get_lines():
             assert PeriodIndex(data=line.get_xdata()).freq == "T"
 
+    @pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
     def test_mixed_freq_irreg_period(self):
         ts = tm.makeTimeSeries()
         irreg = ts.iloc[[0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 15, 16, 17, 18, 29]]
-        rng = period_range("1/3/2000", periods=30, freq="B")
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(FutureWarning, match=msg):
+            rng = period_range("1/3/2000", periods=30, freq="B")
         ps = Series(np.random.randn(len(rng)), rng)
         _, ax = mpl.pyplot.subplots()
         irreg.plot(ax=ax)
diff --git a/pandas/tests/reductions/test_reductions.py b/pandas/tests/reductions/test_reductions.py
index 2f5deb7b2bbd5..57381352163e7 100644
--- a/pandas/tests/reductions/test_reductions.py
+++ b/pandas/tests/reductions/test_reductions.py
@@ -49,6 +49,9 @@ def get_objs():
 
 
 class TestReductions:
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     @pytest.mark.parametrize("opname", ["max", "min"])
     @pytest.mark.parametrize("obj", get_objs())
     def test_ops(self, opname, obj):
diff --git a/pandas/tests/reductions/test_stat_reductions.py b/pandas/tests/reductions/test_stat_reductions.py
index b1462d109561f..5f6fcba50142c 100644
--- a/pandas/tests/reductions/test_stat_reductions.py
+++ b/pandas/tests/reductions/test_stat_reductions.py
@@ -50,7 +50,10 @@ def test_period_mean(self, box, freq):
         # shuffle so that we are not just working with monotone-increasing
         dti = dti.take([4, 1, 3, 10, 9, 7, 8, 5, 0, 2, 6])
 
-        parr = dti._data.to_period(freq)
+        warn = FutureWarning if freq == "B" else None
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(warn, match=msg):
+            parr = dti._data.to_period(freq)
         obj = box(parr)
         with pytest.raises(TypeError, match="ambiguous"):
             obj.mean()
diff --git a/pandas/tests/resample/conftest.py b/pandas/tests/resample/conftest.py
index 38f682c9c4f5a..2708ab3f8184f 100644
--- a/pandas/tests/resample/conftest.py
+++ b/pandas/tests/resample/conftest.py
@@ -1,4 +1,5 @@
 from datetime import datetime
+import warnings
 
 import numpy as np
 import pytest
@@ -63,7 +64,15 @@ def simple_period_range_series():
     """
 
     def _simple_period_range_series(start, end, freq="D"):
-        rng = period_range(start, end, freq=freq)
+        with warnings.catch_warnings():
+            # suppress Period[B] deprecation warning
+            msg = "|".join(["Period with BDay freq", r"PeriodDtype\[B\] is deprecated"])
+            warnings.filterwarnings(
+                "ignore",
+                msg,
+                category=FutureWarning,
+            )
+            rng = period_range(start, end, freq=freq)
         return Series(np.random.randn(len(rng)), index=rng)
 
     return _simple_period_range_series
diff --git a/pandas/tests/resample/test_base.py b/pandas/tests/resample/test_base.py
index 22bd8f9c8ced3..7a76a21a6c579 100644
--- a/pandas/tests/resample/test_base.py
+++ b/pandas/tests/resample/test_base.py
@@ -277,15 +277,20 @@ def test_resample_size_empty_dataframe(freq, empty_frame_dti):
     tm.assert_series_equal(result, expected)
 
