diff --git a/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts b/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts
index fd843b83a0e9..e498d373a3e4 100644
--- a/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts
+++ b/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts
@@ -176,15 +176,12 @@ function doesImmediatelyReturnFunctionExpression({
 /**
  * Checks if a function belongs to:
  * ```
- * () => ({ action: 'xxx' } as const)
+ * ({ action: 'xxx' } as const)
  * ```
  */
-function returnsConstAssertionDirectly(
-  node: TSESTree.ArrowFunctionExpression,
-): boolean {
-  const { body } = node;
-  if (isTypeAssertion(body)) {
-    const { typeAnnotation } = body;
+function isConstAssertion(node: TSESTree.Node): boolean {
+  if (isTypeAssertion(node)) {
+    const { typeAnnotation } = node;
     if (typeAnnotation.type === AST_NODE_TYPES.TSTypeReference) {
       const { typeName } = typeAnnotation;
       if (
@@ -256,11 +253,19 @@ function isValidFunctionExpressionReturnType(
   }
 
   // https://github.com/typescript-eslint/typescript-eslint/issues/653
-  return (
-    options.allowDirectConstAssertionInArrowFunctions === true &&
-    node.type === AST_NODE_TYPES.ArrowFunctionExpression &&
-    returnsConstAssertionDirectly(node)
-  );
+  if (
+    !options.allowDirectConstAssertionInArrowFunctions ||
+    node.type !== AST_NODE_TYPES.ArrowFunctionExpression
+  ) {
+    return false;
+  }
+
+  let body = node.body;
+  while (body.type === AST_NODE_TYPES.TSSatisfiesExpression) {
+    body = body.expression;
+  }
+
+  return isConstAssertion(body);
 }
 
 /**
diff --git a/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts b/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts
index 52eafebb8e04..e02e701da7de 100644
--- a/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts
+++ b/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts
@@ -443,6 +443,53 @@ const func = (value: number) => x as const;
     },
     {
       code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+const func = (value: number) => ({ type: 'X', value }) as const satisfies R;
+      `,
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: true,
+        },
+      ],
+    },
+    {
+      code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+const func = (value: number) =>
+  ({ type: 'X', value }) as const satisfies R satisfies R;
+      `,
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: true,
+        },
+      ],
+    },
+    {
+      code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+const func = (value: number) =>
+  ({ type: 'X', value }) as const satisfies R satisfies R satisfies R;
+      `,
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: true,
+        },
+      ],
+    },
+    {
+      code: `
 new Promise(resolve => {});
 new Foo(1, () => {});
       `,
@@ -1731,6 +1778,30 @@ const func = (value: number) => ({ type: 'X', value }) as const;
         },
       ],
     },
+    {
+      code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+const func = (value: number) => ({ type: 'X', value }) as const satisfies R;
+      `,
+      errors: [
+        {
+          column: 30,
+          endColumn: 32,
+          endLine: 7,
+          line: 7,
+          messageId: 'missingReturnType',
+        },
+      ],
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: false,
+        },
+      ],
+    },
     {
       code: 'const log = (message: string) => void console.log(message);',
       errors: [
diff --git a/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts b/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts
index d68e21b70b69..45deb7d1124f 100644
--- a/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts
+++ b/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts
@@ -367,6 +367,54 @@ export const func4 = (value: number) => x as const;
     },
     {
       code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+export const func = (value: number) =>
+  ({ type: 'X', value }) as const satisfies R;
+      `,
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: true,
+        },
+      ],
+    },
+    {
+      code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+export const func = (value: number) =>
+  ({ type: 'X', value }) as const satisfies R satisfies R;
+      `,
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: true,
+        },
+      ],
+    },
+    {
+      code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+export const func = (value: number) =>
+  ({ type: 'X', value }) as const satisfies R satisfies R satisfies R;
+      `,
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: true,
+        },
+      ],
+    },
+    {
+      code: `
 export const func1 = (value: string) => value;
 export const func2 = (value: number) => ({ type: 'X', value });
       `,
@@ -1204,6 +1252,31 @@ export const func = (value: number) => ({ type: 'X', value }) as const;
     },
     {
       code: `
+interface R {
+  type: string;
+  value: number;
+}
+
+export const func = (value: number) =>
+  ({ type: 'X', value }) as const satisfies R;
+      `,
+      errors: [
+        {
+          column: 37,
+          endColumn: 39,
+          endLine: 7,
+          line: 7,
+          messageId: 'missingReturnType',
+        },
+      ],
+      options: [
+        {
+          allowDirectConstAssertionInArrowFunctions: false,
+        },
+      ],
+    },
+    {
+      code: `
 export class Test {
   constructor() {}
   get prop() {