diff --git a/src/wp-includes/taxonomy-functions.php b/src/wp-includes/taxonomy-functions.php
index 0c89ac1e51..88f944edc2 100644
--- a/src/wp-includes/taxonomy-functions.php
+++ b/src/wp-includes/taxonomy-functions.php
@@ -1155,6 +1155,9 @@ function get_terms( $taxonomies, $args = '' ) {
 	$cache_key = "get_terms:$key:$last_changed";
 	$cache = wp_cache_get( $cache_key, 'terms' );
 	if ( false !== $cache ) {
+		if ( 'all' === $args['fields'] ) {
+			$cache = array_map( 'get_term', $cache );
+		}
 
 		/**
 		 * Filter the given taxonomy's terms cache.
@@ -1494,8 +1497,6 @@ function get_terms( $taxonomies, $args = '' ) {
 		foreach ( $terms as $term ) {
 			$_terms[ $term->term_id ] = $term->slug;
 		}
-	} else {
-		$_terms = array_map( 'get_term', $terms );
 	}
 
 	if ( ! empty( $_terms ) ) {
@@ -1508,6 +1509,10 @@ function get_terms( $taxonomies, $args = '' ) {
 
 	wp_cache_add( $cache_key, $terms, 'terms', DAY_IN_SECONDS );
 
+	if ( 'all' === $_fields ) {
+		$terms = array_map( 'get_term', $terms );
+	}
+
 	/** This filter is documented in wp-includes/taxonomy */
 	return apply_filters( 'get_terms', $terms, $taxonomies, $args );
 }
diff --git a/tests/phpunit/tests/term/getTerms.php b/tests/phpunit/tests/term/getTerms.php
index 1c42e49ed7..0b7ae77e9b 100644
--- a/tests/phpunit/tests/term/getTerms.php
+++ b/tests/phpunit/tests/term/getTerms.php
@@ -1591,6 +1591,38 @@ class Tests_Term_getTerms extends WP_UnitTestCase {
 		}
 	}
 
+	/**
+	 * @ticket 14162
+	 * @ticket 34282
+	 */
+	public function test_should_return_wp_term_objects_when_pulling_from_the_cache() {
+		global $wpdb;
+
+		register_taxonomy( 'wptests_tax', 'post' );
+		$terms = $this->factory->term->create_many( 2, array( 'taxonomy' => 'wptests_tax' ) );
+
+		// Prime the cache.
+		get_terms( 'wptests_tax', array(
+			'hide_empty' => false,
+			'fields' => 'all',
+		) );
+
+		$num_queries = $wpdb->num_queries;
+
+		$found = get_terms( 'wptests_tax', array(
+			'hide_empty' => false,
+			'fields' => 'all',
+		) );
+
+		$this->assertSame( $num_queries, $wpdb->num_queries );
+
+		$this->assertNotEmpty( $found );
+
+		foreach ( $found as $term ) {
+			$this->assertInstanceOf( 'WP_Term', $term );
+		}
+	}
+
 	/**
 	 * @ticket 14162
 	 */