diff --git a/docs/administration/netbox-shell.md b/docs/administration/netbox-shell.md
index 51a06156a..2a8d31494 100644
--- a/docs/administration/netbox-shell.md
+++ b/docs/administration/netbox-shell.md
@@ -185,7 +185,7 @@ To delete an object, simply call `delete()` on its instance. This will return a
 >>> vlan
 <VLAN: 123 (BetterName)>
 >>> vlan.delete()
-(1, {'extras.CustomFieldValue': 0, 'ipam.VLAN': 1})
+(1, {'ipam.VLAN': 1})
 ```
 
 To delete multiple objects at once, call `delete()` on a filtered queryset. It's a good idea to always sanity-check the count of selected objects _before_ deleting them.
@@ -194,9 +194,9 @@ To delete multiple objects at once, call `delete()` on a filtered queryset. It's
 >>> Device.objects.filter(name__icontains='test').count()
 27
 >>> Device.objects.filter(name__icontains='test').delete()
-(35, {'extras.CustomFieldValue': 0, 'dcim.DeviceBay': 0, 'secrets.Secret': 0,
-'dcim.InterfaceConnection': 4, 'extras.ImageAttachment': 0, 'dcim.Device': 27,
-'dcim.Interface': 4, 'dcim.ConsolePort': 0, 'dcim.PowerPort': 0})
+(35, {'dcim.DeviceBay': 0, 'secrets.Secret': 0, 'dcim.InterfaceConnection': 4,
+'extras.ImageAttachment': 0, 'dcim.Device': 27, 'dcim.Interface': 4,
+'dcim.ConsolePort': 0, 'dcim.PowerPort': 0})
 ```
 
 !!! warning
diff --git a/netbox/circuits/migrations/0020_custom_field_data.py b/netbox/circuits/migrations/0020_custom_field_data.py
new file mode 100644
index 000000000..97da9962c
--- /dev/null
+++ b/netbox/circuits/migrations/0020_custom_field_data.py
@@ -0,0 +1,22 @@
+import django.core.serializers.json
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('circuits', '0019_nullbooleanfield_to_booleanfield'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='circuit',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='provider',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+    ]
diff --git a/netbox/circuits/models.py b/netbox/circuits/models.py
index 14f555cc6..fbe568f18 100644
--- a/netbox/circuits/models.py
+++ b/netbox/circuits/models.py
@@ -1,4 +1,3 @@
-from django.contrib.contenttypes.fields import GenericRelation
 from django.db import models
 from django.urls import reverse
 from taggit.managers import TaggableManager
@@ -61,11 +60,6 @@ class Provider(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
@@ -186,11 +180,6 @@ class Circuit(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
 
     objects = CircuitQuerySet.as_manager()
     tags = TaggableManager(through=TaggedItem)
diff --git a/netbox/dcim/migrations/0116_custom_field_data.py b/netbox/dcim/migrations/0116_custom_field_data.py
new file mode 100644
index 000000000..cc7b8cc7f
--- /dev/null
+++ b/netbox/dcim/migrations/0116_custom_field_data.py
@@ -0,0 +1,37 @@
+import django.core.serializers.json
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('dcim', '0115_rackreservation_order'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='device',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='devicetype',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='powerfeed',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='rack',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='site',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+    ]
diff --git a/netbox/dcim/models/devices.py b/netbox/dcim/models/devices.py
index c152e7c04..8b4f06108 100644
--- a/netbox/dcim/models/devices.py
+++ b/netbox/dcim/models/devices.py
@@ -134,11 +134,6 @@ class DeviceType(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
@@ -584,11 +579,6 @@ class Device(ChangeLoggedModel, ConfigContextModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     images = GenericRelation(
         to='extras.ImageAttachment'
     )
diff --git a/netbox/dcim/models/power.py b/netbox/dcim/models/power.py
index f760fea13..08ae194ae 100644
--- a/netbox/dcim/models/power.py
+++ b/netbox/dcim/models/power.py
@@ -1,4 +1,3 @@
-from django.contrib.contenttypes.fields import GenericRelation
 from django.core.exceptions import ValidationError
 from django.core.validators import MaxValueValidator, MinValueValidator
 from django.db import models
@@ -144,11 +143,6 @@ class PowerFeed(ChangeLoggedModel, CableTermination, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
diff --git a/netbox/dcim/models/racks.py b/netbox/dcim/models/racks.py
index 6c5ab08b9..4a6b56298 100644
--- a/netbox/dcim/models/racks.py
+++ b/netbox/dcim/models/racks.py
@@ -261,11 +261,6 @@ class Rack(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     images = GenericRelation(
         to='extras.ImageAttachment'
     )
diff --git a/netbox/dcim/models/sites.py b/netbox/dcim/models/sites.py
index 1ea083367..0d33da806 100644
--- a/netbox/dcim/models/sites.py
+++ b/netbox/dcim/models/sites.py
@@ -183,11 +183,6 @@ class Site(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     images = GenericRelation(
         to='extras.ImageAttachment'
     )
diff --git a/netbox/extras/admin.py b/netbox/extras/admin.py
index 5c95025cd..a8b4c0eb8 100644
--- a/netbox/extras/admin.py
+++ b/netbox/extras/admin.py
@@ -2,7 +2,8 @@ from django import forms
 from django.contrib import admin
 
 from utilities.forms import LaxURLField
-from .models import CustomField, CustomFieldChoice, CustomLink, ExportTemplate, JobResult, Webhook
+from .choices import CustomFieldTypeChoices
+from .models import CustomField, CustomLink, ExportTemplate, JobResult, Webhook
 
 
 def order_content_types(field):
@@ -80,22 +81,38 @@ class CustomFieldForm(forms.ModelForm):
 
         order_content_types(self.fields['obj_type'])
 
+    def clean(self):
 
-class CustomFieldChoiceAdmin(admin.TabularInline):
-    model = CustomFieldChoice
-    extra = 5
+        # Validate selection choices
+        if self.cleaned_data['type'] == CustomFieldTypeChoices.TYPE_SELECT and len(self.cleaned_data['choices']) < 2:
+            raise forms.ValidationError({
+                'choices': 'Selection fields must specify at least two choices.'
+            })
 
 
 @admin.register(CustomField)
 class CustomFieldAdmin(admin.ModelAdmin):
-    inlines = [CustomFieldChoiceAdmin]
+    actions = None
+    form = CustomFieldForm
     list_display = [
         'name', 'models', 'type', 'required', 'filter_logic', 'default', 'weight', 'description',
     ]
     list_filter = [
         'type', 'required', 'obj_type',
     ]
-    form = CustomFieldForm
+    fieldsets = (
+        ('Custom Field', {
+            'fields': ('type', 'name', 'weight', 'label', 'description', 'required', 'default', 'filter_logic')
+        }),
+        ('Assignment', {
+            'description': 'A custom field must be assigned to one or more object types.',
+            'fields': ('obj_type',)
+        }),
+        ('Choices', {
+            'description': 'A selection field must have two or more choices assigned to it.',
+            'fields': ('choices',)
+        })
+    )
 
     def models(self, obj):
         return ', '.join([ct.name for ct in obj.obj_type.all()])
diff --git a/netbox/extras/api/customfields.py b/netbox/extras/api/customfields.py
index f096fb4a6..52c9a18ab 100644
--- a/netbox/extras/api/customfields.py
+++ b/netbox/extras/api/customfields.py
@@ -1,14 +1,11 @@
 from datetime import datetime
 
 from django.contrib.contenttypes.models import ContentType
-from django.core.exceptions import ObjectDoesNotExist
-from django.db import transaction
-from rest_framework import serializers
 from rest_framework.exceptions import ValidationError
-from rest_framework.fields import CreateOnlyDefault
+from rest_framework.fields import CreateOnlyDefault, Field
 
 from extras.choices import *
-from extras.models import CustomField, CustomFieldChoice, CustomFieldValue
+from extras.models import CustomField
 from utilities.api import ValidatedModelSerializer
 
 
@@ -38,12 +35,6 @@ class CustomFieldDefaultValues:
                 elif field.type == CustomFieldTypeChoices.TYPE_BOOLEAN:
                     # TODO: Fix default value assignment for boolean custom fields
                     field_value = False if field.default.lower() == 'false' else bool(field.default)
-                elif field.type == CustomFieldTypeChoices.TYPE_SELECT:
-                    try:
-                        field_value = field.choices.get(value=field.default).pk
-                    except ObjectDoesNotExist:
-                        # Invalid default value
-                        field_value = None
                 else:
                     field_value = field.default
                 value[field.name] = field_value
@@ -53,26 +44,35 @@ class CustomFieldDefaultValues:
         return value
 
 
-class CustomFieldsSerializer(serializers.BaseSerializer):
+class CustomFieldsDataField(Field):
+
+    def _get_custom_fields(self):
+        """
+        Cache CustomFields assigned to this model to avoid redundant database queries
+        """
+        if not hasattr(self, '_custom_fields'):
+            content_type = ContentType.objects.get_for_model(self.parent.Meta.model)
+            self._custom_fields = CustomField.objects.filter(obj_type=content_type)
+        return self._custom_fields
 
     def to_representation(self, obj):
-        return obj
+        return {
+            cf.name: obj.get(cf.name) for cf in self._get_custom_fields()
+        }
 
     def to_internal_value(self, data):
+        # If updating an existing instance, start with existing custom_field_data
+        if self.parent.instance:
+            data = {**self.parent.instance.custom_field_data, **data}
 
-        content_type = ContentType.objects.get_for_model(self.parent.Meta.model)
-        custom_fields = {
-            field.name: field for field in CustomField.objects.filter(obj_type=content_type)
-        }
+        custom_fields = {field.name: field for field in self._get_custom_fields()}
 
         for field_name, value in data.items():
 
             try:
                 cf = custom_fields[field_name]
             except KeyError:
-                raise ValidationError(
-                    "Invalid custom field for {} objects: {}".format(content_type, field_name)
-                )
+                raise ValidationError(f"Invalid custom field name: {field_name}")
 
             # Data validation
             if value not in [None, '']:
@@ -82,15 +82,11 @@ class CustomFieldsSerializer(serializers.BaseSerializer):
                     try:
                         int(value)
                     except ValueError:
-                        raise ValidationError(
-                            "Invalid value for integer field {}: {}".format(field_name, value)
-                        )
+                        raise ValidationError(f"Invalid value for integer field {field_name}: {value}")
 
