diff --git a/doc/source/whatsnew/v2.2.0.rst b/doc/source/whatsnew/v2.2.0.rst
index 8cb4b3f24d435..6da2b026d73ac 100644
--- a/doc/source/whatsnew/v2.2.0.rst
+++ b/doc/source/whatsnew/v2.2.0.rst
@@ -397,6 +397,7 @@ Other Deprecations
 - Deprecated strings ``T``, ``S``, ``L``, ``U``, and ``N`` denoting frequencies in :class:`Minute`, :class:`Second`, :class:`Milli`, :class:`Micro`, :class:`Nano` (:issue:`52536`)
 - Deprecated the :class:`.BaseGrouper` attributes ``group_keys_seq`` and ``reconstructed_codes``; these will be removed in a future version of pandas (:issue:`56148`)
 - Deprecated the :class:`.Grouping` attributes ``group_index``, ``result_index``, and ``group_arraylike``; these will be removed in a future version of pandas (:issue:`56148`)
+- Deprecated the ``check_exact`` field in :func:`.testing.assert_series_equal` (:issue:`56132`)
 - Deprecated the ``errors="ignore"`` option in :func:`to_datetime`, :func:`to_timedelta`, and :func:`to_numeric`; explicitly catch exceptions instead (:issue:`54467`)
 - Deprecated the ``fastpath`` keyword in the :class:`Series` constructor (:issue:`20110`)
 - Deprecated the ``ordinal`` keyword in :class:`PeriodIndex`, use :meth:`PeriodIndex.from_ordinals` instead (:issue:`55960`)
@@ -405,7 +406,6 @@ Other Deprecations
 - Deprecated the option ``mode.data_manager`` and the ``ArrayManager``; only the ``BlockManager`` will be available in future versions (:issue:`55043`)
 - Deprecated the previous implementation of :class:`DataFrame.stack`; specify ``future_stack=True`` to adopt the future version (:issue:`53515`)
 - Deprecating downcasting the results of :meth:`DataFrame.fillna`, :meth:`Series.fillna`, :meth:`DataFrame.ffill`, :meth:`Series.ffill`, :meth:`DataFrame.bfill`, :meth:`Series.bfill` in object-dtype cases. To opt in to the future version, use ``pd.set_option("future.no_silent_downcasting", True)`` (:issue:`54261`)
--
 
 .. ---------------------------------------------------------------------------
 .. _whatsnew_220.performance:
diff --git a/pandas/_testing/asserters.py b/pandas/_testing/asserters.py
index 6cad71b3dfd18..87128c59bfca4 100644
--- a/pandas/_testing/asserters.py
+++ b/pandas/_testing/asserters.py
@@ -6,6 +6,7 @@
     Literal,
     cast,
 )
+import warnings
 
 import numpy as np
 
@@ -885,6 +886,14 @@ def assert_series_equal(
     if not check_index and check_like:
         raise ValueError("check_like must be False if check_index is False")
 
+    if check_exact:
+        warnings.warn(
+            "The 'check_exact' parameter is deprecated and will be removed in a "
+            "future version.",
+            FutureWarning,
+            stacklevel=2,
+        )
+
     # instance validation
     _check_isinstance(left, right, Series)