diff --git a/arrow-pyarrow-integration-testing/Cargo.toml b/arrow-pyarrow-integration-testing/Cargo.toml
index c757f6739373..7eecf8810f7b 100644
--- a/arrow-pyarrow-integration-testing/Cargo.toml
+++ b/arrow-pyarrow-integration-testing/Cargo.toml
@@ -34,4 +34,4 @@ crate-type = ["cdylib"]
 
 [dependencies]
 arrow = { path = "../arrow", features = ["pyarrow"] }
-pyo3 = { version = "0.25.1", features = ["extension-module"] }
+pyo3 = { version = "0.26.0", features = ["extension-module"] }
diff --git a/arrow-pyarrow-integration-testing/src/lib.rs b/arrow-pyarrow-integration-testing/src/lib.rs
index d4908fff0897..86c17ab79caa 100644
--- a/arrow-pyarrow-integration-testing/src/lib.rs
+++ b/arrow-pyarrow-integration-testing/src/lib.rs
@@ -41,7 +41,8 @@ fn to_py_err(err: ArrowError) -> PyErr {
 
 /// Returns `array + array` of an int64 array.
 #[pyfunction]
-fn double(array: &Bound<PyAny>, py: Python) -> PyResult<PyObject> {
+fn double<'py>(array: &Bound<'py, PyAny>) -> PyResult<Bound<'py, PyAny>> {
+    let py = array.py();
     // import
     let array = make_array(ArrayData::from_pyarrow_bound(array)?);
 
@@ -61,13 +62,13 @@ fn double(array: &Bound<PyAny>, py: Python) -> PyResult<PyObject> {
 /// calls a lambda function that receives and returns an array
 /// whose result must be the array multiplied by two
 #[pyfunction]
-fn double_py(lambda: &Bound<PyAny>, py: Python) -> PyResult<bool> {
+fn double_py(lambda: &Bound<PyAny>) -> PyResult<bool> {
     // create
     let array = Arc::new(Int64Array::from(vec![Some(1), None, Some(3)]));
     let expected = Arc::new(Int64Array::from(vec![Some(2), None, Some(6)])) as ArrayRef;
 
     // to py
-    let pyarray = array.to_data().to_pyarrow(py)?;
+    let pyarray = array.to_data().to_pyarrow(lambda.py())?;
     let pyarray = lambda.call1((pyarray,))?;
     let array = make_array(ArrayData::from_pyarrow_bound(&pyarray)?);
 
@@ -75,7 +76,10 @@ fn double_py(lambda: &Bound<PyAny>, py: Python) -> PyResult<bool> {
 }
 
 #[pyfunction]
-fn make_empty_array(datatype: PyArrowType<DataType>, py: Python) -> PyResult<PyObject> {
+fn make_empty_array<'py>(
+    datatype: PyArrowType<DataType>,
+    py: Python<'py>,
+) -> PyResult<Bound<'py, PyAny>> {
     let array = new_empty_array(&datatype.0);
 
     array.to_data().to_pyarrow(py)
@@ -95,7 +99,7 @@ fn substring(array: PyArrowType<ArrayData>, start: i64) -> PyResult<PyArrowType<
 
 /// Returns the concatenate
 #[pyfunction]
-fn concatenate(array: PyArrowType<ArrayData>, py: Python) -> PyResult<PyObject> {
+fn concatenate<'py>(array: PyArrowType<ArrayData>, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
     let array = make_array(array.0);
 
     // concat
diff --git a/arrow-pyarrow-testing/Cargo.toml b/arrow-pyarrow-testing/Cargo.toml
index 8bbf364f2e08..e5ba0f49f035 100644
--- a/arrow-pyarrow-testing/Cargo.toml
+++ b/arrow-pyarrow-testing/Cargo.toml
@@ -48,4 +48,4 @@ publish = false
 # Note no dependency on arrow, to ensure arrow-pyarrow can be used by itself
 arrow-array = { path = "../arrow-array" }
 arrow-pyarrow = { path = "../arrow-pyarrow" }
-pyo3 = { version = "0.25", default-features = false }
+pyo3 = { version = "0.26.0", default-features = false }
diff --git a/arrow-pyarrow-testing/tests/pyarrow.rs b/arrow-pyarrow-testing/tests/pyarrow.rs
index 3d3c30cf210a..4ca661b104d2 100644
--- a/arrow-pyarrow-testing/tests/pyarrow.rs
+++ b/arrow-pyarrow-testing/tests/pyarrow.rs
@@ -47,7 +47,7 @@ use std::sync::Arc;
 