                 # Validate boolean
                 if cf.type == CustomFieldTypeChoices.TYPE_BOOLEAN and value not in [True, False, 1, 0]:
-                    raise ValidationError(
-                        "Invalid value for boolean field {}: {}".format(field_name, value)
-                    )
+                    raise ValidationError(f"Invalid value for boolean field {field_name}: {value}")
 
                 # Validate date
                 if cf.type == CustomFieldTypeChoices.TYPE_DATE:
@@ -98,25 +94,16 @@ class CustomFieldsSerializer(serializers.BaseSerializer):
                         datetime.strptime(value, '%Y-%m-%d')
                     except ValueError:
                         raise ValidationError(
-                            "Invalid date for field {}: {}. (Required format is YYYY-MM-DD.)".format(field_name, value)
+                            f"Invalid date for field {field_name}: {value}. (Required format is YYYY-MM-DD.)"
                         )
 
                 # Validate selected choice
                 if cf.type == CustomFieldTypeChoices.TYPE_SELECT:
-                    try:
-                        value = int(value)
-                    except ValueError:
-                        raise ValidationError(
-                            "{}: Choice selections must be passed as integers.".format(field_name)
-                        )
-                    valid_choices = [c.pk for c in cf.choices.all()]
-                    if value not in valid_choices:
-                        raise ValidationError(
-                            "Invalid choice for field {}: {}".format(field_name, value)
-                        )
+                    if value not in cf.choices:
+                        raise ValidationError(f"Invalid choice for field {field_name}: {value}")
 
             elif cf.required:
-                raise ValidationError("Required field {} cannot be empty.".format(field_name))
+                raise ValidationError(f"Required field {field_name} cannot be empty.")
 
         # Check for missing required fields
         missing_fields = []
@@ -133,8 +120,8 @@ class CustomFieldModelSerializer(ValidatedModelSerializer):
     """
     Extends ModelSerializer to render any CustomFields and their values associated with an object.
     """
-    custom_fields = CustomFieldsSerializer(
-        required=False,
+    custom_fields = CustomFieldsDataField(
+        source='custom_field_data',
         default=CreateOnlyDefault(CustomFieldDefaultValues())
     )
 
@@ -148,70 +135,13 @@ class CustomFieldModelSerializer(ValidatedModelSerializer):
             fields = CustomField.objects.filter(obj_type=content_type)
 
             # Populate CustomFieldValues for each instance from database
-            try:
+            if type(self.instance) in (list, tuple):
                 for obj in self.instance:
                     self._populate_custom_fields(obj, fields)
-            except TypeError:
+            else:
                 self._populate_custom_fields(self.instance, fields)
 
     def _populate_custom_fields(self, instance, custom_fields):
         instance.custom_fields = {}
         for field in custom_fields:
-            value = instance.cf.get(field.name)
-            if field.type == CustomFieldTypeChoices.TYPE_SELECT and value:
-                instance.custom_fields[field.name] = CustomFieldChoiceSerializer(value).data
-            else:
-                instance.custom_fields[field.name] = value
-
-    def _save_custom_fields(self, instance, custom_fields):
-        content_type = ContentType.objects.get_for_model(self.Meta.model)
-        for field_name, value in custom_fields.items():
-            custom_field = CustomField.objects.get(name=field_name)
-            CustomFieldValue.objects.update_or_create(
-                field=custom_field,
-                obj_type=content_type,
-                obj_id=instance.pk,
-                defaults={'serialized_value': custom_field.serialize_value(value)},
-            )
-
-    def create(self, validated_data):
-
-        with transaction.atomic():
-
-            instance = super().create(validated_data)
-
-            # Save custom fields
-            custom_fields = validated_data.get('custom_fields')
-            if custom_fields is not None:
-                self._save_custom_fields(instance, custom_fields)
-                instance.custom_fields = custom_fields
-
-        return instance
-
-    def update(self, instance, validated_data):
-
-        with transaction.atomic():
-
-            custom_fields = validated_data.get('custom_fields')
-            instance._cf = custom_fields
-
-            instance = super().update(instance, validated_data)
-
-            # Save custom fields
-            if custom_fields is not None:
-                self._save_custom_fields(instance, custom_fields)
-                instance.custom_fields = custom_fields
-
-        return instance
-
-
-class CustomFieldChoiceSerializer(serializers.ModelSerializer):
-    """
-    Imitate utilities.api.ChoiceFieldSerializer
-    """
-    value = serializers.IntegerField(source='pk')
-    label = serializers.CharField(source='value')
-
-    class Meta:
-        model = CustomFieldChoice
-        fields = ['value', 'label']
+            instance.custom_fields[field.name] = instance.cf.get(field.name)
diff --git a/netbox/extras/api/urls.py b/netbox/extras/api/urls.py
index 70e5bc9da..20d0f8d17 100644
--- a/netbox/extras/api/urls.py
+++ b/netbox/extras/api/urls.py
@@ -5,9 +5,6 @@ from . import views
 router = OrderedDefaultRouter()
 router.APIRootView = views.ExtrasRootView
 
-# Custom field choices
-router.register('_custom_field_choices', views.CustomFieldChoicesViewSet, basename='custom-field-choice')
-
 # Export templates
 router.register('export-templates', views.ExportTemplateViewSet)
 
diff --git a/netbox/extras/api/views.py b/netbox/extras/api/views.py
index 5a7cfa482..940cc7912 100644
--- a/netbox/extras/api/views.py
+++ b/netbox/extras/api/views.py
@@ -14,9 +14,7 @@ from rq import Worker
 
 from extras import filters
 from extras.choices import JobResultStatusChoices
-from extras.models import (
-    ConfigContext, CustomFieldChoice, ExportTemplate, ImageAttachment, ObjectChange, JobResult, Tag,
-)
+from extras.models import ConfigContext, ExportTemplate, ImageAttachment, ObjectChange, JobResult, Tag
 from extras.reports import get_report, get_reports, run_report
 from extras.scripts import get_script, get_scripts, run_script
 from utilities.api import IsAuthenticatedOrLoginNotRequired, ModelViewSet
@@ -34,36 +32,6 @@ class ExtrasRootView(APIRootView):
         return 'Extras'
 
 
-#
-# Custom field choices
-#
-
-class CustomFieldChoicesViewSet(ViewSet):
-    """
-    """
-    permission_classes = [IsAuthenticatedOrLoginNotRequired]
-
-    def __init__(self, *args, **kwargs):
-        super(CustomFieldChoicesViewSet, self).__init__(*args, **kwargs)
-
-        self._fields = OrderedDict()
-
-        for cfc in CustomFieldChoice.objects.all():
-            self._fields.setdefault(cfc.field.name, {})
-            self._fields[cfc.field.name][cfc.value] = cfc.pk
-
-    def list(self, request):
-        return Response(self._fields)
-
-    def retrieve(self, request, pk):
-        if pk not in self._fields:
-            raise Http404
-        return Response(self._fields[pk])
-
-    def get_view_name(self):
-        return "Custom Field choices"
-
-
 #
 # Custom fields
 #
@@ -77,26 +45,14 @@ class CustomFieldModelViewSet(ModelViewSet):
 
         # Gather all custom fields for the model
         content_type = ContentType.objects.get_for_model(self.queryset.model)
-        custom_fields = content_type.custom_fields.prefetch_related('choices')
-
-        # Cache all relevant CustomFieldChoices. This saves us from having to do a lookup per select field per object.
-        custom_field_choices = {}
-        for field in custom_fields:
-            for cfc in field.choices.all():
-                custom_field_choices[cfc.id] = cfc.value
-        custom_field_choices = custom_field_choices
+        custom_fields = content_type.custom_fields.all()
 
         context = super().get_serializer_context()
         context.update({
             'custom_fields': custom_fields,
-            'custom_field_choices': custom_field_choices,
         })
         return context
 
-    def get_queryset(self):
-        # Prefetch custom field values
-        return super().get_queryset().prefetch_related('custom_field_values__field')
-
 
 #
 # Export templates
diff --git a/netbox/extras/filters.py b/netbox/extras/filters.py
index b37701d9d..8741c7f13 100644
--- a/netbox/extras/filters.py
+++ b/netbox/extras/filters.py
@@ -22,15 +22,20 @@ __all__ = (
     'TagFilterSet',
 )
 
+EXACT_FILTER_TYPES = (
+    CustomFieldTypeChoices.TYPE_BOOLEAN,
+    CustomFieldTypeChoices.TYPE_DATE,
+    CustomFieldTypeChoices.TYPE_INTEGER,
+    CustomFieldTypeChoices.TYPE_SELECT,
+)
+
 
 class CustomFieldFilter(django_filters.Filter):
     """
     Filter objects by the presence of a CustomFieldValue. The filter's name is used as the CustomField name.
     """
-
     def __init__(self, custom_field, *args, **kwargs):
-        self.cf_type = custom_field.type
-        self.filter_logic = custom_field.filter_logic
+        self.custom_field = custom_field
         super().__init__(*args, **kwargs)
 
     def filter(self, queryset, value):
@@ -39,44 +44,22 @@ class CustomFieldFilter(django_filters.Filter):
         if value is None or not value.strip():
             return queryset
 
-        # Selection fields get special treatment (values must be integers)
-        if self.cf_type == CustomFieldTypeChoices.TYPE_SELECT:
-            try:
-                # Treat 0 as None
-                if int(value) == 0:
-                    return queryset.exclude(
-                        custom_field_values__field__name=self.field_name,
-                    )
-                # Match on exact CustomFieldChoice PK
-                else:
-                    return queryset.filter(
-                        custom_field_values__field__name=self.field_name,
-                        custom_field_values__serialized_value=value,
-                    )
-            except ValueError:
-                return queryset.none()
-
         # Apply the assigned filter logic (exact or loose)
-        if (self.cf_type == CustomFieldTypeChoices.TYPE_BOOLEAN or
-                self.filter_logic == CustomFieldFilterLogicChoices.FILTER_EXACT):
-            queryset = queryset.filter(
-                custom_field_values__field__name=self.field_name,
-                custom_field_values__serialized_value=value
-            )
+        if (
+            self.custom_field.type in EXACT_FILTER_TYPES or
+            self.custom_field.filter_logic == CustomFieldFilterLogicChoices.FILTER_EXACT
+        ):
+            kwargs = {f'custom_field_data__{self.field_name}': value}
         else:
-            queryset = queryset.filter(
-                custom_field_values__field__name=self.field_name,
-                custom_field_values__serialized_value__icontains=value
-            )
+            kwargs = {f'custom_field_data__{self.field_name}__icontains': value}
 