 
+@pytest.mark.filterwarnings(r"ignore:PeriodDtype\[B\] is deprecated:FutureWarning")
 @pytest.mark.parametrize("index", tm.all_timeseries_index_generator(0))
 @pytest.mark.parametrize("dtype", [float, int, object, "datetime64[ns]"])
 def test_resample_empty_dtypes(index, dtype, resample_method):
     # Empty series were sometimes causing a segfault (for the functions
     # with Cython bounds-checking disabled) or an IndexError.  We just run
     # them to ensure they no longer do.  (GH #10228)
+    if isinstance(index, PeriodIndex):
+        # GH#53511
+        index = PeriodIndex([], freq="B", name=index.name)
     empty_series_dti = Series([], index, dtype)
+    rs = empty_series_dti.resample("d", group_keys=False)
     try:
-        getattr(empty_series_dti.resample("d", group_keys=False), resample_method)()
+        getattr(rs, resample_method)()
     except DataError:
         # Ignore these since some combinations are invalid
         # (ex: doing mean with dtype of np.object_)
diff --git a/pandas/tests/resample/test_period_index.py b/pandas/tests/resample/test_period_index.py
index 20b997bdca873..9246ed4647e63 100644
--- a/pandas/tests/resample/test_period_index.py
+++ b/pandas/tests/resample/test_period_index.py
@@ -108,10 +108,12 @@ def test_annual_upsample_cases(
         self, targ, conv, meth, month, simple_period_range_series
     ):
         ts = simple_period_range_series("1/1/1990", "12/31/1991", freq=f"A-{month}")
-
-        result = getattr(ts.resample(targ, convention=conv), meth)()
-        expected = result.to_timestamp(targ, how=conv)
-        expected = expected.asfreq(targ, meth).to_period()
+        warn = FutureWarning if targ == "B" else None
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(warn, match=msg):
+            result = getattr(ts.resample(targ, convention=conv), meth)()
+            expected = result.to_timestamp(targ, how=conv)
+            expected = expected.asfreq(targ, meth).to_period()
         tm.assert_series_equal(result, expected)
 
     def test_basic_downsample(self, simple_period_range_series):
@@ -187,18 +189,25 @@ def test_quarterly_upsample(
     ):
         freq = f"Q-{month}"
         ts = simple_period_range_series("1/1/1990", "12/31/1995", freq=freq)
-        result = ts.resample(target, convention=convention).ffill()
-        expected = result.to_timestamp(target, how=convention)
-        expected = expected.asfreq(target, "ffill").to_period()
+        warn = FutureWarning if target == "B" else None
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(warn, match=msg):
+            result = ts.resample(target, convention=convention).ffill()
+            expected = result.to_timestamp(target, how=convention)
+            expected = expected.asfreq(target, "ffill").to_period()
         tm.assert_series_equal(result, expected)
 
     @pytest.mark.parametrize("target", ["D", "B"])
     @pytest.mark.parametrize("convention", ["start", "end"])
     def test_monthly_upsample(self, target, convention, simple_period_range_series):
         ts = simple_period_range_series("1/1/1990", "12/31/1995", freq="M")
-        result = ts.resample(target, convention=convention).ffill()
-        expected = result.to_timestamp(target, how=convention)
-        expected = expected.asfreq(target, "ffill").to_period()
+
+        warn = None if target == "D" else FutureWarning
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(warn, match=msg):
+            result = ts.resample(target, convention=convention).ffill()
+            expected = result.to_timestamp(target, how=convention)
+            expected = expected.asfreq(target, "ffill").to_period()
         tm.assert_series_equal(result, expected)
 
     def test_resample_basic(self):
@@ -363,9 +372,13 @@ def test_fill_method_and_how_upsample(self):
     def test_weekly_upsample(self, day, target, convention, simple_period_range_series):
         freq = f"W-{day}"
         ts = simple_period_range_series("1/1/1990", "12/31/1995", freq=freq)
-        result = ts.resample(target, convention=convention).ffill()
-        expected = result.to_timestamp(target, how=convention)
-        expected = expected.asfreq(target, "ffill").to_period()
+
+        warn = None if target == "D" else FutureWarning
+        msg = r"PeriodDtype\[B\] is deprecated"
+        with tm.assert_produces_warning(warn, match=msg):
+            result = ts.resample(target, convention=convention).ffill()
+            expected = result.to_timestamp(target, how=convention)
+            expected = expected.asfreq(target, "ffill").to_period()
         tm.assert_series_equal(result, expected)
 
