diff --git a/ci/conda_env_cpp.txt b/ci/conda_env_cpp.txt
index 6e23e920a40dd..52b4cdbba81fb 100644
--- a/ci/conda_env_cpp.txt
+++ b/ci/conda_env_cpp.txt
@@ -41,6 +41,7 @@ meson
 ninja
 nodejs
 orc<2.1.0
+patch
 pkg-config
 python
 rapidjson
diff --git a/ci/docker/alpine-linux-3.22-cpp.dockerfile b/ci/docker/alpine-linux-3.22-cpp.dockerfile
index f03e1913e2746..48907e61a4a68 100644
--- a/ci/docker/alpine-linux-3.22-cpp.dockerfile
+++ b/ci/docker/alpine-linux-3.22-cpp.dockerfile
@@ -48,6 +48,7 @@ RUN apk add \
         musl-locales \
         nlohmann-json \
         openssl-dev \
+        patch \
         perl \
         pkgconfig \
         protobuf-dev \
diff --git a/ci/docker/debian-12-cpp.dockerfile b/ci/docker/debian-12-cpp.dockerfile
index 15716151fcef9..44c845bb17eff 100644
--- a/ci/docker/debian-12-cpp.dockerfile
+++ b/ci/docker/debian-12-cpp.dockerfile
@@ -85,6 +85,7 @@ RUN apt-get update -y -q && \
         ninja-build \
         nlohmann-json3-dev \
         npm \
+        patch \
         pkg-config \
         protobuf-compiler-grpc \
         python3-dev \
diff --git a/ci/docker/debian-13-cpp.dockerfile b/ci/docker/debian-13-cpp.dockerfile
index 3e5c645c81a1e..ca96b4177ff07 100644
--- a/ci/docker/debian-13-cpp.dockerfile
+++ b/ci/docker/debian-13-cpp.dockerfile
@@ -87,6 +87,7 @@ RUN apt-get update -y -q && \
         nlohmann-json3-dev \
         npm \
         opentelemetry-cpp-dev \
+        patch \
         pkg-config \
         protobuf-compiler-grpc \
         python3-dev \
diff --git a/ci/docker/debian-experimental-cpp.dockerfile b/ci/docker/debian-experimental-cpp.dockerfile
index 2721b1d5f2058..743f5ddd3bead 100644
--- a/ci/docker/debian-experimental-cpp.dockerfile
+++ b/ci/docker/debian-experimental-cpp.dockerfile
@@ -79,6 +79,7 @@ RUN if [ -n "${gcc}" ]; then \
         nlohmann-json3-dev \
         npm \
         opentelemetry-cpp-dev \
+        patch \
         pkg-config \
         protobuf-compiler-grpc \
         python3-dev \
diff --git a/ci/docker/fedora-42-cpp.dockerfile b/ci/docker/fedora-42-cpp.dockerfile
index 82e3fa9f7aaaa..cabb066fec3ce 100644
--- a/ci/docker/fedora-42-cpp.dockerfile
+++ b/ci/docker/fedora-42-cpp.dockerfile
@@ -53,6 +53,7 @@ RUN dnf update -y && \
         make \
         ninja-build \
         openssl-devel \
+        patch \
         protobuf-devel \
         python \
         python-devel \
diff --git a/ci/docker/ubuntu-22.04-cpp-minimal.dockerfile b/ci/docker/ubuntu-22.04-cpp-minimal.dockerfile
index 2a90a5637d4df..d38dd418e296f 100644
--- a/ci/docker/ubuntu-22.04-cpp-minimal.dockerfile
+++ b/ci/docker/ubuntu-22.04-cpp-minimal.dockerfile
@@ -33,6 +33,7 @@ RUN apt-get update -y -q && \
         git \
         libssl-dev \
         libcurl4-openssl-dev \
+        patch \
         python3-pip \
         python3-venv \
         tzdata \
diff --git a/ci/docker/ubuntu-22.04-cpp.dockerfile b/ci/docker/ubuntu-22.04-cpp.dockerfile
index 44c1a452c17f1..88a27efe335db 100644
--- a/ci/docker/ubuntu-22.04-cpp.dockerfile
+++ b/ci/docker/ubuntu-22.04-cpp.dockerfile
@@ -107,6 +107,7 @@ RUN apt-get update -y -q && \
         ninja-build \
         nlohmann-json3-dev \
         npm \
+        patch \
         pkg-config \
         protobuf-compiler \
         protobuf-compiler-grpc \
diff --git a/ci/docker/ubuntu-24.04-cpp-minimal.dockerfile b/ci/docker/ubuntu-24.04-cpp-minimal.dockerfile
index a1fd178a2c754..5e114d5dcd9fd 100644
--- a/ci/docker/ubuntu-24.04-cpp-minimal.dockerfile
+++ b/ci/docker/ubuntu-24.04-cpp-minimal.dockerfile
@@ -33,6 +33,7 @@ RUN apt-get update -y -q && \
         git \
         libssl-dev \
         libcurl4-openssl-dev \
+        patch \
         python3-pip \
         python3-venv \
         tzdata \
diff --git a/ci/docker/ubuntu-24.04-cpp.dockerfile b/ci/docker/ubuntu-24.04-cpp.dockerfile
index 6bc49a4c84274..0347d452d7bfc 100644
--- a/ci/docker/ubuntu-24.04-cpp.dockerfile
+++ b/ci/docker/ubuntu-24.04-cpp.dockerfile
@@ -108,6 +108,7 @@ RUN apt-get update -y -q && \
         ninja-build \
         nlohmann-json3-dev \
         npm \
+        patch \
         pkg-config \
         protobuf-compiler \
         protobuf-compiler-grpc \
diff --git a/ci/scripts/msys2_setup.sh b/ci/scripts/msys2_setup.sh
index 0ce9343a7f75d..b4634070a8789 100755
--- a/ci/scripts/msys2_setup.sh
+++ b/ci/scripts/msys2_setup.sh
@@ -51,6 +51,7 @@ case "${target}" in
     packages+=("${MINGW_PACKAGE_PREFIX}-xsimd")
     packages+=("${MINGW_PACKAGE_PREFIX}-uriparser")
     packages+=("${MINGW_PACKAGE_PREFIX}-zstd")
+    packages+=("patch")
 