-        return queryset
+        return queryset.filter(**kwargs)
 
 
 class CustomFieldFilterSet(django_filters.FilterSet):
     """
     Dynamically add a Filter for each CustomField applicable to the parent model.
     """
-
     def __init__(self, *args, **kwargs):
         super().__init__(*args, **kwargs)
 
diff --git a/netbox/extras/forms.py b/netbox/extras/forms.py
index 90ec828c7..2cdd5d2ed 100644
--- a/netbox/extras/forms.py
+++ b/netbox/extras/forms.py
@@ -12,7 +12,7 @@ from utilities.forms import (
 )
 from virtualization.models import Cluster, ClusterGroup
 from .choices import *
-from .models import ConfigContext, CustomField, CustomFieldValue, ImageAttachment, ObjectChange, Tag
+from .models import ConfigContext, CustomField, ImageAttachment, ObjectChange, Tag
 
 
 #
@@ -25,78 +25,34 @@ class CustomFieldModelForm(forms.ModelForm):
 
         self.obj_type = ContentType.objects.get_for_model(self._meta.model)
         self.custom_fields = []
-        self.custom_field_values = {}
 
         super().__init__(*args, **kwargs)
 
-        if self.instance._cf is None:
-            self.instance._cf = {}
-
         self._append_customfield_fields()
 
     def _append_customfield_fields(self):
         """
         Append form fields for all CustomFields assigned to this model.
         """
-        # Retrieve initial CustomField values for the instance
-        if self.instance.pk:
-            for cfv in CustomFieldValue.objects.filter(
-                obj_type=self.obj_type,
-                obj_id=self.instance.pk
-            ).prefetch_related('field'):
-                self.custom_field_values[cfv.field.name] = cfv.serialized_value
-
         # Append form fields; assign initial values if modifying and existing object
         for cf in CustomField.objects.filter(obj_type=self.obj_type):
             field_name = 'cf_{}'.format(cf.name)
             if self.instance.pk:
                 self.fields[field_name] = cf.to_form_field(set_initial=False)
-                value = self.custom_field_values.get(cf.name)
-                self.fields[field_name].initial = value
-                self.instance._cf[cf.name] = value
+                self.fields[field_name].initial = self.instance.custom_field_data.get(cf.name)
             else:
                 self.fields[field_name] = cf.to_form_field()
-                self.instance._cf[cf.name] = self.fields[field_name].initial
 
             # Annotate the field in the list of CustomField form fields
             self.custom_fields.append(field_name)
 
-    def _save_custom_fields(self):
-
-        for field_name in self.custom_fields:
-            try:
-                cfv = CustomFieldValue.objects.prefetch_related('field').get(
-                    field=self.fields[field_name].model,
-                    obj_type=self.obj_type,
-                    obj_id=self.instance.pk
-                )
-            except CustomFieldValue.DoesNotExist:
-                # Skip this field if none exists already and its value is empty
-                if self.cleaned_data[field_name] in [None, '']:
-                    continue
-                cfv = CustomFieldValue(
-                    field=self.fields[field_name].model,
-                    obj_type=self.obj_type,
-                    obj_id=self.instance.pk
-                )
-            cfv.value = self.cleaned_data[field_name]
-            cfv.save()
-
     def save(self, commit=True):
 
-        # Cache custom field values on object prior to save to ensure change logging
+        # Save custom field data on instance
         for cf_name in self.custom_fields:
-            self.instance._cf[cf_name[3:]] = self.cleaned_data.get(cf_name)
+            self.instance.custom_field_data[cf_name[3:]] = self.cleaned_data.get(cf_name)
 
-        obj = super().save(commit)
-
-        # Handle custom fields the same way we do M2M fields
-        if commit:
-            self._save_custom_fields()
-        else:
-            obj.save_custom_fields = self._save_custom_fields
-
-        return obj
+        return super().save(commit)
 
 
 class CustomFieldModelCSVForm(CSVModelForm, CustomFieldModelForm):
diff --git a/netbox/extras/migrations/0050_customfield_add_choices.py b/netbox/extras/migrations/0050_customfield_add_choices.py
new file mode 100644
index 000000000..1ae63a2c3
--- /dev/null
+++ b/netbox/extras/migrations/0050_customfield_add_choices.py
@@ -0,0 +1,35 @@
+import django.contrib.postgres.fields
+from django.db import migrations, models
+import django.db.models.deletion
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('extras', '0049_remove_graph'),
+    ]
+
+    operations = [
+        # Rename reverse relation on CustomFieldChoice
+        migrations.AlterField(
+            model_name='customfieldchoice',
+            name='field',
+            field=models.ForeignKey(
+                limit_choices_to={'type': 'select'},
+                on_delete=django.db.models.deletion.CASCADE,
+                related_name='_choices',
+                to='extras.customfield'
+            ),
+        ),
+        # Add choices field to CustomField
+        migrations.AddField(
+            model_name='customfield',
+            name='choices',
+            field=django.contrib.postgres.fields.ArrayField(
+                base_field=models.CharField(max_length=100),
+                blank=True,
+                null=True,
+                size=None
+            ),
+        ),
+    ]
diff --git a/netbox/extras/migrations/0051_migrate_customfields.py b/netbox/extras/migrations/0051_migrate_customfields.py
new file mode 100644
index 000000000..0937ba1f3
--- /dev/null
+++ b/netbox/extras/migrations/0051_migrate_customfields.py
@@ -0,0 +1,73 @@
+from django.db import migrations
+
+from extras.choices import CustomFieldTypeChoices
+
+
+def deserialize_value(field, value):
+    """
+    Convert serialized values to JSON equivalents.
+    """
+    if field.type in (CustomFieldTypeChoices.TYPE_INTEGER):
+        return int(value)
+    if field.type == CustomFieldTypeChoices.TYPE_BOOLEAN:
+        return bool(int(value))
+    if field.type == CustomFieldTypeChoices.TYPE_SELECT:
+        return field._choices.get(pk=int(value)).value
+    return value
+
+
+def migrate_customfieldchoices(apps, schema_editor):
+    """
+    Collect all CustomFieldChoices for each applicable CustomField, and save them locally as an array on
+    the CustomField instance.
+    """
+    CustomField = apps.get_model('extras', 'CustomField')
+    CustomFieldChoice = apps.get_model('extras', 'CustomFieldChoice')
+
+    for cf in CustomField.objects.filter(type='select'):
+        cf.choices = [
+            cfc.value for cfc in CustomFieldChoice.objects.filter(field=cf).order_by('weight', 'value')
+        ]
+        cf.save()
+
+
+def migrate_customfieldvalues(apps, schema_editor):
+    """
+    Copy data from CustomFieldValues into the custom_field_data JSON field on each model instance.
+    """
+    CustomFieldValue = apps.get_model('extras', 'CustomFieldValue')
+
+    for cfv in CustomFieldValue.objects.prefetch_related('field').exclude(serialized_value=''):
+        model = apps.get_model(cfv.obj_type.app_label, cfv.obj_type.model)
+
+        # Read and update custom field value for each instance
+        # TODO: This can be done more efficiently once .update() is supported for JSON fields
+        cf_data = model.objects.filter(pk=cfv.obj_id).values('custom_field_data').first()
+        try:
+            cf_data['custom_field_data'][cfv.field.name] = deserialize_value(cfv.field, cfv.serialized_value)
+        except ValueError as e:
+            print(f'{cfv.field.name} ({cfv.field.type}): {cfv.serialized_value} ({cfv.pk})')
+            raise e
+        model.objects.filter(pk=cfv.obj_id).update(**cf_data)
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('circuits', '0020_custom_field_data'),
+        ('dcim', '0116_custom_field_data'),
+        ('extras', '0050_customfield_add_choices'),
+        ('ipam', '0038_custom_field_data'),
+        ('secrets', '0010_custom_field_data'),
+        ('tenancy', '0010_custom_field_data'),
+        ('virtualization', '0018_custom_field_data'),
+    ]
+
+    operations = [
+        migrations.RunPython(
+            code=migrate_customfieldchoices
+        ),
+        migrations.RunPython(
+            code=migrate_customfieldvalues
+        ),
+    ]
diff --git a/netbox/extras/migrations/0052_delete_customfieldchoice_customfieldvalue.py b/netbox/extras/migrations/0052_delete_customfieldchoice_customfieldvalue.py
new file mode 100644
index 000000000..8b5e2ba45
--- /dev/null
+++ b/netbox/extras/migrations/0052_delete_customfieldchoice_customfieldvalue.py
@@ -0,0 +1,17 @@
+from django.db import migrations
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('extras', '0051_migrate_customfields'),
+    ]
+
+    operations = [
+        migrations.DeleteModel(
+            name='CustomFieldChoice',
+        ),
+        migrations.DeleteModel(
+            name='CustomFieldValue',
+        ),
+    ]
diff --git a/netbox/extras/models/__init__.py b/netbox/extras/models/__init__.py
index 9437fe01f..c6191bbd2 100644
--- a/netbox/extras/models/__init__.py
+++ b/netbox/extras/models/__init__.py
@@ -1,5 +1,5 @@
 from .change_logging import ChangeLoggedModel, ObjectChange
-from .customfields import CustomField, CustomFieldChoice, CustomFieldModel, CustomFieldValue
+from .customfields import CustomField, CustomFieldModel
 from .models import (
     ConfigContext, ConfigContextModel, CustomLink, ExportTemplate, ImageAttachment, JobResult, Report, Script,
     Webhook,
@@ -11,9 +11,7 @@ __all__ = (
     'ConfigContext',
     'ConfigContextModel',
     'CustomField',
-    'CustomFieldChoice',
     'CustomFieldModel',
-    'CustomFieldValue',
     'CustomLink',
     'ExportTemplate',
     'ImageAttachment',
diff --git a/netbox/extras/models/customfields.py b/netbox/extras/models/customfields.py
index fd09971b6..bb577fd4b 100644
--- a/netbox/extras/models/customfields.py
+++ b/netbox/extras/models/customfields.py
@@ -1,9 +1,9 @@
 from collections import OrderedDict
-from datetime import date
 
 from django import forms
-from django.contrib.contenttypes.fields import GenericForeignKey
 from django.contrib.contenttypes.models import ContentType
+from django.contrib.postgres.fields import ArrayField
+from django.core.serializers.json import DjangoJSONEncoder
 from django.core.validators import ValidationError
 from django.db import models
 
