diff --git a/doc/source/whatsnew/v2.0.0.rst b/doc/source/whatsnew/v2.0.0.rst
index 97ee96d8be25d..4fb68b1f90288 100644
--- a/doc/source/whatsnew/v2.0.0.rst
+++ b/doc/source/whatsnew/v2.0.0.rst
@@ -771,7 +771,7 @@ Styler
 Metadata
 ^^^^^^^^
 - Fixed metadata propagation in :meth:`DataFrame.corr` and :meth:`DataFrame.cov` (:issue:`28283`)
--
+- Fixed metadata propagation in binary operations (:issue:`49931`)
 
 Other
 ^^^^^
diff --git a/pandas/core/frame.py b/pandas/core/frame.py
index 0144aefedaa5f..152965553480e 100644
--- a/pandas/core/frame.py
+++ b/pandas/core/frame.py
@@ -7484,7 +7484,7 @@ def _arith_method(self, other, op):
         self, other = ops.align_method_FRAME(self, other, axis, flex=True, level=None)
 
         new_data = self._dispatch_frame_op(other, op, axis=axis)
-        return self._construct_result(new_data)
+        return self._construct_result(new_data).__finalize__(other)
 
     _logical_method = _arith_method
 
diff --git a/pandas/core/ops/__init__.py b/pandas/core/ops/__init__.py
index af27ff67599ac..e2f9150c918eb 100644
--- a/pandas/core/ops/__init__.py
+++ b/pandas/core/ops/__init__.py
@@ -411,7 +411,9 @@ def _maybe_align_series_as_frame(frame: DataFrame, series: Series, axis: AxisInt
         rvalues = rvalues.reshape(1, -1)
 
     rvalues = np.broadcast_to(rvalues, frame.shape)
-    return type(frame)(rvalues, index=frame.index, columns=frame.columns)
+    return type(frame)(rvalues, index=frame.index, columns=frame.columns).__finalize__(
+        series
+    )
 
 
 def flex_arith_method_FRAME(op):
diff --git a/pandas/core/series.py b/pandas/core/series.py
index 48bc07ca022ee..ee50e999cbc3f 100644
--- a/pandas/core/series.py
+++ b/pandas/core/series.py
@@ -5950,7 +5950,7 @@ def _logical_method(self, other, op):
 
     def _arith_method(self, other, op):
         self, other = ops.align_method_SERIES(self, other)
-        return base.IndexOpsMixin._arith_method(self, other, op)
+        return base.IndexOpsMixin._arith_method(self, other, op).__finalize__(other)
 
 
 Series._add_numeric_operations()
diff --git a/pandas/tests/generic/test_finalize.py b/pandas/tests/generic/test_finalize.py
index a7551af68bc2b..50a7b1b5abe90 100644
--- a/pandas/tests/generic/test_finalize.py
+++ b/pandas/tests/generic/test_finalize.py
@@ -498,10 +498,14 @@ def test_binops(request, args, annotate, all_binary_operators):
     left, right = args
     if annotate == "both" and isinstance(left, int) or isinstance(right, int):
         return
+    elif annotate == "left" and isinstance(left, int):
+        return
+    elif annotate == "right" and isinstance(right, int):
+        return
 
     if annotate in {"left", "both"} and not isinstance(left, int):
         left.attrs = {"a": 1}
-    if annotate in {"left", "both"} and not isinstance(right, int):
+    if annotate in {"right", "both"} and not isinstance(right, int):
         right.attrs = {"a": 1}
 
     result = all_binary_operators(left, right)