diff --git a/homeassistant/components/mqtt/light/schema_basic.py b/homeassistant/components/mqtt/light/schema_basic.py
index b1f3dc7c59b46a..2030cfb88257d2 100644
--- a/homeassistant/components/mqtt/light/schema_basic.py
+++ b/homeassistant/components/mqtt/light/schema_basic.py
@@ -122,7 +122,9 @@
     CONF_XY_VALUE_TEMPLATE,
 ]
 
-PLATFORM_SCHEMA_BASIC = (
+PLATFORM_SCHEMA_BASIC = vol.All(
+    # CONF_VALUE_TEMPLATE is deprecated, support will be removed in 2021.10
+    cv.deprecated(CONF_VALUE_TEMPLATE, CONF_STATE_VALUE_TEMPLATE),
     mqtt.MQTT_RW_PLATFORM_SCHEMA.extend(
         {
             vol.Optional(CONF_BRIGHTNESS_COMMAND_TOPIC): mqtt.valid_publish_topic,
@@ -179,7 +181,7 @@
         }
     )
     .extend(MQTT_ENTITY_COMMON_SCHEMA.schema)
-    .extend(MQTT_LIGHT_SCHEMA_SCHEMA.schema)
+    .extend(MQTT_LIGHT_SCHEMA_SCHEMA.schema),
 )
 
 
diff --git a/tests/components/mqtt/test_light.py b/tests/components/mqtt/test_light.py
index e419743bd870ef..728656743e5c9b 100644
--- a/tests/components/mqtt/test_light.py
+++ b/tests/components/mqtt/test_light.py
@@ -1103,7 +1103,7 @@ async def test_controlling_state_via_topic_with_templates(hass, mqtt_mock):
     assert state.attributes.get(light.ATTR_SUPPORTED_COLOR_MODES) == color_modes
 
 
-async def test_controlling_state_via_topic_with_value_template(hass, mqtt_mock):
+async def test_controlling_state_via_topic_with_value_template(hass, mqtt_mock, caplog):
     """Test the setting of the state with undocumented value_template."""
     config = {
         light.DOMAIN: {
@@ -1118,6 +1118,8 @@ async def test_controlling_state_via_topic_with_value_template(hass, mqtt_mock):
     assert await async_setup_component(hass, light.DOMAIN, config)
     await hass.async_block_till_done()
 
+    assert "The 'value_template' option is deprecated" in caplog.text
+
     state = hass.states.get("light.test")
     assert state.state == STATE_OFF