@@ -12,49 +12,34 @@ from extras.choices import *
 from extras.utils import FeatureQuery
 
 
-#
-# Custom fields
-#
-
 class CustomFieldModel(models.Model):
+    """
+    Abstract class for any model which may have custom fields associated with it.
+    """
+    custom_field_data = models.JSONField(
+        encoder=DjangoJSONEncoder,
+        blank=True,
+        default=dict
+    )
 
     class Meta:
         abstract = True
 
-    def __init__(self, *args, custom_fields=None, **kwargs):
-        self._cf = custom_fields
-        super().__init__(*args, **kwargs)
-
-    def cache_custom_fields(self):
-        """
-        Cache all custom field values for this instance
-        """
-        self._cf = {
-            field.name: value for field, value in self.get_custom_fields().items()
-        }
-
     @property
     def cf(self):
         """
-        Name-based CustomFieldValue accessor for use in templates
+        Convenience wrapper for custom field data.
         """
-        if self._cf is None:
-            self.cache_custom_fields()
-        return self._cf
+        return self.custom_field_data
 
     def get_custom_fields(self):
         """
         Return a dictionary of custom fields for a single object in the form {<field>: value}.
         """
         fields = CustomField.objects.get_for_model(self)
-
-        # If the object exists, populate its custom fields with values
-        if hasattr(self, 'pk'):
-            values = self.custom_field_values.all()
-            values_dict = {cfv.field_id: cfv.value for cfv in values}
-            return OrderedDict([(field, values_dict.get(field.pk)) for field in fields])
-        else:
-            return OrderedDict([(field, None) for field in fields])
+        return OrderedDict([
+            (field, self.custom_field_data.get(field.name)) for field in fields
+        ])
 
 
 class CustomFieldManager(models.Manager):
@@ -116,6 +101,12 @@ class CustomField(models.Model):
         default=100,
         help_text='Fields with higher weights appear lower in a form.'
     )
+    choices = ArrayField(
+        base_field=models.CharField(max_length=100),
+        blank=True,
+        null=True,
+        help_text='Comma-separated list of available choices (for selection fields)'
+    )
 
     objects = CustomFieldManager()
 
@@ -125,41 +116,29 @@ class CustomField(models.Model):
     def __str__(self):
         return self.label or self.name.replace('_', ' ').capitalize()
 
-    def serialize_value(self, value):
+    def remove_stale_data(self, content_types):
         """
-        Serialize the given value to a string suitable for storage as a CustomFieldValue
+        Delete custom field data which is no longer relevant (either because the CustomField is
+        no longer assigned to a model, or because it has been deleted).
         """
-        if value is None:
-            return ''
-        if self.type == CustomFieldTypeChoices.TYPE_BOOLEAN:
-            return str(int(bool(value)))
-        if self.type == CustomFieldTypeChoices.TYPE_DATE:
-            # Could be date/datetime object or string
-            try:
-                return value.strftime('%Y-%m-%d')
-            except AttributeError:
-                return value
-        if self.type == CustomFieldTypeChoices.TYPE_SELECT:
-            # Could be ModelChoiceField or TypedChoiceField
-            return str(value.id) if hasattr(value, 'id') else str(value)
-        return value
+        for ct in content_types:
+            model = ct.model_class()
+            for obj in model.objects.filter(**{f'custom_field_data__{self.name}__isnull': False}):
+                del(obj.custom_field_data[self.name])
+                obj.save()
 
-    def deserialize_value(self, serialized_value):
-        """
-        Convert a string into the object it represents depending on the type of field
-        """
-        if serialized_value == '':
-            return None
-        if self.type == CustomFieldTypeChoices.TYPE_INTEGER:
-            return int(serialized_value)
-        if self.type == CustomFieldTypeChoices.TYPE_BOOLEAN:
-            return bool(int(serialized_value))
-        if self.type == CustomFieldTypeChoices.TYPE_DATE:
-            # Read date as YYYY-MM-DD
-            return date(*[int(n) for n in serialized_value.split('-')])
-        if self.type == CustomFieldTypeChoices.TYPE_SELECT:
-            return self.choices.get(pk=int(serialized_value))
-        return serialized_value
+    def clean(self):
+        # Choices can be set only on selection fields
+        if self.choices and self.type != CustomFieldTypeChoices.TYPE_SELECT:
+            raise ValidationError({
+                'choices': "Choices may be set only for selection-type custom fields."
+            })
+
+        # A selection field's default (if any) must be present in its available choices
+        if self.type == CustomFieldTypeChoices.TYPE_SELECT and self.default and self.default not in self.choices:
+            raise ValidationError({
+                'default': f"The specified default value ({self.default}) is not listed as an available choice."
+            })
 
     def to_form_field(self, set_initial=True, enforce_required=True, for_csv_import=False):
         """
@@ -180,15 +159,11 @@ class CustomField(models.Model):
         elif self.type == CustomFieldTypeChoices.TYPE_BOOLEAN:
             choices = (
                 (None, '---------'),
-                (1, 'True'),
-                (0, 'False'),
+                (True, 'True'),
+                (False, 'False'),
             )
-            if initial is not None and initial.lower() in ['true', 'yes', '1']:
-                initial = 1
-            elif initial is not None and initial.lower() in ['false', 'no', '0']:
-                initial = 0
-            else:
-                initial = None
+            if initial is not None:
+                initial = bool(initial)
             field = forms.NullBooleanField(
                 required=required, initial=initial, widget=StaticSelect2(choices=choices)
             )
@@ -199,16 +174,14 @@ class CustomField(models.Model):
 
         # Select
         elif self.type == CustomFieldTypeChoices.TYPE_SELECT:
-            choices = [(cfc.pk, cfc.value) for cfc in self.choices.all()]
+            choices = [(c, c) for c in self.choices]
 
             if not required:
                 choices = add_blank_choice(choices)
 
-            # Set the initial value to the PK of the default choice, if any
-            if set_initial:
-                default_choice = self.choices.filter(value=self.default).first()
-                if default_choice:
-                    initial = default_choice.pk
+            # Set the initial value to the first available choice (if any)
+            if set_initial and self.choices:
+                initial = self.choices[0]
 
             field_class = CSVChoiceField if for_csv_import else forms.ChoiceField
             field = field_class(
@@ -224,87 +197,8 @@ class CustomField(models.Model):
             field = forms.CharField(max_length=255, required=required, initial=initial)
 
         field.model = self
-        field.label = self.label if self.label else self.name.replace('_', ' ').capitalize()
+        field.label = str(self)
         if self.description:
             field.help_text = self.description
 
         return field
-
-
-class CustomFieldValue(models.Model):
-    field = models.ForeignKey(
-        to='extras.CustomField',
-        on_delete=models.CASCADE,
-        related_name='values'
-    )
-    obj_type = models.ForeignKey(
-        to=ContentType,
-        on_delete=models.PROTECT,
-        related_name='+'
-    )
-    obj_id = models.PositiveIntegerField()
-    obj = GenericForeignKey(
-        ct_field='obj_type',
-        fk_field='obj_id'
-    )
-    serialized_value = models.CharField(
-        max_length=255
-    )
-
-    class Meta:
-        ordering = ('obj_type', 'obj_id', 'pk')  # (obj_type, obj_id) may be non-unique
-        unique_together = ('field', 'obj_type', 'obj_id')
-
-    def __str__(self):
-        return '{} {}'.format(self.obj, self.field)
-
-    @property
-    def value(self):
-        return self.field.deserialize_value(self.serialized_value)
-
-    @value.setter
-    def value(self, value):
-        self.serialized_value = self.field.serialize_value(value)
-
-    def save(self, *args, **kwargs):
-        # Delete this object if it no longer has a value to store
-        if self.pk and self.value is None:
-            self.delete()
-        else:
-            super().save(*args, **kwargs)
-
-
-class CustomFieldChoice(models.Model):
-    field = models.ForeignKey(
-        to='extras.CustomField',
-        on_delete=models.CASCADE,
-        related_name='choices',
-        limit_choices_to={'type': CustomFieldTypeChoices.TYPE_SELECT}
-    )
-    value = models.CharField(
-        max_length=100
-    )
-    weight = models.PositiveSmallIntegerField(
-        default=100,
-        help_text='Higher weights appear lower in the list'
-    )
-
-    class Meta:
-        ordering = ['field', 'weight', 'value']
-        unique_together = ['field', 'value']
-
-    def __str__(self):
-        return self.value
-
-    def clean(self):
-        if self.field.type != CustomFieldTypeChoices.TYPE_SELECT:
-            raise ValidationError("Custom field choices can only be assigned to selection fields.")
-
-    def delete(self, using=None, keep_parents=False):
-        # When deleting a CustomFieldChoice, delete all CustomFieldValues which point to it
-        pk = self.pk
-        super().delete(using, keep_parents)
-        CustomFieldValue.objects.filter(
-            field__type=CustomFieldTypeChoices.TYPE_SELECT,
-            serialized_value=str(pk)
-        ).delete()
diff --git a/netbox/extras/querysets.py b/netbox/extras/querysets.py
index 9d9b55778..b7019897b 100644
--- a/netbox/extras/querysets.py
+++ b/netbox/extras/querysets.py
@@ -1,26 +1,8 @@
-from collections import OrderedDict
-
-from django.db.models import Q, QuerySet
+from django.db.models import Q
 
 from utilities.querysets import RestrictedQuerySet
 
 
-class CustomFieldQueryset:
-    """
-    Annotate custom fields on objects within a QuerySet.
-    """
-    def __init__(self, queryset, custom_fields):
-        self.queryset = queryset
-        self.model = queryset.model
-        self.custom_fields = custom_fields
-
-    def __iter__(self):
-        for obj in self.queryset:
-            values_dict = {cfv.field_id: cfv.value for cfv in obj.custom_field_values.all()}
-            obj.custom_fields = OrderedDict([(field, values_dict.get(field.pk)) for field in self.custom_fields])
-            yield obj
-
-
 class ConfigContextQuerySet(RestrictedQuerySet):
 
     def get_for_object(self, obj):
diff --git a/netbox/extras/signals.py b/netbox/extras/signals.py
index e10c41d34..d4e187b5c 100644
--- a/netbox/extras/signals.py
+++ b/netbox/extras/signals.py
@@ -3,12 +3,14 @@ from datetime import timedelta
 
 from cacheops.signals import cache_invalidated, cache_read
 from django.conf import settings
+from django.contrib.contenttypes.models import ContentType
+from django.db.models.signals import m2m_changed, pre_delete
 from django.utils import timezone
 from django_prometheus.models import model_deletes, model_inserts, model_updates
 from prometheus_client import Counter
 
 from .choices import ObjectChangeActionChoices
-from .models import ObjectChange
+from .models import CustomField, ObjectChange
 from .webhooks import enqueue_webhooks
 
