diff --git a/voluptuous/schema_builder.py b/voluptuous/schema_builder.py
index 5f686c9..8f93863 100644
--- a/voluptuous/schema_builder.py
+++ b/voluptuous/schema_builder.py
@@ -1018,15 +1018,71 @@ def wrapper(*args, **kwargs):
     return decorator
 
 
-def validate_schema(*a, **kw):
-    schema = Schema(*a, **kw)
+def _args_to_dict(func, args):
+    """Returns argument names as values as key-value pairs."""
+    if sys.version_info >= (3, 0):
+        arg_count = func.__code__.co_argcount
+        arg_names = func.__code__.co_varnames[:arg_count]
+    else:
+        arg_count = func.func_code.co_argcount
+        arg_names = func.func_code.co_varnames[:arg_count]
 
-    def decorator(f):
-        @wraps(f)
-        def wrapper(*args, **kwargs):
-            result = f(*args, **kwargs)
-            schema(result)
-            return result
-        return wrapper
+    arg_value_list = list(args)
+    arguments = dict((arg_name, arg_value_list[i])
+                     for i, arg_name in enumerate(arg_names)
+                     if i < len(arg_value_list))
+    return arguments
 
-    return decorator
+
+def _merge_args_with_kwargs(args_dict, kwargs_dict):
+    """Merge args with kwargs."""
+    ret = args_dict.copy()
+    ret.update(kwargs_dict)
+    return ret
+
+
+def validate(*a, **kw):
+    """Decorator for validating arguments of a function against a given schema.
+
+    Set restrictions for arguments:
+
+        >>> @validate(arg1=int, arg2=int)
+        ... def foo(arg1, arg2):
+        ...   return arg1 * arg2
+
+    Set restriction for returned value:
+
+        >>> @validate(arg=int, __return__=int)
+        ... def foo(arg1):
+        ...   return arg1 * 2
+
+    """
+    RETURNS_KEY = '__return__'
+
+    def validate_schema_decorator(func):
+
+        returns_defined = False
+        returns = None
+
+        schema_args_dict = _args_to_dict(func, a)
+        schema_arguments = _merge_args_with_kwargs(schema_args_dict, kw)
+
+        if RETURNS_KEY in schema_arguments:
+            returns_defined = True
+            returns = schema_arguments[RETURNS_KEY]
+            del schema_arguments[RETURNS_KEY]
+
+        input_schema = Schema(schema_arguments) if len(schema_arguments) != 0 else lambda x: x
+        output_schema = Schema(returns) if returns_defined else lambda x: x
+
+        @wraps(func)
+        def func_wrapper(*args, **kwargs):
+            args_dict = _args_to_dict(func, args)
+            arguments = _merge_args_with_kwargs(args_dict, kwargs)
+            validated_arguments = input_schema(arguments)
+            output = func(**validated_arguments)
+            return output_schema(output)
+
+        return func_wrapper
+
+    return validate_schema_decorator
diff --git a/voluptuous/tests/tests.py b/voluptuous/tests/tests.py
index 79afa49..86a43ce 100644
--- a/voluptuous/tests/tests.py
+++ b/voluptuous/tests/tests.py
@@ -5,7 +5,7 @@
     Schema, Required, Extra, Invalid, In, Remove, Literal,
     Url, MultipleInvalid, LiteralInvalid, NotIn, Match, Email,
     Replace, Range, Coerce, All, Any, Length, FqdnUrl, ALLOW_EXTRA, PREVENT_EXTRA,
-    validate_schema, ExactSequence, Equal, Unordered
+    validate, ExactSequence, Equal, Unordered
 )
 from voluptuous.humanize import humanize_error
 
@@ -423,14 +423,6 @@ def test_fix_157():
     assert_raises(MultipleInvalid, s, ['four'])
 
 
-def test_schema_decorator():
-    @validate_schema(int)
-    def fn(arg):
-        return arg
-
-    fn(1)
-    assert_raises(Invalid, fn, 1.0)
-
 
 def test_range_exlcudes_nan():
     s = Schema(Range(min=0, max=10))
@@ -485,3 +477,83 @@ def test_empty_list_as_exact():
     s = Schema([])
     assert_raises(Invalid, s, [1])
     s([])
+
+
+def test_schema_decorator_match_with_args():
+    @validate(int)
+    def fn(arg):
+        return arg
+
+    fn(1)
+
+
+def test_schema_decorator_unmatch_with_args():
+    @validate(int)
+    def fn(arg):
+        return arg
+
+    assert_raises(Invalid, fn, 1.0)
+
+
+def test_schema_decorator_match_with_kwargs():
+    @validate(arg=int)
+    def fn(arg):
+        return arg
+
+    fn(1)
+
+
+def test_schema_decorator_unmatch_with_kwargs():
+    @validate(arg=int)
+    def fn(arg):
+        return arg
+
+    assert_raises(Invalid, fn, 1.0)
+
+
+def test_schema_decorator_match_return_with_args():
+    @validate(int, __return__=int)
+    def fn(arg):
+        return arg
+
+    fn(1)
+
+
+def test_schema_decorator_unmatch_return_with_args():
+    @validate(int, __return__=int)
+    def fn(arg):
+        return "hello"
+
+    assert_raises(Invalid, fn, 1)
+
+
+def test_schema_decorator_match_return_with_kwargs():
+    @validate(arg=int, __return__=int)
+    def fn(arg):
+        return arg
+
+    fn(1)
+
+
+def test_schema_decorator_unmatch_return_with_kwargs():
+    @validate(arg=int, __return__=int)
+    def fn(arg):
+        return "hello"
+
+    assert_raises(Invalid, fn, 1)
+
+
+def test_schema_decorator_return_only_match():
+    @validate(__return__=int)
+    def fn(arg):
+        return arg
+
+    fn(1)
+
+
+def test_schema_decorator_return_only_unmatch():
+    @validate(__return__=int)
+    def fn(arg):
+        return "hello"
+
+    assert_raises(Invalid, fn, 1)