     def test_resample_to_timestamps(self, simple_period_range_series):
diff --git a/pandas/tests/scalar/period/test_asfreq.py b/pandas/tests/scalar/period/test_asfreq.py
index e652c63d46f18..f6c1675766210 100644
--- a/pandas/tests/scalar/period/test_asfreq.py
+++ b/pandas/tests/scalar/period/test_asfreq.py
@@ -9,11 +9,15 @@
     Timestamp,
     offsets,
 )
+import pandas._testing as tm
+
+bday_msg = "Period with BDay freq is deprecated"
 
 
 class TestFreqConversion:
     """Test frequency conversion of date objects"""
 
+    @pytest.mark.filterwarnings("ignore:Period with BDay:FutureWarning")
     @pytest.mark.parametrize("freq", ["A", "Q", "M", "W", "B", "D"])
     def test_asfreq_near_zero(self, freq):
         # GH#19643, GH#19650
@@ -37,10 +41,12 @@ def test_asfreq_near_zero_weekly(self):
 
     def test_to_timestamp_out_of_bounds(self):
         # GH#19643, used to incorrectly give Timestamp in 1754
-        per = Period("0001-01-01", freq="B")
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            per = Period("0001-01-01", freq="B")
         msg = "Out of bounds nanosecond timestamp"
         with pytest.raises(OutOfBoundsDatetime, match=msg):
-            per.to_timestamp()
+            with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+                per.to_timestamp()
 
     def test_asfreq_corner(self):
         val = Period(freq="A", year=2007)
@@ -67,8 +73,9 @@ def test_conv_annual(self):
         ival_A_to_M_end = Period(freq="M", year=2007, month=12)
         ival_A_to_W_start = Period(freq="W", year=2007, month=1, day=1)
         ival_A_to_W_end = Period(freq="W", year=2007, month=12, day=31)
-        ival_A_to_B_start = Period(freq="B", year=2007, month=1, day=1)
-        ival_A_to_B_end = Period(freq="B", year=2007, month=12, day=31)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_A_to_B_start = Period(freq="B", year=2007, month=1, day=1)
+            ival_A_to_B_end = Period(freq="B", year=2007, month=12, day=31)
         ival_A_to_D_start = Period(freq="D", year=2007, month=1, day=1)
         ival_A_to_D_end = Period(freq="D", year=2007, month=12, day=31)
         ival_A_to_H_start = Period(freq="H", year=2007, month=1, day=1, hour=0)
@@ -99,8 +106,9 @@ def test_conv_annual(self):
         assert ival_A.asfreq("M", "E") == ival_A_to_M_end
         assert ival_A.asfreq("W", "S") == ival_A_to_W_start
         assert ival_A.asfreq("W", "E") == ival_A_to_W_end
-        assert ival_A.asfreq("B", "S") == ival_A_to_B_start
-        assert ival_A.asfreq("B", "E") == ival_A_to_B_end
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_A.asfreq("B", "S") == ival_A_to_B_start
+            assert ival_A.asfreq("B", "E") == ival_A_to_B_end
         assert ival_A.asfreq("D", "S") == ival_A_to_D_start
         assert ival_A.asfreq("D", "E") == ival_A_to_D_end
         assert ival_A.asfreq("H", "S") == ival_A_to_H_start
@@ -137,8 +145,9 @@ def test_conv_quarterly(self):
         ival_Q_to_M_end = Period(freq="M", year=2007, month=3)
         ival_Q_to_W_start = Period(freq="W", year=2007, month=1, day=1)
         ival_Q_to_W_end = Period(freq="W", year=2007, month=3, day=31)
-        ival_Q_to_B_start = Period(freq="B", year=2007, month=1, day=1)
-        ival_Q_to_B_end = Period(freq="B", year=2007, month=3, day=30)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_Q_to_B_start = Period(freq="B", year=2007, month=1, day=1)
+            ival_Q_to_B_end = Period(freq="B", year=2007, month=3, day=30)
         ival_Q_to_D_start = Period(freq="D", year=2007, month=1, day=1)
         ival_Q_to_D_end = Period(freq="D", year=2007, month=3, day=31)
         ival_Q_to_H_start = Period(freq="H", year=2007, month=1, day=1, hour=0)
@@ -169,8 +178,9 @@ def test_conv_quarterly(self):
         assert ival_Q.asfreq("M", "E") == ival_Q_to_M_end
         assert ival_Q.asfreq("W", "S") == ival_Q_to_W_start
         assert ival_Q.asfreq("W", "E") == ival_Q_to_W_end
-        assert ival_Q.asfreq("B", "S") == ival_Q_to_B_start
-        assert ival_Q.asfreq("B", "E") == ival_Q_to_B_end
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_Q.asfreq("B", "S") == ival_Q_to_B_start
+            assert ival_Q.asfreq("B", "E") == ival_Q_to_B_end
         assert ival_Q.asfreq("D", "S") == ival_Q_to_D_start
         assert ival_Q.asfreq("D", "E") == ival_Q_to_D_end
         assert ival_Q.asfreq("H", "S") == ival_Q_to_H_start
@@ -197,8 +207,9 @@ def test_conv_monthly(self):
         ival_M_to_Q = Period(freq="Q", year=2007, quarter=1)
         ival_M_to_W_start = Period(freq="W", year=2007, month=1, day=1)
         ival_M_to_W_end = Period(freq="W", year=2007, month=1, day=31)
-        ival_M_to_B_start = Period(freq="B", year=2007, month=1, day=1)
-        ival_M_to_B_end = Period(freq="B", year=2007, month=1, day=31)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_M_to_B_start = Period(freq="B", year=2007, month=1, day=1)
+            ival_M_to_B_end = Period(freq="B", year=2007, month=1, day=31)
         ival_M_to_D_start = Period(freq="D", year=2007, month=1, day=1)
         ival_M_to_D_end = Period(freq="D", year=2007, month=1, day=31)
         ival_M_to_H_start = Period(freq="H", year=2007, month=1, day=1, hour=0)
@@ -223,8 +234,9 @@ def test_conv_monthly(self):
 
