diff --git a/decode.go b/decode.go
index ea645aa..b381c3b 100644
--- a/decode.go
+++ b/decode.go
@@ -24,6 +24,7 @@ const (
 	disallowUnknownFieldsFlag
 	usePreallocateValues
 	disableAllocLimitFlag
+	preferTextUnmarshalerForString
 )
 
 type bufReader interface {
@@ -184,6 +185,20 @@ func (d *Decoder) DisableAllocLimit(on bool) {
 	}
 }
 
+// PreferTextUnmarshalerForString makes the decoder prefer [encoding.TextUnmarshaler]
+// over [encoding.BinaryUnmarshaler] when both are implemented, and source
+// MessagePack data is a String (as opposed to Binary).
+//
+// If this option is not enabled, [encoding.BinaryUnmarshaler] will be preferred
+// instead, regardless of MessagePack data type.
+func (d *Decoder) PreferTextUnmarshalerForString(on bool) {
+	if on {
+		d.flags |= preferTextUnmarshalerForString
+	} else {
+		d.flags &= ^preferTextUnmarshalerForString
+	}
+}
+
 // Buffered returns a reader of the data remaining in the Decoder's buffer.
 // The reader is valid until the next call to Decode.
 func (d *Decoder) Buffered() io.Reader {
diff --git a/decode_value.go b/decode_value.go
index c44a674..e1b5b45 100644
--- a/decode_value.go
+++ b/decode_value.go
@@ -5,6 +5,8 @@ import (
 	"errors"
 	"fmt"
 	"reflect"
+
+	"github.com/vmihailenco/msgpack/v5/msgpcode"
 )
 
 var (
@@ -70,10 +72,16 @@ func _getDecoder(typ reflect.Type) decoderFunc {
 	if typ.Implements(unmarshalerType) {
 		return nilAwareDecoder(typ, unmarshalValue)
 	}
-	if typ.Implements(binaryUnmarshalerType) {
+
+	implementsBinaryUnmarshaler := typ.Implements(binaryUnmarshalerType)
+	implementsTextUnmarshaler := typ.Implements(textUnmarshalerType)
+	if implementsBinaryUnmarshaler && implementsTextUnmarshaler {
+		return nilAwareDecoder(typ, unmarshalBinaryOrTextValue)
+	}
+	if implementsBinaryUnmarshaler {
 		return nilAwareDecoder(typ, unmarshalBinaryValue)
 	}
-	if typ.Implements(textUnmarshalerType) {
+	if implementsTextUnmarshaler {
 		return nilAwareDecoder(typ, unmarshalTextValue)
 	}
 
@@ -86,10 +94,15 @@ func _getDecoder(typ reflect.Type) decoderFunc {
 		if ptr.Implements(unmarshalerType) {
 			return addrDecoder(nilAwareDecoder(typ, unmarshalValue))
 		}
-		if ptr.Implements(binaryUnmarshalerType) {
+		implementsBinaryUnmarshaler := ptr.Implements(binaryUnmarshalerType)
+		implementsTextUnmarshaler := ptr.Implements(textUnmarshalerType)
+		if implementsBinaryUnmarshaler && implementsTextUnmarshaler {
+			return addrDecoder(nilAwareDecoder(typ, unmarshalBinaryOrTextValue))
+		}
+		if implementsBinaryUnmarshaler {
 			return addrDecoder(nilAwareDecoder(typ, unmarshalBinaryValue))
 		}
-		if ptr.Implements(textUnmarshalerType) {
+		if implementsTextUnmarshaler {
 			return addrDecoder(nilAwareDecoder(typ, unmarshalTextValue))
 		}
 	}
@@ -249,3 +262,21 @@ func unmarshalTextValue(d *Decoder, v reflect.Value) error {
 	unmarshaler := v.Interface().(encoding.TextUnmarshaler)
 	return unmarshaler.UnmarshalText(data)
 }
+
+func unmarshalBinaryOrTextValue(d *Decoder, v reflect.Value) error {
+	useText := false
+	if d.flags&preferTextUnmarshalerForString != 0 {
+		code, err := d.PeekCode()
+		if err != nil {
+			return err
+		}
+		if msgpcode.IsString(code) {
+			useText = true
+		}
+	}
+	if useText {
+		return unmarshalTextValue(d, v)
+	} else {
+		return unmarshalBinaryValue(d, v)
+	}
+}
diff --git a/types_test.go b/types_test.go
index f8bfda1..384d6e5 100644
--- a/types_test.go
+++ b/types_test.go
@@ -2,6 +2,8 @@ package msgpack_test
 
 import (
 	"bytes"
+	"encoding"
+	"encoding/binary"
 	"encoding/hex"
 	"fmt"
 	"math"
@@ -427,6 +429,8 @@ type typeTest struct {
 	wantnil  bool
 	wantzero bool
 	wanted   interface{}
+
+	preferTextUnmarshalerForString bool
 }
 
 func (t typeTest) String() string {
@@ -442,6 +446,36 @@ func (t *typeTest) requireErr(err error, s string) {
 	}
 }
 
+type binaryTextType uint32
+
+// UnmarshalText implements encoding.TextUnmarshaler
+func (v *binaryTextType) UnmarshalText(text []byte) error {
+	var b [4]byte
+	n, err := hex.Decode(b[:], text)
+	if err != nil {
+		return err
+	}
+	if n != 4 {
+		return fmt.Errorf("invalid length %d", n)
+	}
+	*v = binaryTextType(binary.BigEndian.Uint32(b[:]))
+	return nil
+}
+
+// UnmarshalBinary implements encoding.BinaryUnmarshaler
+func (v *binaryTextType) UnmarshalBinary(data []byte) error {
+	if n := len(data); n != 4 {
+		return fmt.Errorf("invalid length %d", n)
+	}
+	*v = binaryTextType(binary.BigEndian.Uint32(data))
+	return nil
+}
+
+var (
+	_ encoding.TextUnmarshaler   = new(binaryTextType)
+	_ encoding.BinaryUnmarshaler = new(binaryTextType)
+)
+
 var (
 	intSlice   = make([]int, 0, 3)
 	repoURL, _ = url.Parse("https://github.com/vmihailenco/msgpack")
@@ -622,6 +656,36 @@ var (
 		},
 
 		{in: big.NewInt(123), out: new(big.Int)},
+
+		{
+			in:     "deadbeef",
+			out:    new(binaryTextType),
+			wanted: binaryTextType(0xdeadbeef),
+			decErr: "invalid length 8",
+
+			preferTextUnmarshalerForString: false,
+		},
+		{
+			in:     "deadbeef",
+			out:    new(binaryTextType),
+			wanted: binaryTextType(0xdeadbeef),
+
+			preferTextUnmarshalerForString: true,
+		},
+		{
+			in:     []byte{0xde, 0xad, 0xbe, 0xef},
+			out:    new(binaryTextType),
+			wanted: binaryTextType(0xdeadbeef),
+
+			preferTextUnmarshalerForString: false,
+		},
+		{
+			in:     []byte{0xde, 0xad, 0xbe, 0xef},
+			out:    new(binaryTextType),
+			wanted: binaryTextType(0xdeadbeef),
+
+			preferTextUnmarshalerForString: true,
+		},
 	}
 )
 
@@ -655,6 +719,9 @@ func TestTypes(t *testing.T) {
 		}
 
 		dec := msgpack.NewDecoder(&buf)
+		if test.preferTextUnmarshalerForString {
+			dec.PreferTextUnmarshalerForString(true)
+		}
 		err = dec.Decode(test.out)
 		if test.decErr != "" {
 			test.requireErr(err, test.decErr)