diff --git a/cpp/cmake_modules/ThirdpartyToolchain.cmake b/cpp/cmake_modules/ThirdpartyToolchain.cmake
index cc632a62fe4..30a7415b782 100644
--- a/cpp/cmake_modules/ThirdpartyToolchain.cmake
+++ b/cpp/cmake_modules/ThirdpartyToolchain.cmake
@@ -2431,6 +2431,7 @@ if(ARROW_MIMALLOC)
   set(MIMALLOC_C_FLAGS ${EP_C_FLAGS})
   if(MINGW)
     # Workaround https://github.com/microsoft/mimalloc/issues/910 on RTools40
+    # This is still required as of mimalloc 3.3.0, tested as part of GH-49772
     set(MIMALLOC_C_FLAGS "${MIMALLOC_C_FLAGS} -DERROR_COMMITMENT_MINIMUM=635")
   endif()
 
diff --git a/cpp/thirdparty/versions.txt b/cpp/thirdparty/versions.txt
index 82a780285e2..5d1a33d1a26 100644
--- a/cpp/thirdparty/versions.txt
+++ b/cpp/thirdparty/versions.txt
@@ -80,8 +80,8 @@ 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=v3.2.7
-ARROW_MIMALLOC_BUILD_SHA256_CHECKSUM=33621bea902711639b8f83128e64685ffc8224a65443625530747603a2d8726d
+ARROW_MIMALLOC_BUILD_VERSION=v3.3.0
+ARROW_MIMALLOC_BUILD_SHA256_CHECKSUM=cf227295c307efc6f16e90c485595f9bb91c5a5532a3000f81f08907f8fc56a2
 ARROW_NLOHMANN_JSON_BUILD_VERSION=v3.12.0
 ARROW_NLOHMANN_JSON_BUILD_SHA256_CHECKSUM=4b92eb0c06d10683f7447ce9406cb97cd4b453be18d7279320f7b2f025c10187
 ARROW_OPENTELEMETRY_BUILD_VERSION=v1.21.0