 
@@ -71,6 +73,29 @@ def _handle_deleted_object(request, sender, instance, **kwargs):
     model_deletes.labels(instance._meta.model_name).inc()
 
 
+#
+# Custom fields
+#
+
+def handle_cf_removed_obj_types(instance, action, pk_set, **kwargs):
+    """
+    Handle the cleanup of old custom field data when a CustomField is removed from one or more ContentTypes.
+    """
+    if action == 'post_remove':
+        instance.remove_stale_data(ContentType.objects.filter(pk__in=pk_set))
+
+
+def handle_cf_deleted(instance, **kwargs):
+    """
+    Handle the cleanup of old custom field data when a CustomField is deleted.
+    """
+    instance.remove_stale_data(instance.obj_type.all())
+
+
+m2m_changed.connect(handle_cf_removed_obj_types, sender=CustomField.obj_type.through)
+pre_delete.connect(handle_cf_deleted, sender=CustomField)
+
+
 #
 # Caching
 #
diff --git a/netbox/extras/tests/test_changelog.py b/netbox/extras/tests/test_changelog.py
index 8c9d09564..5d1dee864 100644
--- a/netbox/extras/tests/test_changelog.py
+++ b/netbox/extras/tests/test_changelog.py
@@ -5,7 +5,7 @@ from rest_framework import status
 from dcim.choices import SiteStatusChoices
 from dcim.models import Site
 from extras.choices import *
-from extras.models import CustomField, CustomFieldValue, ObjectChange, Tag
+from extras.models import CustomField, ObjectChange, Tag
 from utilities.testing import APITestCase
 from utilities.testing.utils import post_data
 from utilities.testing.views import ModelViewTestCase
@@ -93,16 +93,14 @@ class ChangeLogViewTest(ModelViewTestCase):
     def test_delete_object(self):
         site = Site(
             name='Test Site 1',
-            slug='test-site-1'
+            slug='test-site-1',
+            custom_field_data={
+                'my_field': 'ABC'
+            }
         )
         site.save()
         self.create_tags('Tag 1', 'Tag 2')
         site.tags.set('Tag 1', 'Tag 2')
-        CustomFieldValue.objects.create(
-            field=CustomField.objects.get(name='my_field'),
-            obj=site,
-            value='ABC'
-        )
 
         request = {
             'path': self._get_url('delete', instance=site),
@@ -209,15 +207,13 @@ class ChangeLogAPITest(APITestCase):
     def test_delete_object(self):
         site = Site(
             name='Test Site 1',
-            slug='test-site-1'
+            slug='test-site-1',
+            custom_field_data={
+                'my_field': 'ABC'
+            }
         )
         site.save()
         site.tags.set(*Tag.objects.all()[:2])
-        CustomFieldValue.objects.create(
-            field=CustomField.objects.get(name='my_field'),
-            obj=site,
-            value='ABC'
-        )
         self.assertEqual(ObjectChange.objects.count(), 0)
         self.add_permissions('dcim.delete_site')
         url = reverse('dcim-api:site-detail', kwargs={'pk': site.pk})
diff --git a/netbox/extras/tests/test_customfields.py b/netbox/extras/tests/test_customfields.py
index e543b63e3..38d904d41 100644
--- a/netbox/extras/tests/test_customfields.py
+++ b/netbox/extras/tests/test_customfields.py
@@ -1,5 +1,3 @@
-from datetime import date
-
 from django.contrib.contenttypes.models import ContentType
 from django.urls import reverse
 from rest_framework import status
@@ -7,7 +5,7 @@ from rest_framework import status
 from dcim.forms import SiteCSVForm
 from dcim.models import Site
 from extras.choices import *
-from extras.models import CustomField, CustomFieldValue, CustomFieldChoice
+from extras.models import CustomField
 from utilities.testing import APITestCase, TestCase
 from virtualization.models import VirtualMachine
 
@@ -30,7 +28,7 @@ class CustomFieldTest(TestCase):
             {'field_type': CustomFieldTypeChoices.TYPE_INTEGER, 'field_value': 42, 'empty_value': None},
             {'field_type': CustomFieldTypeChoices.TYPE_BOOLEAN, 'field_value': True, 'empty_value': None},
             {'field_type': CustomFieldTypeChoices.TYPE_BOOLEAN, 'field_value': False, 'empty_value': None},
-            {'field_type': CustomFieldTypeChoices.TYPE_DATE, 'field_value': date(2016, 6, 23), 'empty_value': None},
+            {'field_type': CustomFieldTypeChoices.TYPE_DATE, 'field_value': '2016-06-23', 'empty_value': None},
             {'field_type': CustomFieldTypeChoices.TYPE_URL, 'field_value': 'http://example.com/', 'empty_value': ''},
         )
 
@@ -46,18 +44,18 @@ class CustomFieldTest(TestCase):
 
             # Assign a value to the first Site
             site = Site.objects.first()
-            cfv = CustomFieldValue(field=cf, obj_type=obj_type, obj_id=site.id)
-            cfv.value = data['field_value']
-            cfv.save()
+            site.custom_field_data[cf.name] = data['field_value']
+            site.save()
 
             # Retrieve the stored value
-            cfv = CustomFieldValue.objects.filter(obj_type=obj_type, obj_id=site.pk).first()
-            self.assertEqual(cfv.value, data['field_value'])
+            site.refresh_from_db()
+            self.assertEqual(site.custom_field_data[cf.name], data['field_value'])
 
             # Delete the stored value
-            cfv.value = data['empty_value']
-            cfv.save()
-            self.assertEqual(CustomFieldValue.objects.filter(obj_type=obj_type, obj_id=site.pk).count(), 0)
+            site.custom_field_data.pop(cf.name)
+            site.save()
+            site.refresh_from_db()
+            self.assertIsNone(site.custom_field_data.get(cf.name))
 
             # Delete the custom field
             cf.delete()
@@ -67,32 +65,30 @@ class CustomFieldTest(TestCase):
         obj_type = ContentType.objects.get_for_model(Site)
 
         # Create a custom field
-        cf = CustomField(type=CustomFieldTypeChoices.TYPE_SELECT, name='my_field', required=False)
+        cf = CustomField(
+            type=CustomFieldTypeChoices.TYPE_SELECT,
+            name='my_field',
+            required=False,
+            choices=['Option A', 'Option B', 'Option C']
+        )
         cf.save()
         cf.obj_type.set([obj_type])
         cf.save()
 
-        # Create some choices for the field
-        CustomFieldChoice.objects.bulk_create([
-            CustomFieldChoice(field=cf, value='Option A'),
-            CustomFieldChoice(field=cf, value='Option B'),
-            CustomFieldChoice(field=cf, value='Option C'),
-        ])
-
         # Assign a value to the first Site
         site = Site.objects.first()
-        cfv = CustomFieldValue(field=cf, obj_type=obj_type, obj_id=site.id)
-        cfv.value = cf.choices.first()
-        cfv.save()
+        site.custom_field_data[cf.name] = 'Option A'
+        site.save()
 
         # Retrieve the stored value
-        cfv = CustomFieldValue.objects.filter(obj_type=obj_type, obj_id=site.pk).first()
-        self.assertEqual(str(cfv.value), 'Option A')
+        site.refresh_from_db()
+        self.assertEqual(site.custom_field_data[cf.name], 'Option A')
 
         # Delete the stored value
-        cfv.value = None
-        cfv.save()
-        self.assertEqual(CustomFieldValue.objects.filter(obj_type=obj_type, obj_id=site.pk).count(), 0)
+        site.custom_field_data.pop(cf.name)
+        site.save()
+        site.refresh_from_db()
+        self.assertIsNone(site.custom_field_data.get(cf.name))
 
         # Delete the custom field
         cf.delete()
@@ -143,18 +139,10 @@ class CustomFieldAPITest(APITestCase):
         cls.cf_url.obj_type.set([content_type])
 
         # Select custom field
-        cls.cf_select = CustomField(type=CustomFieldTypeChoices.TYPE_SELECT, name='choice_field')
+        cls.cf_select = CustomField(type=CustomFieldTypeChoices.TYPE_SELECT, name='choice_field', choices=['Foo', 'Bar', 'Baz'])
+        cls.cf_select.default = 'Foo'
         cls.cf_select.save()
         cls.cf_select.obj_type.set([content_type])
-        cls.cf_select_choice1 = CustomFieldChoice(field=cls.cf_select, value='Foo')
-        cls.cf_select_choice1.save()
-        cls.cf_select_choice2 = CustomFieldChoice(field=cls.cf_select, value='Bar')
-        cls.cf_select_choice2.save()
-        cls.cf_select_choice3 = CustomFieldChoice(field=cls.cf_select, value='Baz')
-        cls.cf_select_choice3.save()
-
-        cls.cf_select.default = cls.cf_select_choice1.value
-        cls.cf_select.save()
 
         # Create some sites
         cls.sites = (
@@ -164,20 +152,17 @@ class CustomFieldAPITest(APITestCase):
         Site.objects.bulk_create(cls.sites)
 
         # Assign custom field values for site 2
-        site2_cfvs = {
-            cls.cf_text: 'bar',
-            cls.cf_integer: 456,
-            cls.cf_boolean: True,
-            cls.cf_date: '2020-01-02',
-            cls.cf_url: 'http://example.com/2',
-            cls.cf_select: cls.cf_select_choice2.pk,
+        cls.sites[1].custom_field_data = {
+            cls.cf_text.name: 'bar',
+            cls.cf_integer.name: 456,
+            cls.cf_boolean.name: True,
+            cls.cf_date.name: '2020-01-02',
+            cls.cf_url.name: 'http://example.com/2',
+            cls.cf_select.name: 'Bar',
         }
-        for field, value in site2_cfvs.items():
-            cfv = CustomFieldValue(field=field, obj=cls.sites[1])
-            cfv.value = value
-            cfv.save()
+        cls.sites[1].save()
 