         assert ival_M.asfreq("W", "S") == ival_M_to_W_start
         assert ival_M.asfreq("W", "E") == ival_M_to_W_end
-        assert ival_M.asfreq("B", "S") == ival_M_to_B_start
-        assert ival_M.asfreq("B", "E") == ival_M_to_B_end
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_M.asfreq("B", "S") == ival_M_to_B_start
+            assert ival_M.asfreq("B", "E") == ival_M_to_B_end
         assert ival_M.asfreq("D", "S") == ival_M_to_D_start
         assert ival_M.asfreq("D", "E") == ival_M_to_D_end
         assert ival_M.asfreq("H", "S") == ival_M_to_H_start
@@ -285,8 +297,9 @@ def test_conv_weekly(self):
         else:
             ival_W_to_M_end_of_month = Period(freq="M", year=2007, month=2)
 
-        ival_W_to_B_start = Period(freq="B", year=2007, month=1, day=1)
-        ival_W_to_B_end = Period(freq="B", year=2007, month=1, day=5)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_W_to_B_start = Period(freq="B", year=2007, month=1, day=1)
+            ival_W_to_B_end = Period(freq="B", year=2007, month=1, day=5)
         ival_W_to_D_start = Period(freq="D", year=2007, month=1, day=1)
         ival_W_to_D_end = Period(freq="D", year=2007, month=1, day=7)
         ival_W_to_H_start = Period(freq="H", year=2007, month=1, day=1, hour=0)
@@ -313,8 +326,9 @@ def test_conv_weekly(self):
         assert ival_W.asfreq("M") == ival_W_to_M
         assert ival_W_end_of_month.asfreq("M") == ival_W_to_M_end_of_month
 