     if [ "${target}" != "ruby" ]; then
       # We don't update the exiting packages for Ruby because
diff --git a/cpp/cmake_modules/ThirdpartyToolchain.cmake b/cpp/cmake_modules/ThirdpartyToolchain.cmake
index 5b8b039357e0d..365b8b49c053d 100644
--- a/cpp/cmake_modules/ThirdpartyToolchain.cmake
+++ b/cpp/cmake_modules/ThirdpartyToolchain.cmake
@@ -2275,9 +2275,9 @@ if(ARROW_MIMALLOC)
   endif()
 
   set(MIMALLOC_PREFIX "${CMAKE_CURRENT_BINARY_DIR}/mimalloc_ep/src/mimalloc_ep")
-  set(MIMALLOC_INCLUDE_DIR "${MIMALLOC_PREFIX}/include/mimalloc-2.2")
+  set(MIMALLOC_INCLUDE_DIR "${MIMALLOC_PREFIX}/include")
   set(MIMALLOC_STATIC_LIB
-      "${MIMALLOC_PREFIX}/lib/mimalloc-2.2/${CMAKE_STATIC_LIBRARY_PREFIX}${MIMALLOC_LIB_BASE_NAME}${CMAKE_STATIC_LIBRARY_SUFFIX}"
+      "${MIMALLOC_PREFIX}/lib/${CMAKE_STATIC_LIBRARY_PREFIX}${MIMALLOC_LIB_BASE_NAME}${CMAKE_STATIC_LIBRARY_SUFFIX}"
   )
 
   set(MIMALLOC_C_FLAGS ${EP_C_FLAGS})
@@ -2286,10 +2286,18 @@ if(ARROW_MIMALLOC)
     set(MIMALLOC_C_FLAGS "${MIMALLOC_C_FLAGS} -DERROR_COMMITMENT_MINIMUM=635")
   endif()
 
