diff --git a/newsfragments/1954.feature.rst b/newsfragments/1954.feature.rst
new file mode 100644
index 0000000000..e728f931ba
--- /dev/null
+++ b/newsfragments/1954.feature.rst
@@ -0,0 +1 @@
+Add ``parity.set_mode``, deprecate ``parity.setMode``
diff --git a/web3/_utils/module_testing/parity_module.py b/web3/_utils/module_testing/parity_module.py
index f8012a3686..923564c0b9 100644
--- a/web3/_utils/module_testing/parity_module.py
+++ b/web3/_utils/module_testing/parity_module.py
@@ -216,12 +216,16 @@ class ParitySetModuleTest:
         ]
     )
     def test_set_mode(self, web3: "Web3", mode: ParityMode) -> None:
-        assert web3.parity.setMode(mode) is True
+        assert web3.parity.set_mode(mode) is True
+
+    def test_set_mode_deprecated(self, web3: "Web3", mode: ParityMode) -> None:
+        with pytest.warns(DeprecationWarning, match="setMode is deprecated in favor of set_mode"):
+            assert web3.parity.setMode(mode) is True
 
     def test_set_mode_with_bad_string(self, web3: "Web3") -> None:
         with pytest.raises(InvalidParityMode, match="Couldn't parse parameters: mode"):
             # type ignored b/c it's an invalid literal ParityMode
-            web3.parity.setMode('not a mode')  # type: ignore
+            web3.parity.set_mode('not a mode')  # type: ignore
 
     def test_set_mode_with_no_argument(self, web3: "Web3") -> None:
         with pytest.raises(
@@ -229,4 +233,4 @@ def test_set_mode_with_no_argument(self, web3: "Web3") -> None:
             match='Invalid params: invalid length 0, expected a tuple of size 1.'
         ):
             # type ignored b/c setMode expects arguments
-            web3.parity.setMode()  # type: ignore
+            web3.parity.set_mode()  # type: ignore
diff --git a/web3/exceptions.py b/web3/exceptions.py
index 86c1b2be1a..806d8f194f 100644
--- a/web3/exceptions.py
+++ b/web3/exceptions.py
@@ -213,6 +213,6 @@ class ContractLogicError(SolidityError, ValueError):
 class InvalidParityMode(TypeError, ValueError):
     # Inherits from TypeError for backwards compatibility
     """
-    Raised when web3.parity.setMode() is called with no or invalid args
+    Raised when web3.parity.set_mode() is called with no or invalid args
     """
     pass
diff --git a/web3/parity.py b/web3/parity.py
index 636581a0c6..d88954e9c5 100644
--- a/web3/parity.py
+++ b/web3/parity.py
@@ -210,7 +210,7 @@ def trace_transactions_munger(
         mungers=[trace_transactions_munger],
     )
 
-    setMode: Method[Callable[[ParityMode], bool]] = Method(
+    set_mode: Method[Callable[[ParityMode], bool]] = Method(
         RPC.parity_setMode,
         mungers=[default_root_munger],
     )
@@ -226,6 +226,7 @@ def trace_transactions_munger(
     traceReplayTransaction = DeprecatedMethod(trace_replay_transaction, 'traceReplayTransaction',
                                               'trace_replay_transaction')
     netPeers = DeprecatedMethod(net_peers, 'netPeers', 'net_peers')
+    setMode = DeprecatedMethod(set_mode, 'setMode', 'set_mode')
     traceBlock = DeprecatedMethod(trace_block, 'traceBlock', 'trace_block')
     traceFilter = DeprecatedMethod(trace_filter, 'traceFilter', 'trace_filter')
     traceReplayBlockTransactions = DeprecatedMethod(trace_replay_block_transactions,