-        assert ival_W.asfreq("B", "S") == ival_W_to_B_start
-        assert ival_W.asfreq("B", "E") == ival_W_to_B_end
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_W.asfreq("B", "S") == ival_W_to_B_start
+            assert ival_W.asfreq("B", "E") == ival_W_to_B_end
 
         assert ival_W.asfreq("D", "S") == ival_W_to_D_start
         assert ival_W.asfreq("D", "E") == ival_W_to_D_end
@@ -369,11 +383,12 @@ def test_conv_weekly_legacy(self):
     def test_conv_business(self):
         # frequency conversion tests: from Business Frequency"
 
-        ival_B = Period(freq="B", year=2007, month=1, day=1)
-        ival_B_end_of_year = Period(freq="B", year=2007, month=12, day=31)
-        ival_B_end_of_quarter = Period(freq="B", year=2007, month=3, day=30)
-        ival_B_end_of_month = Period(freq="B", year=2007, month=1, day=31)
-        ival_B_end_of_week = Period(freq="B", year=2007, month=1, day=5)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_B = Period(freq="B", year=2007, month=1, day=1)
+            ival_B_end_of_year = Period(freq="B", year=2007, month=12, day=31)
+            ival_B_end_of_quarter = Period(freq="B", year=2007, month=3, day=30)
+            ival_B_end_of_month = Period(freq="B", year=2007, month=1, day=31)
+            ival_B_end_of_week = Period(freq="B", year=2007, month=1, day=5)
 
         ival_B_to_A = Period(freq="A", year=2007)
         ival_B_to_Q = Period(freq="Q", year=2007, quarter=1)
@@ -413,7 +428,8 @@ def test_conv_business(self):
         assert ival_B.asfreq("S", "S") == ival_B_to_S_start
         assert ival_B.asfreq("S", "E") == ival_B_to_S_end
 
-        assert ival_B.asfreq("B") == ival_B
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_B.asfreq("B") == ival_B
 
     def test_conv_daily(self):
         # frequency conversion tests: from Business Frequency"
@@ -428,8 +444,9 @@ def test_conv_daily(self):
         ival_D_saturday = Period(freq="D", year=2007, month=1, day=6)
         ival_D_sunday = Period(freq="D", year=2007, month=1, day=7)
 
-        ival_B_friday = Period(freq="B", year=2007, month=1, day=5)
-        ival_B_monday = Period(freq="B", year=2007, month=1, day=8)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_B_friday = Period(freq="B", year=2007, month=1, day=5)
+            ival_B_monday = Period(freq="B", year=2007, month=1, day=8)
 
         ival_D_to_A = Period(freq="A", year=2007)
 
@@ -475,11 +492,12 @@ def test_conv_daily(self):
         assert ival_D.asfreq("W") == ival_D_to_W
         assert ival_D_end_of_week.asfreq("W") == ival_D_to_W
 
-        assert ival_D_friday.asfreq("B") == ival_B_friday
-        assert ival_D_saturday.asfreq("B", "S") == ival_B_friday
-        assert ival_D_saturday.asfreq("B", "E") == ival_B_monday
-        assert ival_D_sunday.asfreq("B", "S") == ival_B_friday
-        assert ival_D_sunday.asfreq("B", "E") == ival_B_monday
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_D_friday.asfreq("B") == ival_B_friday
+            assert ival_D_saturday.asfreq("B", "S") == ival_B_friday
+            assert ival_D_saturday.asfreq("B", "E") == ival_B_monday
+            assert ival_D_sunday.asfreq("B", "S") == ival_B_friday
+            assert ival_D_sunday.asfreq("B", "E") == ival_B_monday
 
         assert ival_D.asfreq("H", "S") == ival_D_to_H_start
         assert ival_D.asfreq("H", "E") == ival_D_to_H_end
@@ -506,7 +524,8 @@ def test_conv_hourly(self):
         ival_H_to_M = Period(freq="M", year=2007, month=1)
         ival_H_to_W = Period(freq="W", year=2007, month=1, day=7)
         ival_H_to_D = Period(freq="D", year=2007, month=1, day=1)
-        ival_H_to_B = Period(freq="B", year=2007, month=1, day=1)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_H_to_B = Period(freq="B", year=2007, month=1, day=1)
 
