Ethical integrity is paramount in the field of psychology. Cross-disciplinary research has consistently demonstrated that mentors are crucial in professional development and are often considered role models for professional conduct. However, mentors seldom are instructed how to teach their mentees ethical practices in both research and clinical work. Several institutions and agencies, particularly within the scientific disciplines, have successfully implemented formal mentor-training programs for research mentors. Not only do these programs specifically address teaching ethical issues and role modeling ethical behavior to mentees, but also encourage effective mentoring practices. Evaluation data from these programs have revealed many significant improvements to mentoring practices and to mentees’ experiences related to the mentoring relationship. This article provides professional psychologists with an overview of the significance of ethical mentoring, challenges to ethical mentoring, and mentors’ influence on the ethical conduct of their mentees. It also includes a discussion on the advantages of adapting and incorporating formalized mentor training programs within clinical training settings to enhance mentor effectiveness and ensure ethical mentoring for budding professional psychologists.