Ethical issues abound in any relationship that is defined by differences between the parties in rank, status, and power. Such is the case in the relationship between a doctoral student in clinical psychology and his or her mentor. In this article, we examine several potential areas of ethical concern within the mentor-student relationship. We present a series of vignettes and our analyses of the issues that arise within them as we examine romantic dual relationships, nonromantic dual relationships, and other ways in which the mentor's power may be intentionally or unintentionally misused for personal gain. We also look at several examples of unhelpful mentoring. Problematic situations often arise when there is the potential for loss of objectivity by either party or exploitation of the student by the mentor. Although the relationship with one's mentor may be one of the most important and gratifying aspects of the graduate school experience, both mentors and students should keep in mind that behavioral choices within this relationship are often complex ones that require forethought, self-monitoring, and discussion between the parties.