         ival_H_to_T_start = Period(
             freq="Min", year=2007, month=1, day=1, hour=0, minute=0
@@ -531,8 +550,9 @@ def test_conv_hourly(self):
         assert ival_H_end_of_week.asfreq("W") == ival_H_to_W
         assert ival_H.asfreq("D") == ival_H_to_D
         assert ival_H_end_of_day.asfreq("D") == ival_H_to_D
-        assert ival_H.asfreq("B") == ival_H_to_B
-        assert ival_H_end_of_bus.asfreq("B") == ival_H_to_B
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_H.asfreq("B") == ival_H_to_B
+            assert ival_H_end_of_bus.asfreq("B") == ival_H_to_B
 
         assert ival_H.asfreq("Min", "S") == ival_H_to_T_start
         assert ival_H.asfreq("Min", "E") == ival_H_to_T_end
@@ -572,7 +592,8 @@ def test_conv_minutely(self):
         ival_T_to_M = Period(freq="M", year=2007, month=1)
         ival_T_to_W = Period(freq="W", year=2007, month=1, day=7)
         ival_T_to_D = Period(freq="D", year=2007, month=1, day=1)
-        ival_T_to_B = Period(freq="B", year=2007, month=1, day=1)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_T_to_B = Period(freq="B", year=2007, month=1, day=1)
         ival_T_to_H = Period(freq="H", year=2007, month=1, day=1, hour=0)
 
         ival_T_to_S_start = Period(
@@ -592,8 +613,9 @@ def test_conv_minutely(self):
         assert ival_T_end_of_week.asfreq("W") == ival_T_to_W
         assert ival_T.asfreq("D") == ival_T_to_D
         assert ival_T_end_of_day.asfreq("D") == ival_T_to_D
-        assert ival_T.asfreq("B") == ival_T_to_B
-        assert ival_T_end_of_bus.asfreq("B") == ival_T_to_B
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_T.asfreq("B") == ival_T_to_B
+            assert ival_T_end_of_bus.asfreq("B") == ival_T_to_B
         assert ival_T.asfreq("H") == ival_T_to_H
         assert ival_T_end_of_hour.asfreq("H") == ival_T_to_H
 
@@ -636,7 +658,8 @@ def test_conv_secondly(self):
         ival_S_to_M = Period(freq="M", year=2007, month=1)
         ival_S_to_W = Period(freq="W", year=2007, month=1, day=7)
         ival_S_to_D = Period(freq="D", year=2007, month=1, day=1)
-        ival_S_to_B = Period(freq="B", year=2007, month=1, day=1)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            ival_S_to_B = Period(freq="B", year=2007, month=1, day=1)
         ival_S_to_H = Period(freq="H", year=2007, month=1, day=1, hour=0)
         ival_S_to_T = Period(freq="Min", year=2007, month=1, day=1, hour=0, minute=0)
 
@@ -650,8 +673,9 @@ def test_conv_secondly(self):
         assert ival_S_end_of_week.asfreq("W") == ival_S_to_W
         assert ival_S.asfreq("D") == ival_S_to_D
         assert ival_S_end_of_day.asfreq("D") == ival_S_to_D
-        assert ival_S.asfreq("B") == ival_S_to_B
-        assert ival_S_end_of_bus.asfreq("B") == ival_S_to_B
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert ival_S.asfreq("B") == ival_S_to_B
+            assert ival_S_end_of_bus.asfreq("B") == ival_S_to_B
         assert ival_S.asfreq("H") == ival_S_to_H
         assert ival_S_end_of_hour.asfreq("H") == ival_S_to_H
         assert ival_S.asfreq("Min") == ival_S_to_T
diff --git a/pandas/tests/scalar/period/test_period.py b/pandas/tests/scalar/period/test_period.py
index 1e8c2bce1d90d..b1fb657bb2051 100644
--- a/pandas/tests/scalar/period/test_period.py
+++ b/pandas/tests/scalar/period/test_period.py
@@ -32,6 +32,8 @@
 )
 import pandas._testing as tm
 
