diff --git a/types/lib/model.d.ts b/types/lib/model.d.ts
index 99280c70433b..5589662ca1ce 100644
--- a/types/lib/model.d.ts
+++ b/types/lib/model.d.ts
@@ -715,12 +715,20 @@ export interface Hookable {
  * Options for Model.findOrCreate method
  */
 export interface FindOrCreateOptions<TAttributes = any, TCreationAttributes = TAttributes>
-  extends FindOptions<TAttributes>
+  extends FindOptions<TAttributes>, CreateOptions<TAttributes>
 {
   /**
-   * The fields to insert / update. Defaults to all fields
+   * Default values to use if building a new instance
    */
-  fields?: (keyof TAttributes)[];
+  defaults?: TCreationAttributes;
+}
+
+/**
+ * Options for Model.findOrBuild method
+ */
+export interface FindOrBuildOptions<TAttributes = any, TCreationAttributes = TAttributes>
+  extends FindOptions<TAttributes>, BuildOptions
+{
   /**
    * Default values to use if building a new instance
    */
@@ -2033,7 +2041,7 @@ export abstract class Model<TModelAttributes extends {} = any, TCreationAttribut
    */
   public static findOrBuild<M extends Model>(
     this: ModelStatic<M>,
-    options: FindOrCreateOptions<M['_attributes'], M['_creationAttributes']>
+    options: FindOrBuildOptions<M['_attributes'], M['_creationAttributes']>
   ): Promise<[M, boolean]>;
 
   /**
diff --git a/types/test/model.ts b/types/test/model.ts
index 870d8be2dc76..53294e19f1f3 100644
--- a/types/test/model.ts
+++ b/types/test/model.ts
@@ -104,14 +104,21 @@ const model: typeof MyModel = MyModel.init({
   }
 });
 
+type UserModelAttributes = {
+  username: string,
+  beta_user: boolean,
+};
+
+type UserCreationAttributes = Optional<UserModelAttributes, 'beta_user'>;
+
 /**
  * Tests for findCreateFind() type.
  */
-class UserModel extends Model {}
+class UserModel extends Model<UserModelAttributes, UserCreationAttributes> {}
 
 UserModel.init({
   username: { type: DataTypes.STRING, allowNull: false },
-  beta_user: { type: DataTypes.BOOLEAN, allowNull: false }
+  beta_user: { type: DataTypes.BOOLEAN, allowNull: false, defaultValue: false }
 }, {
   sequelize: sequelize
 })
@@ -121,7 +128,8 @@ UserModel.findCreateFind({
     username: "new user username"
   },
   defaults: {
-    beta_user: true
+    beta_user: true,
+    username: "new user username"
   }
 })
 
@@ -132,19 +140,54 @@ UserModel.getAttributes();
  */
 
 UserModel.findOrCreate({
-  fields: [ "jane.doe" ],
+  // 'create' options
+  hooks: true,
+  fields: ['username'],
+  ignoreDuplicates: true,
+  returning: true,
+  validate: true,
+  raw: true,
+  isNewRecord: true,
+  include: [],
+
+  // 'find' options
+  paranoid: true,
   where: {
     username: "jane.doe"
   },
+
+  // 'findOrCreate' options
   defaults: {
     username: "jane.doe"
   }
-})
+});
+
+/**
+ * Tests for findOrBuild() type.
+ */
+
+UserModel.findOrBuild({
+  // 'build' options
+  raw: true,
+  isNewRecord: true,
+  include: [],
+
+  // 'find' options
+  paranoid: true,
+  where: {
+    username: "jane.doe"
+  },
+
+  // 'findOrCreate' options
+  defaults: {
+    username: "jane.doe"
+  }
+});
 
 /**
  * Test for primaryKeyAttributes.
  */
-class TestModel extends Model {};
+class TestModel extends Model {}
 TestModel.primaryKeyAttributes;
 
 /**