-    def test_get_single_object_without_custom_field_values(self):
+    def test_get_single_object_without_custom_field_data(self):
         """
         Validate that custom fields are present on an object even if it has no values defined.
         """
@@ -195,13 +180,11 @@ class CustomFieldAPITest(APITestCase):
             'choice_field': None,
         })
 
-    def test_get_single_object_with_custom_field_values(self):
+    def test_get_single_object_with_custom_field_data(self):
         """
         Validate that custom fields are present and correctly set for an object with values defined.
         """
-        site2_cfvs = {
-            cfv.field.name: cfv.value for cfv in self.sites[1].custom_field_values.all()
-        }
+        site2_cfvs = self.sites[1].custom_field_data
         url = reverse('dcim-api:site-detail', kwargs={'pk': self.sites[1].pk})
         self.add_permissions('dcim.view_site')
 
@@ -212,7 +195,7 @@ class CustomFieldAPITest(APITestCase):
         self.assertEqual(response.data['custom_fields']['boolean_field'], site2_cfvs['boolean_field'])
         self.assertEqual(response.data['custom_fields']['date_field'], site2_cfvs['date_field'])
         self.assertEqual(response.data['custom_fields']['url_field'], site2_cfvs['url_field'])
-        self.assertEqual(response.data['custom_fields']['choice_field']['label'], self.cf_select_choice2.value)
+        self.assertEqual(response.data['custom_fields']['choice_field'], site2_cfvs['choice_field'])
 
     def test_create_single_object_with_defaults(self):
         """
@@ -235,19 +218,16 @@ class CustomFieldAPITest(APITestCase):
         self.assertEqual(response_cf['boolean_field'], self.cf_boolean.default)
         self.assertEqual(response_cf['date_field'], self.cf_date.default)
         self.assertEqual(response_cf['url_field'], self.cf_url.default)
-        self.assertEqual(response_cf['choice_field'], self.cf_select_choice1.pk)
+        self.assertEqual(response_cf['choice_field'], self.cf_select.default)
 
         # Validate database data
         site = Site.objects.get(pk=response.data['id'])
-        cfvs = {
-            cfv.field.name: cfv.value for cfv in site.custom_field_values.all()
-        }
-        self.assertEqual(cfvs['text_field'], self.cf_text.default)
-        self.assertEqual(cfvs['number_field'], self.cf_integer.default)
-        self.assertEqual(cfvs['boolean_field'], self.cf_boolean.default)
-        self.assertEqual(str(cfvs['date_field']), self.cf_date.default)
-        self.assertEqual(cfvs['url_field'], self.cf_url.default)
-        self.assertEqual(cfvs['choice_field'].pk, self.cf_select_choice1.pk)
+        self.assertEqual(site.custom_field_data['text_field'], self.cf_text.default)
+        self.assertEqual(site.custom_field_data['number_field'], self.cf_integer.default)
+        self.assertEqual(site.custom_field_data['boolean_field'], self.cf_boolean.default)
+        self.assertEqual(str(site.custom_field_data['date_field']), self.cf_date.default)
+        self.assertEqual(site.custom_field_data['url_field'], self.cf_url.default)
+        self.assertEqual(site.custom_field_data['choice_field'], self.cf_select.default)
 
     def test_create_single_object_with_values(self):
         """
@@ -262,7 +242,7 @@ class CustomFieldAPITest(APITestCase):
                 'boolean_field': True,
                 'date_field': '2020-01-02',
                 'url_field': 'http://example.com/2',
-                'choice_field': self.cf_select_choice2.pk,
+                'choice_field': 'Bar',
             },
         }
         url = reverse('dcim-api:site-list')
@@ -283,15 +263,12 @@ class CustomFieldAPITest(APITestCase):
 
         # Validate database data
         site = Site.objects.get(pk=response.data['id'])
-        cfvs = {
-            cfv.field.name: cfv.value for cfv in site.custom_field_values.all()
-        }
-        self.assertEqual(cfvs['text_field'], data_cf['text_field'])
-        self.assertEqual(cfvs['number_field'], data_cf['number_field'])
-        self.assertEqual(cfvs['boolean_field'], data_cf['boolean_field'])
-        self.assertEqual(str(cfvs['date_field']), data_cf['date_field'])
-        self.assertEqual(cfvs['url_field'], data_cf['url_field'])
-        self.assertEqual(cfvs['choice_field'].pk, data_cf['choice_field'])
+        self.assertEqual(site.custom_field_data['text_field'], data_cf['text_field'])
+        self.assertEqual(site.custom_field_data['number_field'], data_cf['number_field'])
+        self.assertEqual(site.custom_field_data['boolean_field'], data_cf['boolean_field'])
+        self.assertEqual(str(site.custom_field_data['date_field']), data_cf['date_field'])
+        self.assertEqual(site.custom_field_data['url_field'], data_cf['url_field'])
+        self.assertEqual(site.custom_field_data['choice_field'], data_cf['choice_field'])
 
     def test_create_multiple_objects_with_defaults(self):
         """
@@ -328,19 +305,16 @@ class CustomFieldAPITest(APITestCase):
             self.assertEqual(response_cf['boolean_field'], self.cf_boolean.default)
             self.assertEqual(response_cf['date_field'], self.cf_date.default)
             self.assertEqual(response_cf['url_field'], self.cf_url.default)
-            self.assertEqual(response_cf['choice_field'], self.cf_select_choice1.pk)
+            self.assertEqual(response_cf['choice_field'], self.cf_select.default)
 
             # Validate database data
             site = Site.objects.get(pk=response.data[i]['id'])
-            cfvs = {
-                cfv.field.name: cfv.value for cfv in site.custom_field_values.all()
-            }
-            self.assertEqual(cfvs['text_field'], self.cf_text.default)
-            self.assertEqual(cfvs['number_field'], self.cf_integer.default)
-            self.assertEqual(cfvs['boolean_field'], self.cf_boolean.default)
-            self.assertEqual(str(cfvs['date_field']), self.cf_date.default)
-            self.assertEqual(cfvs['url_field'], self.cf_url.default)
-            self.assertEqual(cfvs['choice_field'].pk, self.cf_select_choice1.pk)
+            self.assertEqual(site.custom_field_data['text_field'], self.cf_text.default)
+            self.assertEqual(site.custom_field_data['number_field'], self.cf_integer.default)
+            self.assertEqual(site.custom_field_data['boolean_field'], self.cf_boolean.default)
+            self.assertEqual(str(site.custom_field_data['date_field']), self.cf_date.default)
+            self.assertEqual(site.custom_field_data['url_field'], self.cf_url.default)
+            self.assertEqual(site.custom_field_data['choice_field'], self.cf_select.default)
 
     def test_create_multiple_objects_with_values(self):
         """
@@ -352,7 +326,7 @@ class CustomFieldAPITest(APITestCase):
             'boolean_field': True,
             'date_field': '2020-01-02',
             'url_field': 'http://example.com/2',
-            'choice_field': self.cf_select_choice2.pk,
+            'choice_field': 'Bar',
         }
         data = (
             {
@@ -391,24 +365,20 @@ class CustomFieldAPITest(APITestCase):
 
             # Validate database data
             site = Site.objects.get(pk=response.data[i]['id'])
-            cfvs = {
-                cfv.field.name: cfv.value for cfv in site.custom_field_values.all()
-            }
-            self.assertEqual(cfvs['text_field'], custom_field_data['text_field'])
-            self.assertEqual(cfvs['number_field'], custom_field_data['number_field'])
-            self.assertEqual(cfvs['boolean_field'], custom_field_data['boolean_field'])
-            self.assertEqual(str(cfvs['date_field']), custom_field_data['date_field'])
-            self.assertEqual(cfvs['url_field'], custom_field_data['url_field'])
-            self.assertEqual(cfvs['choice_field'].pk, custom_field_data['choice_field'])
+            self.assertEqual(site.custom_field_data['text_field'], custom_field_data['text_field'])
+            self.assertEqual(site.custom_field_data['number_field'], custom_field_data['number_field'])
+            self.assertEqual(site.custom_field_data['boolean_field'], custom_field_data['boolean_field'])
+            self.assertEqual(str(site.custom_field_data['date_field']), custom_field_data['date_field'])
+            self.assertEqual(site.custom_field_data['url_field'], custom_field_data['url_field'])
+            self.assertEqual(site.custom_field_data['choice_field'], custom_field_data['choice_field'])
 
     def test_update_single_object_with_values(self):
         """
         Update an object with existing custom field values. Ensure that only the updated custom field values are
         modified.
         """
-        site2_original_cfvs = {
-            cfv.field.name: cfv.value for cfv in self.sites[1].custom_field_values.all()
-        }
+        site = self.sites[1]
+        original_cfvs = {**site.custom_field_data}
         data = {
             'custom_fields': {
                 'text_field': 'ABCD',
@@ -423,55 +393,21 @@ class CustomFieldAPITest(APITestCase):
 
         # Validate response data
         response_cf = response.data['custom_fields']
-        data_cf = data['custom_fields']
-        self.assertEqual(response_cf['text_field'], data_cf['text_field'])
-        self.assertEqual(response_cf['number_field'], data_cf['number_field'])
-        # TODO: Non-updated fields are missing from the response data
-        # self.assertEqual(response_cf['boolean_field'], site2_original_cfvs['boolean_field'])
-        # self.assertEqual(response_cf['date_field'], site2_original_cfvs['date_field'])
-        # self.assertEqual(response_cf['url_field'], site2_original_cfvs['url_field'])
-        # self.assertEqual(response_cf['choice_field']['label'], site2_original_cfvs['choice_field'].value)
+        self.assertEqual(response_cf['text_field'], data['custom_fields']['text_field'])
+        self.assertEqual(response_cf['number_field'], data['custom_fields']['number_field'])
+        self.assertEqual(response_cf['boolean_field'], original_cfvs['boolean_field'])
+        self.assertEqual(response_cf['date_field'], original_cfvs['date_field'])
+        self.assertEqual(response_cf['url_field'], original_cfvs['url_field'])
+        self.assertEqual(response_cf['choice_field'], original_cfvs['choice_field'])
 
