diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index d116714..1d04769 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -1,6 +1,11 @@
 Releases
 ========
 
+UNRELEASED
+----------
+
+* `#650 <https://github.com/pytest-dev/pytest-mock/pull/650>`_: Entering a mock created by ``mocker.patch`` as a context manager now returns its ``__enter__.return_value`` instead of always ``None``, while still issuing the warning about using mocks as context managers.
+
 3.17.0
 ------
 
diff --git a/src/pytest_mock/plugin.py b/src/pytest_mock/plugin.py
index 71e5c2b..92bae25 100644
--- a/src/pytest_mock/plugin.py
+++ b/src/pytest_mock/plugin.py
@@ -312,14 +312,20 @@ def _start_patch(
                 # check if `mocked` is actually a mock object, as depending on autospec or target
                 # parameters `mocked` can be anything
                 if hasattr(mocked, "__enter__") and warn_on_mock_enter:
-                    mocked.__enter__.side_effect = lambda: warnings.warn(
-                        "Mocks returned by pytest-mock do not need to be used as context managers. "
-                        "The mocker fixture automatically undoes mocking at the end of a test. "
-                        "This warning can be ignored if it was triggered by mocking a context manager. "
-                        "https://pytest-mock.readthedocs.io/en/latest/usage.html#usage-as-context-manager",
-                        PytestMockWarning,
-                        stacklevel=5,
-                    )
+
+                    def warn_on_enter() -> Any:
+                        warnings.warn(
+                            "Mocks returned by pytest-mock do not need to be used as context managers. "
+                            "The mocker fixture automatically undoes mocking at the end of a test. "
+                            "This warning can be ignored if it was triggered by mocking a context manager. "
+                            "https://pytest-mock.readthedocs.io/en/latest/usage.html#usage-as-context-manager",
+                            PytestMockWarning,
+                            stacklevel=5,
+                        )
+                        # Let the mock return its ``return_value`` as usual.
+                        return self.mock_module.DEFAULT
+
+                    mocked.__enter__.side_effect = warn_on_enter
             return mocked
 
         def object(
diff --git a/tests/test_pytest_mock.py b/tests/test_pytest_mock.py
index 8921e6d..d02d656 100644
--- a/tests/test_pytest_mock.py
+++ b/tests/test_pytest_mock.py
@@ -1837,6 +1837,23 @@ def my_func():
         mocker.patch.object(dummy_module, "MyContext")
         assert isinstance(my_func(), mocker.MagicMock)
 
+    def test_patching_a_context_manager_object(self, mocker: MockerFixture) -> None:
+        """The warning should not change what entering the patched object returns."""
+
+        class dummy_module:
+            pool: Any = None
+
+        pool = mocker.patch.object(dummy_module, "pool")
+        with pytest.warns(PytestMockWarning), dummy_module.pool as entered:
+            pass
+        assert entered is pool.__enter__.return_value
+
+        connection = object()
+        pool.__enter__.return_value = connection
+        with pytest.warns(PytestMockWarning), dummy_module.pool as entered:
+            pass
+        assert entered is connection
+
     def test_patch_context_manager(self, mocker: MockerFixture) -> None:
         """Test that no warnings are issued when an object patched with
         patch.context_manager is used as a context manager (#221)"""