+bday_msg = "Period with BDay freq is deprecated"
+
 
 class TestPeriodConstruction:
     def test_custom_business_day_freq_raises(self):
@@ -142,20 +144,21 @@ def test_construction_from_timestamp_nanos(self):
 
     def test_construction_bday(self):
         # Biz day construction, roll forward if non-weekday
-        i1 = Period("3/10/12", freq="B")
-        i2 = Period("3/10/12", freq="D")
-        assert i1 == i2.asfreq("B")
-        i2 = Period("3/11/12", freq="D")
-        assert i1 == i2.asfreq("B")
-        i2 = Period("3/12/12", freq="D")
-        assert i1 == i2.asfreq("B")
-
-        i3 = Period("3/10/12", freq="b")
-        assert i1 == i3
-
-        i1 = Period(year=2012, month=3, day=10, freq="B")
-        i2 = Period("3/12/12", freq="B")
-        assert i1 == i2
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            i1 = Period("3/10/12", freq="B")
+            i2 = Period("3/10/12", freq="D")
+            assert i1 == i2.asfreq("B")
+            i2 = Period("3/11/12", freq="D")
+            assert i1 == i2.asfreq("B")
+            i2 = Period("3/12/12", freq="D")
+            assert i1 == i2.asfreq("B")
+
+            i3 = Period("3/10/12", freq="b")
+            assert i1 == i3
+
+            i1 = Period(year=2012, month=3, day=10, freq="B")
+            i2 = Period("3/12/12", freq="B")
+            assert i1 == i2
 
     def test_construction_quarter(self):
         i1 = Period(year=2005, quarter=1, freq="Q")
@@ -226,9 +229,10 @@ def test_period_constructor_offsets(self):
         )
         assert Period("2005", freq=offsets.YearEnd()) == Period("2005", freq="A")
         assert Period("2005", freq=offsets.MonthEnd()) == Period("2005", freq="M")
-        assert Period("3/10/12", freq=offsets.BusinessDay()) == Period(
-            "3/10/12", freq="B"
-        )
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert Period("3/10/12", freq=offsets.BusinessDay()) == Period(
+                "3/10/12", freq="B"
+            )
         assert Period("3/10/12", freq=offsets.Day()) == Period("3/10/12", freq="D")
 
         assert Period(
@@ -241,17 +245,19 @@ def test_period_constructor_offsets(self):
         assert Period(year=2005, month=3, day=1, freq=offsets.Day()) == Period(
             year=2005, month=3, day=1, freq="D"
         )
-        assert Period(year=2012, month=3, day=10, freq=offsets.BDay()) == Period(
-            year=2012, month=3, day=10, freq="B"
-        )
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert Period(year=2012, month=3, day=10, freq=offsets.BDay()) == Period(
+                year=2012, month=3, day=10, freq="B"
+            )
 
         expected = Period("2005-03-01", freq="3D")
         assert Period(year=2005, month=3, day=1, freq=offsets.Day(3)) == expected
         assert Period(year=2005, month=3, day=1, freq="3D") == expected
 
-        assert Period(year=2012, month=3, day=10, freq=offsets.BDay(3)) == Period(
-            year=2012, month=3, day=10, freq="3B"
-        )
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert Period(year=2012, month=3, day=10, freq=offsets.BDay(3)) == Period(
+                year=2012, month=3, day=10, freq="3B"
+            )
 
         assert Period(200701, freq=offsets.MonthEnd()) == Period(200701, freq="M")
 
@@ -614,6 +620,9 @@ def test_to_timestamp_mult(self):
         expected = Timestamp("2011-04-01") - Timedelta(1, "ns")
         assert p.to_timestamp(how="E") == expected
 