         # Validate database data
-        site2_updated_cfvs = {
-            cfv.field.name: cfv.value for cfv in self.sites[1].custom_field_values.all()
-        }
-        self.assertEqual(site2_updated_cfvs['text_field'], data_cf['text_field'])
-        self.assertEqual(site2_updated_cfvs['number_field'], data_cf['number_field'])
-        self.assertEqual(site2_updated_cfvs['boolean_field'], site2_original_cfvs['boolean_field'])
-        self.assertEqual(site2_updated_cfvs['date_field'], site2_original_cfvs['date_field'])
-        self.assertEqual(site2_updated_cfvs['url_field'], site2_original_cfvs['url_field'])
-        self.assertEqual(site2_updated_cfvs['choice_field'], site2_original_cfvs['choice_field'])
-
-
-class CustomFieldChoiceAPITest(APITestCase):
-    def setUp(self):
-        super().setUp()
-
-        vm_content_type = ContentType.objects.get_for_model(VirtualMachine)
-
-        self.cf_1 = CustomField.objects.create(name="cf_1", type=CustomFieldTypeChoices.TYPE_SELECT)
-        self.cf_2 = CustomField.objects.create(name="cf_2", type=CustomFieldTypeChoices.TYPE_SELECT)
-
-        self.cf_choice_1 = CustomFieldChoice.objects.create(field=self.cf_1, value="cf_field_1", weight=100)
-        self.cf_choice_2 = CustomFieldChoice.objects.create(field=self.cf_1, value="cf_field_2", weight=50)
-        self.cf_choice_3 = CustomFieldChoice.objects.create(field=self.cf_2, value="cf_field_3", weight=10)
-
-    def test_list_cfc(self):
-        url = reverse('extras-api:custom-field-choice-list')
-        response = self.client.get(url, **self.header)
-
-        self.assertEqual(len(response.data), 2)
-        self.assertEqual(len(response.data[self.cf_1.name]), 2)
-        self.assertEqual(len(response.data[self.cf_2.name]), 1)
-
-        self.assertTrue(self.cf_choice_1.value in response.data[self.cf_1.name])
-        self.assertTrue(self.cf_choice_2.value in response.data[self.cf_1.name])
-        self.assertTrue(self.cf_choice_3.value in response.data[self.cf_2.name])
-
-        self.assertEqual(self.cf_choice_1.pk, response.data[self.cf_1.name][self.cf_choice_1.value])
-        self.assertEqual(self.cf_choice_2.pk, response.data[self.cf_1.name][self.cf_choice_2.value])
-        self.assertEqual(self.cf_choice_3.pk, response.data[self.cf_2.name][self.cf_choice_3.value])
+        site.refresh_from_db()
+        self.assertEqual(site.custom_field_data['text_field'], data['custom_fields']['text_field'])
+        self.assertEqual(site.custom_field_data['number_field'], data['custom_fields']['number_field'])
+        self.assertEqual(site.custom_field_data['boolean_field'], original_cfvs['boolean_field'])
+        self.assertEqual(site.custom_field_data['date_field'], original_cfvs['date_field'])
+        self.assertEqual(site.custom_field_data['url_field'], original_cfvs['url_field'])
+        self.assertEqual(site.custom_field_data['choice_field'], original_cfvs['choice_field'])
 
 
 class CustomFieldImportTest(TestCase):
@@ -489,18 +425,12 @@ class CustomFieldImportTest(TestCase):
             CustomField(name='boolean', type=CustomFieldTypeChoices.TYPE_BOOLEAN),
             CustomField(name='date', type=CustomFieldTypeChoices.TYPE_DATE),
             CustomField(name='url', type=CustomFieldTypeChoices.TYPE_URL),
-            CustomField(name='select', type=CustomFieldTypeChoices.TYPE_SELECT),
+            CustomField(name='select', type=CustomFieldTypeChoices.TYPE_SELECT, choices=['Choice A', 'Choice B', 'Choice C']),
         )
         for cf in custom_fields:
             cf.save()
             cf.obj_type.set([ContentType.objects.get_for_model(Site)])
 
-        CustomFieldChoice.objects.bulk_create((
-            CustomFieldChoice(field=custom_fields[5], value='Choice A'),
-            CustomFieldChoice(field=custom_fields[5], value='Choice B'),
-            CustomFieldChoice(field=custom_fields[5], value='Choice C'),
-        ))
-
     def test_import(self):
         """
         Import a Site in CSV format, including a value for each CustomField.
@@ -517,34 +447,28 @@ class CustomFieldImportTest(TestCase):
         self.assertEqual(response.status_code, 200)
 
         # Validate data for site 1
-        custom_field_values = {
-            cf.name: value for cf, value in Site.objects.get(name='Site 1').get_custom_fields().items()
-        }
-        self.assertEqual(len(custom_field_values), 6)
-        self.assertEqual(custom_field_values['text'], 'ABC')
-        self.assertEqual(custom_field_values['integer'], 123)
-        self.assertEqual(custom_field_values['boolean'], True)
-        self.assertEqual(custom_field_values['date'], date(2020, 1, 1))
-        self.assertEqual(custom_field_values['url'], 'http://example.com/1')
-        self.assertEqual(custom_field_values['select'].value, 'Choice A')
+        site1 = Site.objects.get(name='Site 1')
+        self.assertEqual(len(site1.custom_field_data), 6)
+        self.assertEqual(site1.custom_field_data['text'], 'ABC')
+        self.assertEqual(site1.custom_field_data['integer'], 123)
+        self.assertEqual(site1.custom_field_data['boolean'], True)
+        self.assertEqual(site1.custom_field_data['date'], '2020-01-01')
+        self.assertEqual(site1.custom_field_data['url'], 'http://example.com/1')
+        self.assertEqual(site1.custom_field_data['select'], 'Choice A')
 
         # Validate data for site 2
-        custom_field_values = {
-            cf.name: value for cf, value in Site.objects.get(name='Site 2').get_custom_fields().items()
-        }
-        self.assertEqual(len(custom_field_values), 6)
-        self.assertEqual(custom_field_values['text'], 'DEF')
-        self.assertEqual(custom_field_values['integer'], 456)
-        self.assertEqual(custom_field_values['boolean'], False)
-        self.assertEqual(custom_field_values['date'], date(2020, 1, 2))
-        self.assertEqual(custom_field_values['url'], 'http://example.com/2')
-        self.assertEqual(custom_field_values['select'].value, 'Choice B')
+        site2 = Site.objects.get(name='Site 2')
+        self.assertEqual(len(site2.custom_field_data), 6)
+        self.assertEqual(site2.custom_field_data['text'], 'DEF')
+        self.assertEqual(site2.custom_field_data['integer'], 456)
+        self.assertEqual(site2.custom_field_data['boolean'], False)
+        self.assertEqual(site2.custom_field_data['date'], '2020-01-02')
+        self.assertEqual(site2.custom_field_data['url'], 'http://example.com/2')
+        self.assertEqual(site2.custom_field_data['select'], 'Choice B')
 
-        # No CustomFieldValues should be created for site 3
-        obj_type = ContentType.objects.get_for_model(Site)
+        # No custom field data should be set for site 3
         site3 = Site.objects.get(name='Site 3')
-        self.assertFalse(CustomFieldValue.objects.filter(obj_type=obj_type, obj_id=site3.pk).exists())
-        self.assertEqual(CustomFieldValue.objects.count(), 12)  # Sanity check
+        self.assertFalse(any(site3.custom_field_data.values()))
 
     def test_import_missing_required(self):
         """
diff --git a/netbox/ipam/migrations/0038_custom_field_data.py b/netbox/ipam/migrations/0038_custom_field_data.py
new file mode 100644
index 000000000..86d51e9b8
--- /dev/null
+++ b/netbox/ipam/migrations/0038_custom_field_data.py
@@ -0,0 +1,42 @@
+import django.core.serializers.json
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('ipam', '0037_ipaddress_assignment'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='aggregate',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='ipaddress',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='prefix',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='service',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='vlan',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='vrf',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+    ]
diff --git a/netbox/ipam/models.py b/netbox/ipam/models.py
index 832e09330..6e7cb0bd4 100644
--- a/netbox/ipam/models.py
+++ b/netbox/ipam/models.py
@@ -1,6 +1,6 @@
 import netaddr
 from django.conf import settings
-from django.contrib.contenttypes.fields import GenericForeignKey, GenericRelation
+from django.contrib.contenttypes.fields import GenericForeignKey
 from django.contrib.contenttypes.models import ContentType
 from django.core.exceptions import ValidationError
 from django.core.validators import MaxValueValidator, MinValueValidator
@@ -70,11 +70,6 @@ class VRF(ChangeLoggedModel, CustomFieldModel):
         max_length=200,
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
@@ -178,11 +173,6 @@ class Aggregate(ChangeLoggedModel, CustomFieldModel):
         max_length=200,
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
@@ -364,11 +354,6 @@ class Prefix(ChangeLoggedModel, CustomFieldModel):
         max_length=200,
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = PrefixQuerySet.as_manager()
@@ -647,11 +632,6 @@ class IPAddress(ChangeLoggedModel, CustomFieldModel):
         max_length=200,
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = IPAddressManager()
@@ -935,11 +915,6 @@ class VLAN(ChangeLoggedModel, CustomFieldModel):
         max_length=200,
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
@@ -1050,11 +1025,6 @@ class Service(ChangeLoggedModel, CustomFieldModel):
         max_length=200,
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
diff --git a/netbox/netbox/settings.py b/netbox/netbox/settings.py
index bd247070f..1c2e543a6 100644
--- a/netbox/netbox/settings.py
+++ b/netbox/netbox/settings.py
@@ -483,9 +483,10 @@ REST_FRAMEWORK = {
 SWAGGER_SETTINGS = {
     'DEFAULT_AUTO_SCHEMA_CLASS': 'utilities.custom_inspectors.NetBoxSwaggerAutoSchema',
     'DEFAULT_FIELD_INSPECTORS': [
+        'utilities.custom_inspectors.CustomFieldsDataFieldInspector',
         'utilities.custom_inspectors.JSONFieldInspector',
         'utilities.custom_inspectors.NullableBooleanFieldInspector',
-        'utilities.custom_inspectors.CustomChoiceFieldInspector',
+        'utilities.custom_inspectors.ChoiceFieldInspector',
         'utilities.custom_inspectors.SerializedPKRelatedFieldInspector',
         'drf_yasg.inspectors.CamelCaseJSONFilter',
         'drf_yasg.inspectors.ReferencingSerializerInspector',
diff --git a/netbox/secrets/migrations/0010_custom_field_data.py b/netbox/secrets/migrations/0010_custom_field_data.py
new file mode 100644
index 000000000..6d48e7cab
--- /dev/null
+++ b/netbox/secrets/migrations/0010_custom_field_data.py
@@ -0,0 +1,17 @@
+import django.core.serializers.json
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('secrets', '0009_secretrole_drop_users_groups'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='secret',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+    ]
diff --git a/netbox/secrets/models.py b/netbox/secrets/models.py
index 6209b5700..23a883103 100644
--- a/netbox/secrets/models.py
+++ b/netbox/secrets/models.py
@@ -6,7 +6,6 @@ from Crypto.Util import strxor
 from django.conf import settings
 from django.contrib.auth.hashers import make_password, check_password
 from django.contrib.auth.models import Group, User
-from django.contrib.contenttypes.fields import GenericRelation
 from django.core.exceptions import ValidationError
 from django.db import models
 from django.urls import reverse
@@ -306,11 +305,6 @@ class Secret(ChangeLoggedModel, CustomFieldModel):
         max_length=128,
         editable=False
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
diff --git a/netbox/tenancy/migrations/0010_custom_field_data.py b/netbox/tenancy/migrations/0010_custom_field_data.py
new file mode 100644
index 000000000..ec05be0ff
--- /dev/null
+++ b/netbox/tenancy/migrations/0010_custom_field_data.py
@@ -0,0 +1,17 @@
+import django.core.serializers.json
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('tenancy', '0009_standardize_description'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='tenant',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+    ]
diff --git a/netbox/tenancy/models.py b/netbox/tenancy/models.py
index cc3abf19a..5a6108e09 100644
--- a/netbox/tenancy/models.py
+++ b/netbox/tenancy/models.py
@@ -1,4 +1,3 @@
-from django.contrib.contenttypes.fields import GenericRelation
 from django.db import models
 from django.urls import reverse
 from mptt.models import MPTTModel, TreeForeignKey
@@ -102,11 +101,6 @@ class Tenant(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
diff --git a/netbox/utilities/custom_inspectors.py b/netbox/utilities/custom_inspectors.py
index 38297838d..1d5c9c0a0 100644
--- a/netbox/utilities/custom_inspectors.py
+++ b/netbox/utilities/custom_inspectors.py
@@ -5,7 +5,7 @@ from drf_yasg.utils import get_serializer_ref_name
 from rest_framework.fields import ChoiceField
 from rest_framework.relations import ManyRelatedField
 
