diff --git a/NEWS.md b/NEWS.md
index 1e3c1729e1659f..5a996e7e714527 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -320,6 +320,9 @@ Deprecated or removed
 
   * `Base.SparseArrays.SpDiagIterator` has been removed ([#23261]).
 
+  * `diagm(A::SparseMatrixCSC)` has been deprecated in favor of
+    `spdiagm(sparsevec(A))` ([#23341]).
+
 Command-line option changes
 ---------------------------
 
diff --git a/base/deprecated.jl b/base/deprecated.jl
index 5ec60233797083..0adc8eb68c8ff9 100644
--- a/base/deprecated.jl
+++ b/base/deprecated.jl
@@ -1691,7 +1691,7 @@ export hex2num
 # deprecations for filter[!] with 2-arg functions are in associative.jl
 
 # PR 23341
-@deprecate diagm(A::SparseMatrixCSC) diagm(sparsevec(A))
+@deprecate diagm(A::SparseMatrixCSC) spdiagm(sparsevec(A))
 
 # END 0.7 deprecations
 
diff --git a/base/sparse/sparsevector.jl b/base/sparse/sparsevector.jl
index 8bb0a975626b30..80225e4d328c8b 100644
--- a/base/sparse/sparsevector.jl
+++ b/base/sparse/sparsevector.jl
@@ -2004,30 +2004,3 @@ function fill!(A::Union{SparseVector, SparseMatrixCSC}, x)
     end
     return A
 end
-
-function diagm(v::SparseVector{Tv,Ti}) where {Tv,Ti}
-    n = length(v)
-    numnz = nnz(v)
-    colptr = Vector{Ti}(n+1)
-    rowval = Vector{Ti}(numnz)
-    nzval = Vector{Tv}(numnz)
-
-    copy!(rowval, 1, v.nzind, 1, numnz)
-    copy!(nzval, 1, v.nzval, 1, numnz)
-    colptr[1] = 1
-    ptr = 1
-    col = 1
-    while col <= n && ptr <= numnz
-        while rowval[ptr] > col
-            colptr[col+1] = colptr[col]
-            col += 1
-        end
-        colptr[col+1] = colptr[col] + 1
-        ptr += 1
-        col += 1
-    end
-    if col <= n
-        colptr[(col+1):(n+1)] = colptr[col]
-    end
-    return SparseMatrixCSC(n, n, colptr, rowval, nzval)
-end