+  set(MIMALLOC_PATCH_COMMAND "")
+  if(${UPPERCASE_BUILD_TYPE} STREQUAL "DEBUG")
+    find_program(PATCH patch REQUIRED)
+    set(MIMALLOC_PATCH_COMMAND ${PATCH} -p1 -i
+                               ${CMAKE_CURRENT_LIST_DIR}/mimalloc-1138.patch)
+  endif()
+
   set(MIMALLOC_CMAKE_ARGS
       ${EP_COMMON_CMAKE_ARGS}
       "-DCMAKE_C_FLAGS=${MIMALLOC_C_FLAGS}"
       "-DCMAKE_INSTALL_PREFIX=${MIMALLOC_PREFIX}"
+      -DMI_INSTALL_TOPLEVEL=ON
       -DMI_OVERRIDE=OFF
       -DMI_LOCAL_DYNAMIC_TLS=ON
       -DMI_BUILD_OBJECT=OFF
@@ -2300,6 +2308,7 @@ if(ARROW_MIMALLOC)
                       ${EP_COMMON_OPTIONS}
                       URL ${MIMALLOC_SOURCE_URL}
                       URL_HASH "SHA256=${ARROW_MIMALLOC_BUILD_SHA256_CHECKSUM}"
+                      PATCH_COMMAND ${MIMALLOC_PATCH_COMMAND}
                       CMAKE_ARGS ${MIMALLOC_CMAKE_ARGS}
                       BUILD_BYPRODUCTS "${MIMALLOC_STATIC_LIB}")
 
diff --git a/cpp/cmake_modules/mimalloc-1138.patch b/cpp/cmake_modules/mimalloc-1138.patch
new file mode 100644
index 0000000000000..1ffa4bffbbafd
--- /dev/null
+++ b/cpp/cmake_modules/mimalloc-1138.patch
@@ -0,0 +1,33 @@
+# Licensed to the Apache Software Foundation (ASF) under one
+# or more contributor license agreements.  See the NOTICE file
+# distributed with this work for additional information
+# regarding copyright ownership.  The ASF licenses this file
+# to you under the Apache License, Version 2.0 (the
+# "License"); you may not use this file except in compliance
+# with the License.  You may obtain a copy of the License at
+#
+#   http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing,
+# software distributed under the License is distributed on an
+# "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY
+# KIND, either express or implied.  See the License for the
+# specific language governing permissions and limitations
+# under the License.
+
+Fix for https://github.com/microsoft/mimalloc/issues/1138
+
+diff --git a/src/arena.c b/src/arena.c
+index b26f4442..d7e99b55 100644
+--- a/src/arena.c
++++ b/src/arena.c
+@@ -797,6 +797,9 @@ mi_page_t* _mi_arenas_page_alloc(mi_heap_t* heap, size_t block_size, size_t bloc
+   else {
+     page = mi_arenas_page_singleton_alloc(heap, block_size, block_alignment);
+   }
++  if mi_unlikely(page == NULL) {
++    return NULL;
++  }
+   // mi_assert_internal(page == NULL || _mi_page_segment(page)->subproc == tld->subproc);
+   mi_assert_internal(_mi_is_aligned(page, MI_PAGE_ALIGN));
+   mi_assert_internal(_mi_ptr_page(page)==page);
diff --git a/cpp/thirdparty/versions.txt b/cpp/thirdparty/versions.txt
index 9f16db79f125e..10aad92785a2b 100644
--- a/cpp/thirdparty/versions.txt
+++ b/cpp/thirdparty/versions.txt
@@ -82,8 +82,8 @@ ARROW_JEMALLOC_BUILD_VERSION=5.3.0
 ARROW_JEMALLOC_BUILD_SHA256_CHECKSUM=2db82d1e7119df3e71b7640219b6dfe84789bc0537983c3b7ac4f7189aecfeaa
 ARROW_LZ4_BUILD_VERSION=v1.10.0
 ARROW_LZ4_BUILD_SHA256_CHECKSUM=537512904744b35e232912055ccf8ec66d768639ff3abe5788d90d792ec5f48b
-ARROW_MIMALLOC_BUILD_VERSION=v2.2.4
-ARROW_MIMALLOC_BUILD_SHA256_CHECKSUM=754a98de5e2912fddbeaf24830f982b4540992f1bab4a0a8796ee118e0752bda
+ARROW_MIMALLOC_BUILD_VERSION=v3.1.5
+ARROW_MIMALLOC_BUILD_SHA256_CHECKSUM=1c6949032069d5ebea438ec5cedd602d06f40a92ddf0f0d9dcff0993e5f6635c
 ARROW_NLOHMANN_JSON_BUILD_VERSION=v3.12.0
 ARROW_NLOHMANN_JSON_BUILD_SHA256_CHECKSUM=4b92eb0c06d10683f7447ce9406cb97cd4b453be18d7279320f7b2f025c10187
 ARROW_OPENTELEMETRY_BUILD_VERSION=v1.21.0