Student mentoring is a common and often encouraged practice within graduate psychology and counseling programs. Although both mentors and proteges typically report multiple benefits from the practice, the mentoring relationship is also subject to a variety of ethical issues. The author presents a brief overview of professional literature regarding mentoring relationships, including key features and stages of development of these relationships, and then addresses potential ethical concerns. Guidelines and implications for ethical mentoring practice are also presented to encourage more specific attention to this vital component of counselor training.