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     def test_to_timestamp(self):
         p = Period("1982", freq="A")
         start_ts = p.to_timestamp(how="S")
@@ -678,8 +687,9 @@ def _ex(p):
         assert result == expected
 
     def test_to_timestamp_business_end(self):
-        per = Period("1990-01-05", "B")  # Friday
-        result = per.to_timestamp("B", how="E")
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            per = Period("1990-01-05", "B")  # Friday
+            result = per.to_timestamp("B", how="E")
 
         expected = Timestamp("1990-01-06") - Timedelta(nanoseconds=1)
         assert result == expected
@@ -733,6 +743,9 @@ def test_to_timestamp_microsecond(self, ts, expected, freq):
             ("2000-12-15", "B", "2000-12-15", "B"),
         ),
     )
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     def test_repr(self, str_ts, freq, str_res, str_freq):
         p = Period(str_ts, freq=freq)
         assert str(p) == str_res
@@ -790,6 +803,9 @@ def test_freq_str(self):
         assert i1.freq == offsets.Minute()
         assert i1.freqstr == "T"
 
+    @pytest.mark.filterwarnings(
+        "ignore:Period with BDay freq is deprecated:FutureWarning"
+    )
     def test_period_deprecated_freq(self):
         cases = {
             "M": ["MTH", "MONTH", "MONTHLY", "Mth", "month", "monthly"],
@@ -853,7 +869,8 @@ def test_start_time(self):
         for f in freq_lst:
             p = Period("2012", freq=f)
             assert p.start_time == xp
-        assert Period("2012", freq="B").start_time == datetime(2012, 1, 2)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert Period("2012", freq="B").start_time == datetime(2012, 1, 2)
         assert Period("2012", freq="W").start_time == datetime(2011, 12, 26)
 
     def test_end_time(self):
@@ -881,9 +898,10 @@ def _ex(*args):
         xp = _ex(2012, 1, 1, 1)
         assert xp == p.end_time
 
-        p = Period("2012", freq="B")
-        xp = _ex(2012, 1, 3)
-        assert xp == p.end_time
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            p = Period("2012", freq="B")
+            xp = _ex(2012, 1, 3)
+            assert xp == p.end_time
 
         p = Period("2012", freq="W")
         xp = _ex(2012, 1, 2)
@@ -904,8 +922,9 @@ def _ex(*args):
 
     def test_end_time_business_friday(self):
         # GH#34449
-        per = Period("1990-01-05", "B")
-        result = per.end_time
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            per = Period("1990-01-05", "B")
+            result = per.end_time
 
         expected = Timestamp("1990-01-06") - Timedelta(nanoseconds=1)
         assert result == expected
@@ -981,7 +1000,8 @@ def test_properties_weekly_legacy(self):
 
     def test_properties_daily(self):
         # Test properties on Periods with daily frequency.
-        b_date = Period(freq="B", year=2007, month=1, day=1)
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            b_date = Period(freq="B", year=2007, month=1, day=1)
         #
         assert b_date.year == 2007
         assert b_date.quarter == 1
@@ -990,7 +1010,8 @@ def test_properties_daily(self):
         assert b_date.weekday == 0
         assert b_date.dayofyear == 1
         assert b_date.days_in_month == 31
-        assert Period(freq="B", year=2012, month=2, day=1).days_in_month == 29
+        with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+            assert Period(freq="B", year=2012, month=2, day=1).days_in_month == 29
 
         d_date = Period(freq="D", year=2007, month=1, day=1)
 
@@ -1582,7 +1603,8 @@ def test_negone_ordinals():
         repr(period)
         assert period.year == 1969
 
-    period = Period(ordinal=-1, freq="B")
+    with tm.assert_produces_warning(FutureWarning, match=bday_msg):
+        period = Period(ordinal=-1, freq="B")
     repr(period)
     period = Period(ordinal=-1, freq="W")
     repr(period)