diff --git a/arrow-pyarrow-integration-testing/Cargo.toml b/arrow-pyarrow-integration-testing/Cargo.toml
index 0834f2d13384..03d08df30959 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 = "0.22", features = ["extension-module"] }
+pyo3 = { version = "0.23", features = ["extension-module"] }
diff --git a/arrow-pyarrow-integration-testing/src/lib.rs b/arrow-pyarrow-integration-testing/src/lib.rs
index e12c1389e66f..d4908fff0897 100644
--- a/arrow-pyarrow-integration-testing/src/lib.rs
+++ b/arrow-pyarrow-integration-testing/src/lib.rs
@@ -43,7 +43,7 @@ fn to_py_err(err: ArrowError) -> PyErr {
 #[pyfunction]
 fn double(array: &Bound<PyAny>, py: Python) -> PyResult<PyObject> {
     // import
-    let array = make_array(ArrayData::from_pyarrow_bound(&array)?);
+    let array = make_array(ArrayData::from_pyarrow_bound(array)?);
 
     // perform some operation
     let array = array
diff --git a/arrow/Cargo.toml b/arrow/Cargo.toml
index a0fd96415a1d..732819cf0b5f 100644
--- a/arrow/Cargo.toml
+++ b/arrow/Cargo.toml
@@ -54,7 +54,7 @@ arrow-select = { workspace = true }
 arrow-string = { workspace = true }
 
 rand = { version = "0.8", default-features = false, features = ["std", "std_rng"], optional = true }
-pyo3 = { version = "0.22.2", default-features = false, optional = true }
+pyo3 = { version = "0.23", default-features = false, optional = true }
 
 chrono = { workspace = true, optional = true }
 
diff --git a/arrow/src/pyarrow.rs b/arrow/src/pyarrow.rs
index 6effe1c03e01..4ccbd0541d3f 100644
--- a/arrow/src/pyarrow.rs
+++ b/arrow/src/pyarrow.rs
@@ -111,7 +111,7 @@ impl<T: ToPyArrow> IntoPyArrow for T {
 }
 
 fn validate_class(expected: &str, value: &Bound<PyAny>) -> PyResult<()> {
-    let pyarrow = PyModule::import_bound(value.py(), "pyarrow")?;
+    let pyarrow = PyModule::import(value.py(), "pyarrow")?;
     let class = pyarrow.getattr(expected)?;
     if !value.is_instance(&class)? {
         let expected_module = class.getattr("__module__")?.extract::<PyBackedStr>()?;
@@ -177,7 +177,7 @@ impl ToPyArrow for DataType {
     fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
         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_bound("pyarrow")?;
+        let module = py.import("pyarrow")?;
         let class = module.getattr("DataType")?;
         let dtype = class.call_method1("_import_from_c", (c_schema_ptr as Py_uintptr_t,))?;
         Ok(dtype.into())
@@ -213,7 +213,7 @@ impl ToPyArrow for Field {
     fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
         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_bound("pyarrow")?;
+        let module = py.import("pyarrow")?;
         let class = module.getattr("Field")?;
         let dtype = class.call_method1("_import_from_c", (c_schema_ptr as Py_uintptr_t,))?;
         Ok(dtype.into())
@@ -249,7 +249,7 @@ impl ToPyArrow for Schema {
     fn to_pyarrow(&self, py: Python) -> PyResult<PyObject> {
         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_bound("pyarrow")?;
+        let module = py.import("pyarrow")?;
         let class = module.getattr("Schema")?;
         let schema = class.call_method1("_import_from_c", (c_schema_ptr as Py_uintptr_t,))?;
         Ok(schema.into())
@@ -309,7 +309,7 @@ impl ToPyArrow for ArrayData {
         let array = FFI_ArrowArray::new(self);
         let schema = FFI_ArrowSchema::try_from(self.data_type()).map_err(to_py_err)?;
 
-        let module = py.import_bound("pyarrow")?;
+        let module = py.import("pyarrow")?;
         let class = module.getattr("Array")?;
         let array = class.call_method1(
             "_import_from_c",
@@ -318,7 +318,7 @@ impl ToPyArrow for ArrayData {
                 addr_of!(schema) as Py_uintptr_t,
             ),
         )?;
-        Ok(array.to_object(py))
+        Ok(array.unbind())
     }
 }
 
@@ -335,7 +335,7 @@ impl<T: ToPyArrow> ToPyArrow for Vec<T> {
             .iter()
             .map(|v| v.to_pyarrow(py))
             .collect::<PyResult<Vec<_>>>()?;
-        Ok(values.to_object(py))
+        Ok(PyList::new(py, values)?.unbind().into())
     }
 }
 
@@ -451,7 +451,7 @@ impl FromPyArrow for ArrowArrayStreamReader {
         // make the conversion through PyArrow's private API
         // this changes the pointer's memory and is thus unsafe.
         // In particular, `_export_to_c` can go out of bounds
-        let args = PyTuple::new_bound(value.py(), [stream_ptr as Py_uintptr_t]);
+        let args = PyTuple::new(value.py(), [stream_ptr as Py_uintptr_t])?;
         value.call_method1("_export_to_c", args)?;
 
         let stream_reader = ArrowArrayStreamReader::try_new(stream)
@@ -469,9 +469,9 @@ impl IntoPyArrow for Box<dyn RecordBatchReader + Send> {
         let mut stream = FFI_ArrowArrayStream::new(self);
 
         let stream_ptr = (&mut stream) as *mut FFI_ArrowArrayStream;
-        let module = py.import_bound("pyarrow")?;
+        let module = py.import("pyarrow")?;
         let class = module.getattr("RecordBatchReader")?;
-        let args = PyTuple::new_bound(py, [stream_ptr as Py_uintptr_t]);
+        let args = PyTuple::new(py, [stream_ptr as Py_uintptr_t])?;
         let reader = class.call_method1("_import_from_c", args)?;
 
         Ok(PyObject::from(reader))
@@ -500,11 +500,17 @@ impl<'source, T: FromPyArrow> FromPyObject<'source> for PyArrowType<T> {
     }
 }
 
-impl<T: IntoPyArrow> IntoPy<PyObject> for PyArrowType<T> {
-    fn into_py(self, py: Python) -> PyObject {
+impl<'py, T: IntoPyArrow> IntoPyObject<'py> for PyArrowType<T> {
+    type Target = PyAny;
+
+    type Output = Bound<'py, Self::Target>;
+
+    type Error = PyErr;
+
+    fn into_pyobject(self, py: Python<'py>) -> Result<Self::Output, PyErr> {
         match self.0.into_pyarrow(py) {
-            Ok(obj) => obj,
-            Err(err) => err.to_object(py),
+            Ok(obj) => Result::Ok(obj.into_bound(py)),
+            Err(err) => Result::Err(err),
         }
     }
 }