 #[test]
 fn test_to_pyarrow() {
-    pyo3::prepare_freethreaded_python();
+    Python::initialize();
 
     let a: ArrayRef = Arc::new(Int32Array::from(vec![1, 2]));
     let b: ArrayRef = Arc::new(StringArray::from(vec!["a", "b"]));
@@ -56,11 +56,11 @@ fn test_to_pyarrow() {
     let input = RecordBatch::try_from_iter(vec![("a", a), ("b", b), ("c", c)]).unwrap();
     println!("input: {input:?}");
 
-    let res = Python::with_gil(|py| {
+    let res = Python::attach(|py| {
         let py_input = input.to_pyarrow(py)?;
-        let records = RecordBatch::from_pyarrow_bound(py_input.bind(py))?;
+        let records = RecordBatch::from_pyarrow_bound(&py_input)?;
         let py_records = records.to_pyarrow(py)?;
-        RecordBatch::from_pyarrow_bound(py_records.bind(py))
+        RecordBatch::from_pyarrow_bound(&py_records)
     })
     .unwrap();
 
@@ -69,7 +69,7 @@ fn test_to_pyarrow() {
 
 #[test]
 fn test_to_pyarrow_byte_view() {
-    pyo3::prepare_freethreaded_python();
+    Python::initialize();
 
     for num_variadic_buffers in 0..=2 {
         let string_view: ArrayRef = Arc::new(string_view_column(num_variadic_buffers));
@@ -82,11 +82,11 @@ fn test_to_pyarrow_byte_view() {
         .unwrap();
 
         println!("input: {input:?}");
-        let res = Python::with_gil(|py| {
+        let res = Python::attach(|py| {
             let py_input = input.to_pyarrow(py)?;
-            let records = RecordBatch::from_pyarrow_bound(py_input.bind(py))?;
+            let records = RecordBatch::from_pyarrow_bound(&py_input)?;
             let py_records = records.to_pyarrow(py)?;
-            RecordBatch::from_pyarrow_bound(py_records.bind(py))
+            RecordBatch::from_pyarrow_bound(&py_records)
         })
         .unwrap();
 
diff --git a/arrow-pyarrow/Cargo.toml b/arrow-pyarrow/Cargo.toml
index 9eeab3796617..9cfa235324f1 100644
--- a/arrow-pyarrow/Cargo.toml
+++ b/arrow-pyarrow/Cargo.toml
@@ -39,4 +39,4 @@ all-features = true
 arrow-array = { workspace = true, features = ["ffi"] }
 arrow-data = { workspace = true }
 arrow-schema = { workspace = true }
-pyo3 = { version = "0.25.1", default-features = false }
+pyo3 = { version = "0.26.0", default-features = false }
diff --git a/arrow-pyarrow/src/lib.rs b/arrow-pyarrow/src/lib.rs
index c958da9d1c92..a238b4abbb07 100644
--- a/arrow-pyarrow/src/lib.rs
+++ b/arrow-pyarrow/src/lib.rs
@@ -95,17 +95,17 @@ pub trait FromPyArrow: Sized {
 /// Create a new PyArrow object from a arrow-rs type.
 pub trait ToPyArrow {
     /// Convert the implemented type into a Python object without consuming it.
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject>;
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>>;
 }
 
 /// Convert an arrow-rs type into a PyArrow object.
 pub trait IntoPyArrow {
     /// Convert the implemented type into a Python object while consuming it.
-    fn into_pyarrow(self, py: Python) -> PyResult<PyObject>;
+    fn into_pyarrow<'py>(self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>>;
 }
 
 impl<T: ToPyArrow> IntoPyArrow for T {
-    fn into_pyarrow(self, py: Python) -> PyResult<PyObject> {
+    fn into_pyarrow<'py>(self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         self.to_pyarrow(py)
     }
 }
@@ -172,7 +172,7 @@ impl FromPyArrow for DataType {
 }
 
 impl ToPyArrow for DataType {
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let c_schema = FFI_ArrowSchema::try_from(self).map_err(to_py_err)?;
         let c_schema_ptr = &c_schema as *const FFI_ArrowSchema;
         let module = py.import("pyarrow")?;
@@ -208,7 +208,7 @@ impl FromPyArrow for Field {
 }
 
