diff --git a/lib/document.js b/lib/document.js
index 68185b41a4b..15764c75687 100644
--- a/lib/document.js
+++ b/lib/document.js
@@ -766,6 +766,8 @@ function init(self, obj, doc, opts, prefix) {
         doc[i] = {};
         if (!strict && !(i in docSchema.tree) && !(i in docSchema.methods) && !(i in docSchema.virtuals)) {
           self[i] = doc[i];
+        } else if (opts?.virtuals && (i in docSchema.virtuals)) {
+          self[i] = doc[i];
         }
       }
       init(self, value, doc[i], opts, path + '.');
@@ -773,6 +775,8 @@ function init(self, obj, doc, opts, prefix) {
       doc[i] = value;
       if (!strict && !prefix) {
         self[i] = value;
+      } else if (opts?.virtuals && (i in docSchema.virtuals)) {
+        self[i] = value;
       }
     } else {
       // Retain order when overwriting defaults
@@ -789,9 +793,9 @@ function init(self, obj, doc, opts, prefix) {
             if (opts && opts.setters) {
               // Call applySetters with `init = false` because otherwise setters are a noop
               const overrideInit = false;
-              doc[i] = schemaType.applySetters(value, self, overrideInit);
+              doc[i] = schemaType.applySetters(value, self, overrideInit, null, opts);
             } else {
-              doc[i] = schemaType.cast(value, self, true);
+              doc[i] = schemaType.cast(value, self, true, undefined, opts);
             }
           } catch (e) {
             self.invalidate(e.path, new ValidatorError({
diff --git a/lib/model.js b/lib/model.js
index e581393eb6d..6edf39e68fa 100644
--- a/lib/model.js
+++ b/lib/model.js
@@ -3966,6 +3966,7 @@ Model.buildBulkWriteOperations = function buildBulkWriteOperations(documents, op
  * @param {Object} [options] optional options
  * @param {Boolean} [options.setters=false] if true, apply schema setters when hydrating
  * @param {Boolean} [options.hydratedPopulatedDocs=false] if true, populates the docs if passing pre-populated data
+ * @param {Boolean} [options.virtuals=false] if true, sets any virtuals present on `obj`
  * @return {Document} document instance
  * @api public
  */
@@ -3973,6 +3974,10 @@ Model.buildBulkWriteOperations = function buildBulkWriteOperations(documents, op
 Model.hydrate = function(obj, projection, options) {
   _checkContext(this, 'hydrate');
 
+  if (options?.virtuals && options?.hydratedPopulatedDocs === false) {
+    throw new MongooseError('Cannot set `hydratedPopulatedDocs` option to false if `virtuals` option is truthy because `virtuals: true` also sets populated virtuals');
+  }
+
   if (projection != null) {
     if (obj != null && obj.$__ != null) {
       obj = obj.toObject(internalToObjectOptions);
diff --git a/lib/schema/documentArray.js b/lib/schema/documentArray.js
index 6eba45255b2..1a13274fb53 100644
--- a/lib/schema/documentArray.js
+++ b/lib/schema/documentArray.js
@@ -492,7 +492,7 @@ SchemaDocumentArray.prototype.cast = function(value, doc, init, prev, options) {
         }
 
         subdoc = new Constructor(null, value, initDocumentOptions, selected, i);
-        rawArray[i] = subdoc.$init(rawArray[i]);
+        rawArray[i] = subdoc.$init(rawArray[i], options);
       } else {
         if (prev && typeof prev.id === 'function') {
           subdoc = prev.id(rawArray[i]._id);
diff --git a/lib/schema/map.js b/lib/schema/map.js
index 7fcbd7576c2..752fa07d949 100644
--- a/lib/schema/map.js
+++ b/lib/schema/map.js
@@ -39,7 +39,7 @@ class SchemaMap extends SchemaType {
           if (_val == null) {
             _val = map.$__schemaType._castNullish(_val);
           } else {
-            _val = map.$__schemaType.cast(_val, doc, true, null, { path: path + '.' + key });
+            _val = map.$__schemaType.cast(_val, doc, true, null, { ...options, path: path + '.' + key });
           }
           map.$init(key, _val);
         }
@@ -49,7 +49,7 @@ class SchemaMap extends SchemaType {
           if (_val == null) {
             _val = map.$__schemaType._castNullish(_val);
           } else {
-            _val = map.$__schemaType.cast(_val, doc, true, null, { path: path + '.' + key });
+            _val = map.$__schemaType.cast(_val, doc, true, null, { ...options, path: path + '.' + key });
           }
           map.$init(key, _val);
         }
diff --git a/lib/schema/subdocument.js b/lib/schema/subdocument.js
index 7481ec9bcbc..b8a95a0d61c 100644
--- a/lib/schema/subdocument.js
+++ b/lib/schema/subdocument.js
@@ -203,7 +203,7 @@ SchemaSubdocument.prototype.cast = function(val, doc, init, priorVal, options) {
   if (init) {
     subdoc = new Constructor(void 0, selected, doc, false, { defaults: false });
     delete subdoc.$__.defaults;
-    subdoc.$init(val);
+    subdoc.$init(val, options);
     const exclude = isExclusive(selected);
     applyDefaults(subdoc, selected, exclude);
   } else {
diff --git a/test/model.test.js b/test/model.test.js
index 8b363c449d8..5ead1668beb 100644
--- a/test/model.test.js
+++ b/test/model.test.js
@@ -7700,6 +7700,116 @@ describe('Model', function() {
     assert.equal(doc.text, 'foobar');
   });
 
