diff --git a/README.md b/README.md
index 758a41291..5c2ddaf82 100644
--- a/README.md
+++ b/README.md
@@ -39,17 +39,17 @@ _ZIO Schema_ is used by a growing number of ZIO libraries, including [ZIO Flow](
 In order to use this library, we need to add the following lines in our `build.sbt` file:
 
 ```scala
-libraryDependencies += "dev.zio" %% "zio-schema"          % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-avro"     % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-bson"     % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-json"     % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-msg-pack" % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-protobuf" % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-thrift"   % "0.4.16"
-libraryDependencies += "dev.zio" %% "zio-schema-zio-test" % "0.4.16"
+libraryDependencies += "dev.zio" %% "zio-schema"          % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-avro"     % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-bson"     % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-json"     % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-msg-pack" % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-protobuf" % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-thrift"   % "0.4.17"
+libraryDependencies += "dev.zio" %% "zio-schema-zio-test" % "0.4.17"
 
 // Required for the automatic generic derivation of schemas
-libraryDependencies += "dev.zio" %% "zio-schema-derivation" % "0.4.16"
+libraryDependencies += "dev.zio" %% "zio-schema-derivation" % "0.4.17"
 libraryDependencies += "org.scala-lang" % "scala-reflect"  % scalaVersion.value % "provided"
 ```
 
diff --git a/tests/shared/src/test/scala/zio/schema/DefaultValueSpec.scala b/tests/shared/src/test/scala/zio/schema/DefaultValueSpec.scala
index 1f28f6fb9..7f917c6b6 100644
--- a/tests/shared/src/test/scala/zio/schema/DefaultValueSpec.scala
+++ b/tests/shared/src/test/scala/zio/schema/DefaultValueSpec.scala
@@ -274,7 +274,7 @@ object DefaultValueSpec extends ZIOSpecDefault {
               (s: Status) => s.isInstanceOf[Pending.type]
             )
           )
-        assert(schema.defaultValue)(isRight(equalTo(Failed(0, "", None, ""))))
+        assert(schema.defaultValue)(isRight(equalTo(Failed(0, "", None, "oops"))))
       }
     ),
     suite("EitherSchema")(
diff --git a/zio-schema-derivation/shared/src/test/scala/zio/schema/DeriveSpec.scala b/zio-schema-derivation/shared/src/test/scala/zio/schema/DeriveSpec.scala
index 0bd2ea19f..80a5b62e2 100644
--- a/zio-schema-derivation/shared/src/test/scala/zio/schema/DeriveSpec.scala
+++ b/zio-schema-derivation/shared/src/test/scala/zio/schema/DeriveSpec.scala
@@ -170,8 +170,11 @@ import zio.{ Chunk, Scope }
             .fields(0)
             .annotations
           assertTrue(
-            annotations
-              .exists(a => a.isInstanceOf[fieldDefaultValue[_]] && a.asInstanceOf[fieldDefaultValue[Int]].value == 42)
+            annotations.exists { a =>
+              a.isInstanceOf[fieldDefaultValue[_]] &&
+              a.asInstanceOf[fieldDefaultValue[Int]].value == 42
+            },
+            capturedSchema.schema.defaultValue == Right(RecordWithDefaultValue(42, 52))
           )
         },
         test("use case class default values of generic class") {
@@ -180,12 +183,13 @@ import zio.{ Chunk, Scope }
             .asInstanceOf[Schema.Record[GenericRecordWithDefaultValue[Int]]]
             .fields(0)
             .annotations
-          assertTrue {
+          assertTrue(
             annotations.exists { a =>
               a.isInstanceOf[fieldDefaultValue[_]] &&
               a.asInstanceOf[fieldDefaultValue[Option[Int]]].value == None
-            }
-          }
+            },
+            capturedSchema.schema.defaultValue == Right(GenericRecordWithDefaultValue[Int](None, 52))
+          )
         },
         test("prefer field annotations over case class default values") {
           val capturedSchema = Derive.derive[CapturedSchema, RecordWithDefaultValue](schemaCapturer)
@@ -195,7 +199,8 @@ import zio.{ Chunk, Scope }
             .annotations
           assertTrue(
             annotations
-              .exists(a => a.isInstanceOf[fieldDefaultValue[_]] && a.asInstanceOf[fieldDefaultValue[Int]].value == 52)
+              .exists(a => a.isInstanceOf[fieldDefaultValue[_]] && a.asInstanceOf[fieldDefaultValue[Int]].value == 52),
+            capturedSchema.schema.defaultValue == Right(RecordWithDefaultValue(42, 52))
           )
         }
       ),
diff --git a/zio-schema/shared/src/main/scala/zio/schema/Schema.scala b/zio-schema/shared/src/main/scala/zio/schema/Schema.scala
index c4d3166d4..7fe459798 100644
--- a/zio-schema/shared/src/main/scala/zio/schema/Schema.scala
+++ b/zio-schema/shared/src/main/scala/zio/schema/Schema.scala
@@ -6,6 +6,7 @@ import java.time.temporal.ChronoUnit
 import scala.annotation.tailrec
 import scala.collection.immutable.ListMap
 
+import zio.schema.annotation.fieldDefaultValue
 import zio.schema.internal.SourceLocation
 import zio.schema.meta._
 import zio.schema.validation._
@@ -424,9 +425,12 @@ object Schema extends SchemaEquality {
 
     def defaultValue: scala.util.Either[String, R] =
       Unsafe.unsafe { implicit unsafe =>
-        self.fields
-          .map(_.schema.defaultValue)
-          .foldLeft[scala.util.Either[String, Chunk[R]]](Right(Chunk.empty)) {
+        self.fields.map { field =>
+          field.annotations.collectFirst { case fieldDefaultValue(value) => value } match {
+            case Some(value) => Right(value)
+            case None        => field.schema.defaultValue
+          }
+        }.foldLeft[scala.util.Either[String, Chunk[R]]](Right(Chunk.empty)) {
             case (e @ Left(_), _)              => e
             case (_, Left(e))                  => Left[String, Chunk[R]](e)
             case (Right(values), Right(value)) => Right[String, Chunk[R]](values :+ value.asInstanceOf[R])