 impl ToPyArrow for Field {
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let c_schema = FFI_ArrowSchema::try_from(self).map_err(to_py_err)?;
         let c_schema_ptr = &c_schema as *const FFI_ArrowSchema;
         let module = py.import("pyarrow")?;
@@ -244,7 +244,7 @@ impl FromPyArrow for Schema {
 }
 
 impl ToPyArrow for Schema {
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let c_schema = FFI_ArrowSchema::try_from(self).map_err(to_py_err)?;
         let c_schema_ptr = &c_schema as *const FFI_ArrowSchema;
         let module = py.import("pyarrow")?;
@@ -303,7 +303,7 @@ impl FromPyArrow for ArrayData {
 }
 
 impl ToPyArrow for ArrayData {
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let array = FFI_ArrowArray::new(self);
         let schema = FFI_ArrowSchema::try_from(self.data_type()).map_err(to_py_err)?;
 
@@ -316,7 +316,7 @@ impl ToPyArrow for ArrayData {
                 addr_of!(schema) as Py_uintptr_t,
             ),
         )?;
-        Ok(array.unbind())
+        Ok(array)
     }
 }
 
@@ -328,12 +328,12 @@ impl<T: FromPyArrow> FromPyArrow for Vec<T> {
 }
 
 impl<T: ToPyArrow> ToPyArrow for Vec<T> {
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let values = self
             .iter()
             .map(|v| v.to_pyarrow(py))
             .collect::<PyResult<Vec<_>>>()?;
-        Ok(PyList::new(py, values)?.unbind().into())
+        Ok(PyList::new(py, values)?.into_any())
     }
 }
 
@@ -412,12 +412,12 @@ impl FromPyArrow for RecordBatch {
 }
 
 impl ToPyArrow for RecordBatch {
-    fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
+    fn to_pyarrow<'py>(&self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         // Workaround apache/arrow#37669 by returning RecordBatchIterator
         let reader = RecordBatchIterator::new(vec![Ok(self.clone())], self.schema());
         let reader: Box<dyn RecordBatchReader + Send> = Box::new(reader);
         let py_reader = reader.into_pyarrow(py)?;
-        py_reader.call_method0(py, "read_next_batch")
+        py_reader.call_method0("read_next_batch")
     }
 }
 
@@ -463,7 +463,7 @@ impl FromPyArrow for ArrowArrayStreamReader {
 impl IntoPyArrow for Box<dyn RecordBatchReader + Send> {
     // We can't implement `ToPyArrow` for `T: RecordBatchReader + Send` because
     // there is already a blanket implementation for `T: ToPyArrow`.
-    fn into_pyarrow(self, py: Python) -> PyResult<PyObject> {
+    fn into_pyarrow<'py>(self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let mut stream = FFI_ArrowArrayStream::new(self);
 
         let stream_ptr = (&mut stream) as *mut FFI_ArrowArrayStream;
@@ -472,13 +472,13 @@ impl IntoPyArrow for Box<dyn RecordBatchReader + Send> {
         let args = PyTuple::new(py, [stream_ptr as Py_uintptr_t])?;
         let reader = class.call_method1("_import_from_c", args)?;
 
-        Ok(PyObject::from(reader))
+        Ok(reader)
     }
 }
 
 /// Convert a [`ArrowArrayStreamReader`] into a `pyarrow.RecordBatchReader`.
 impl IntoPyArrow for ArrowArrayStreamReader {
-    fn into_pyarrow(self, py: Python) -> PyResult<PyObject> {
+    fn into_pyarrow<'py>(self, py: Python<'py>) -> PyResult<Bound<'py, PyAny>> {
         let boxed: Box<dyn RecordBatchReader + Send> = Box::new(self);
         boxed.into_pyarrow(py)
     }
@@ -506,10 +506,7 @@ impl<'py, T: IntoPyArrow> IntoPyObject<'py> for PyArrowType<T> {
     type Error = PyErr;
 
     fn into_pyobject(self, py: Python<'py>) -> Result<Self::Output, PyErr> {
-        match self.0.into_pyarrow(py) {
-            Ok(obj) => Result::Ok(obj.into_bound(py)),
-            Err(err) => Result::Err(err),
-        }
+        self.0.into_pyarrow(py)
     }
 }