+  it('supports virtuals option for `hydrate()` (gh-15627)', function() {
+    // 2) virtual in a document array
+    const arrSchema = new Schema({
+      value: String
+    });
+    arrSchema.virtual('valueLower');
+
+    // 3) virtual in a subdocument
+    const nestedSchema = new Schema({
+      foo: String
+    });
+    nestedSchema.virtual('fooRev');
+
+    // 4) virtual in a map of subdocuments
+    const mapSubSchema = new Schema({
+      v: String
+    }, { _id: false });
+    mapSubSchema.virtual('vDouble');
+
+    const schema = Schema({
+      name: String,
+      nested: nestedSchema,
+      arr: [arrSchema],
+      map: {
+        type: Map,
+        of: mapSubSchema
+      },
+      friendId: {
+        type: mongoose.Schema.Types.ObjectId
+      }
+    }, { toObject: { virtuals: true }, toJSON: { virtuals: true } });
+
+    // 1) top-level virtual
+    schema.virtual('topLevel');
+
+    // 5) top-level populated virtual
+    schema.virtual('friend', {
+      ref: 'TestUser',
+      localField: 'friendId',
+      foreignField: '_id',
+      justOne: true
+    });
+
+    db.model('User', new Schema({
+      _id: mongoose.Schema.Types.ObjectId,
+      username: String
+    }));
+
+    const TestModel = db.model('Test', schema);
+
+    const userId = new mongoose.Types.ObjectId();
+
+    // Hydrate with various virtuals in the raw object
+    const doc = TestModel.hydrate({
+      name: 'Bill',
+      topLevel: 'test top level virtual',
+      arr: [
+        { value: 'FOO', valueLower: 'foo' },
+        { value: 'BAR', valueLower: 'bar' }
+      ],
+      nested: { foo: 'baz', fooRev: 'zab' },
+      map: {
+        first: { v: 'ab', vDouble: 'abab' },
+        second: { v: 'xy', vDouble: 'xyxy' }
+      },
+      friendId: userId,
+      friend: { _id: userId, username: 'Populated Friend' }
+    }, null, { virtuals: true }); // ensure virtuals:true here
+
+    // 1) Top-level virtual
+    assert.equal(doc.name, 'Bill');
+    assert.equal(doc.topLevel, 'test top level virtual');
+    assert.strictEqual(doc.toObject().topLevel, 'test top level virtual');
+
+    // 2) Document array virtuals
+    assert.equal(doc.arr.length, 2);
+    assert.equal(doc.arr[0].value, 'FOO');
+    assert.equal(doc.arr[0].valueLower, 'foo');
+    assert.strictEqual(doc.arr[0].toObject().valueLower, 'foo');
+    assert.equal(doc.arr[1].value, 'BAR');
+    assert.equal(doc.arr[1].valueLower, 'bar');
+    assert.strictEqual(doc.arr[1].toObject().valueLower, 'bar');
+
+    // 3) Virtual in subdocument
+    assert.ok(doc.nested);
+    assert.equal(doc.nested.foo, 'baz');
+    assert.equal(doc.nested.fooRev, 'zab');
+    assert.strictEqual(doc.nested.toObject().fooRev, 'zab');
+
+    // 4) Virtual in map of subdocuments
+    assert.ok(doc.map instanceof Map);
+    assert.equal(doc.map.get('first').v, 'ab');
+    assert.equal(doc.map.get('first').vDouble, 'abab');
+    assert.strictEqual(doc.map.get('first').toObject().vDouble, 'abab');
+    assert.equal(doc.map.get('second').v, 'xy');
+    assert.equal(doc.map.get('second').vDouble, 'xyxy');
+    assert.strictEqual(doc.map.get('second').toObject().vDouble, 'xyxy');
+
+    // 5) Top-level populated virtual
+    assert.equal(doc.friendId.toString(), userId.toString());
+    assert.ok(doc.friend);
+    assert.equal(doc.friend._id.toString(), userId.toString());
+    assert.equal(doc.friend.username, 'Populated Friend');
+
+    assert.throws(
+      () => TestModel.hydrate({}, null, { virtuals: true, hydratedPopulatedDocs: false }),
+      /Cannot set `hydratedPopulatedDocs` option to false if `virtuals` option is truthy/
+    );
+  });
+
   it('sets index collation based on schema collation (gh-7621)', async function() {
     let testSchema = new Schema(
       { name: { type: String, index: true } }
diff --git a/types/models.d.ts b/types/models.d.ts
index 03f27bacf1f..b276501896a 100644
--- a/types/models.d.ts
+++ b/types/models.d.ts
@@ -58,6 +58,7 @@ declare module 'mongoose' {
   interface HydrateOptions {
     setters?: boolean;
     hydratedPopulatedDocs?: boolean;
+    virtuals?: boolean;
   }
 
   interface InsertManyOptions extends