-from extras.api.customfields import CustomFieldsSerializer
+from extras.api.customfields import CustomFieldsDataField
 from utilities.api import ChoiceField, SerializedPKRelatedField, WritableNestedSerializer
 
 
@@ -49,7 +49,7 @@ class SerializedPKRelatedFieldInspector(FieldInspector):
         return NotHandled
 
 
-class CustomChoiceFieldInspector(FieldInspector):
+class ChoiceFieldInspector(FieldInspector):
     def field_to_swagger_object(self, field, swagger_object_type, use_references, **kwargs):
         # this returns a callable which extracts title, description and other stuff
         # https://drf-yasg.readthedocs.io/en/stable/_modules/drf_yasg/inspectors/base.html#FieldInspector._get_partial_types
@@ -83,10 +83,6 @@ class CustomChoiceFieldInspector(FieldInspector):
 
             return schema
 
-        elif isinstance(field, CustomFieldsSerializer):
-            schema = SwaggerType(type=openapi.TYPE_OBJECT)
-            return schema
-
         return NotHandled
 
 
@@ -102,6 +98,17 @@ class NullableBooleanFieldInspector(FieldInspector):
         return result
 
 
+class CustomFieldsDataFieldInspector(FieldInspector):
+
+    def field_to_swagger_object(self, field, swagger_object_type, use_references, **kwargs):
+        SwaggerType, ChildSwaggerType = self._get_partial_types(field, swagger_object_type, use_references, **kwargs)
+
+        if isinstance(field, CustomFieldsDataField) and swagger_object_type == openapi.Schema:
+            return SwaggerType(type=openapi.TYPE_OBJECT)
+
+        return NotHandled
+
+
 class JSONFieldInspector(FieldInspector):
     """Required because by default, Swagger sees a JSONField as a string and not dict
     """
diff --git a/netbox/utilities/utils.py b/netbox/utilities/utils.py
index 81baadb7a..fbb7830e2 100644
--- a/netbox/utilities/utils.py
+++ b/netbox/utilities/utils.py
@@ -91,11 +91,9 @@ def serialize_object(obj, extra=None, exclude=None):
     json_str = serialize('json', [obj])
     data = json.loads(json_str)[0]['fields']
 
-    # Include any custom fields
-    if hasattr(obj, 'get_custom_fields'):
-        data['custom_fields'] = {
-            field: str(value) for field, value in obj.cf.items()
-        }
+    # Include custom_field_data as "custom_fields"
+    if hasattr(obj, 'custom_field_data'):
+        data['custom_fields'] = data.pop('custom_field_data')
 
     # Include any tags. Check for tags cached on the instance; fall back to using the manager.
     if is_taggable(obj):
diff --git a/netbox/utilities/views.py b/netbox/utilities/views.py
index 079068648..d33619621 100644
--- a/netbox/utilities/views.py
+++ b/netbox/utilities/views.py
@@ -28,8 +28,7 @@ from django.views.defaults import ERROR_500_TEMPLATE_NAME
 from django.views.generic import View
 from django_tables2 import RequestConfig
 
-from extras.models import CustomField, CustomFieldValue, ExportTemplate
-from extras.querysets import CustomFieldQueryset
+from extras.models import CustomField, ExportTemplate
 from utilities.exceptions import AbortTransaction
 from utilities.forms import BootstrapMixin, BulkRenameForm, CSVDataField, TableConfigForm, restrict_form_fields
 from utilities.permissions import get_permission_for_model, resolve_permission
@@ -231,8 +230,8 @@ class ObjectListView(ObjectPermissionRequiredMixin, View):
         headers = self.queryset.model.csv_headers.copy()
 
         # Add custom field headers, if any
-        if hasattr(self.queryset.model, 'get_custom_fields'):
-            for custom_field in self.queryset.model().get_custom_fields():
+        if hasattr(self.queryset.model, 'custom_field_data'):
+            for custom_field in CustomField.objects.get_for_model(self.queryset.model):
                 headers.append(custom_field.name)
                 custom_fields.append(custom_field.name)
 
@@ -257,19 +256,11 @@ class ObjectListView(ObjectPermissionRequiredMixin, View):
         if self.filterset:
             self.queryset = self.filterset(request.GET, self.queryset).qs
 
-        # If this type of object has one or more custom fields, prefetch any relevant custom field values
-        custom_fields = CustomField.objects.filter(
-            obj_type=ContentType.objects.get_for_model(model)
-        ).prefetch_related('choices')
-        if custom_fields:
-            self.queryset = self.queryset.prefetch_related('custom_field_values')
-
         # Check for export template rendering
         if request.GET.get('export'):
             et = get_object_or_404(ExportTemplate, content_type=content_type, name=request.GET.get('export'))
-            queryset = CustomFieldQueryset(self.queryset, custom_fields) if custom_fields else self.queryset
             try:
-                return et.render_to_response(queryset)
+                return et.render_to_response(self.queryset)
             except Exception as e:
                 messages.error(
                     request,
@@ -951,38 +942,18 @@ class BulkEditView(GetReturnURLMixin, ObjectPermissionRequiredMixin, View):
                                 elif form.cleaned_data[name] not in (None, ''):
                                     setattr(obj, name, form.cleaned_data[name])
 
-                            # Cache custom fields on instance prior to save()
-                            if custom_fields:
-                                obj._cf = {
-                                    name: form.cleaned_data[name] for name in custom_fields
-                                }
+                            # Update custom fields
+                            for name in custom_fields:
+                                if name in form.nullable_fields and name in nullified_fields:
+                                    obj.custom_field_data.pop(name, None)
+                                else:
+                                    obj.custom_field_data[name] = form.cleaned_data[name]
 
                             obj.full_clean()
                             obj.save()
                             updated_objects.append(obj)
                             logger.debug(f"Saved {obj} (PK: {obj.pk})")
 
-                            # Update custom fields
-                            obj_type = ContentType.objects.get_for_model(model)
-                            for name in custom_fields:
-                                field = form.fields[name].model
-                                if name in form.nullable_fields and name in nullified_fields:
-                                    CustomFieldValue.objects.filter(
-                                        field=field, obj_type=obj_type, obj_id=obj.pk
-                                    ).delete()
-                                elif form.cleaned_data[name] not in [None, '']:
-                                    try:
-                                        cfv = CustomFieldValue.objects.get(
-                                            field=field, obj_type=obj_type, obj_id=obj.pk
-                                        )
-                                    except CustomFieldValue.DoesNotExist:
-                                        cfv = CustomFieldValue(
-                                            field=field, obj_type=obj_type, obj_id=obj.pk
-                                        )
-                                    cfv.value = form.cleaned_data[name]
-                                    cfv.save()
-                            logger.debug(f"Saved custom fields for {obj} (PK: {obj.pk})")
-
                             # Add/remove tags
                             if form.cleaned_data.get('add_tags', None):
                                 obj.tags.add(*form.cleaned_data['add_tags'])
diff --git a/netbox/virtualization/migrations/0018_custom_field_data.py b/netbox/virtualization/migrations/0018_custom_field_data.py
new file mode 100644
index 000000000..9a120406a
--- /dev/null
+++ b/netbox/virtualization/migrations/0018_custom_field_data.py
@@ -0,0 +1,22 @@
+import django.core.serializers.json
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('virtualization', '0017_update_jsonfield'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='cluster',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+        migrations.AddField(
+            model_name='virtualmachine',
+            name='custom_field_data',
+            field=models.JSONField(blank=True, default=dict, encoder=django.core.serializers.json.DjangoJSONEncoder),
+        ),
+    ]
diff --git a/netbox/virtualization/models.py b/netbox/virtualization/models.py
index 0845fac7e..a492370ef 100644
--- a/netbox/virtualization/models.py
+++ b/netbox/virtualization/models.py
@@ -150,11 +150,6 @@ class Cluster(ChangeLoggedModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()
@@ -275,11 +270,6 @@ class VirtualMachine(ChangeLoggedModel, ConfigContextModel, CustomFieldModel):
     comments = models.TextField(
         blank=True
     )
-    custom_field_values = GenericRelation(
-        to='extras.CustomFieldValue',
-        content_type_field='obj_type',
-        object_id_field='obj_id'
-    )
     tags = TaggableManager(through=TaggedItem)
 
     objects = RestrictedQuerySet.as_manager()