diff --git a/c_glib/meson.build b/c_glib/meson.build
index 69867c2..18a8945 100644
--- a/c_glib/meson.build
+++ b/c_glib/meson.build
@@ -23,7 +23,7 @@
           'cpp_std=c++11',
         ])
 
-version = '7.0.0'
+version = '7.0.1'
 if version.endswith('-SNAPSHOT')
   version_numbers = version.split('-')[0].split('.')
   version_tag = version.split('-')[1]
diff --git a/ci/scripts/PKGBUILD b/ci/scripts/PKGBUILD
index 174c2ca..8cc7eb5 100644
--- a/ci/scripts/PKGBUILD
+++ b/ci/scripts/PKGBUILD
@@ -18,7 +18,7 @@
 _realname=arrow
 pkgbase=mingw-w64-${_realname}
 pkgname="${MINGW_PACKAGE_PREFIX}-${_realname}"
-pkgver=7.0.0
+pkgver=7.0.1
 pkgrel=8000
 pkgdesc="Apache Arrow is a cross-language development platform for in-memory data (mingw-w64)"
 arch=("any")
diff --git a/cpp/CMakeLists.txt b/cpp/CMakeLists.txt
index 2d7baf1..4f43fea 100644
--- a/cpp/CMakeLists.txt
+++ b/cpp/CMakeLists.txt
@@ -47,7 +47,7 @@
   cmake_policy(SET CMP0074 NEW)
 endif()
 
-set(ARROW_VERSION "7.0.0")
+set(ARROW_VERSION "7.0.1")
 
 string(REGEX MATCH "^[0-9]+\\.[0-9]+\\.[0-9]+" ARROW_BASE_VERSION "${ARROW_VERSION}")
 
diff --git a/cpp/vcpkg.json b/cpp/vcpkg.json
index 971590d..73bee94 100644
--- a/cpp/vcpkg.json
+++ b/cpp/vcpkg.json
@@ -1,6 +1,6 @@
 {
   "name": "arrow",
-  "version-string": "7.0.0",
+  "version-string": "7.0.1",
   "dependencies": [
     "abseil",
     {
diff --git a/csharp/Directory.Build.props b/csharp/Directory.Build.props
index 9026ffe..1f59836 100644
--- a/csharp/Directory.Build.props
+++ b/csharp/Directory.Build.props
@@ -29,7 +29,7 @@
     <Product>Apache Arrow library</Product>
     <Copyright>Copyright 2016-2019 The Apache Software Foundation</Copyright>
     <Company>The Apache Software Foundation</Company>
-    <Version>7.0.0</Version>
+    <Version>7.0.1</Version>
   </PropertyGroup>
 
   <PropertyGroup>
diff --git a/dev/tasks/homebrew-formulae/apache-arrow-glib.rb b/dev/tasks/homebrew-formulae/apache-arrow-glib.rb
index 27f1597..2a99fb3 100644
--- a/dev/tasks/homebrew-formulae/apache-arrow-glib.rb
+++ b/dev/tasks/homebrew-formulae/apache-arrow-glib.rb
@@ -29,7 +29,7 @@
 class ApacheArrowGlib < Formula
   desc "GLib bindings for Apache Arrow"
   homepage "https://arrow.apache.org/"
-  url "https://www.apache.org/dyn/closer.lua?path=arrow/arrow-7.0.0/apache-arrow-7.0.0.tar.gz"
+  url "https://www.apache.org/dyn/closer.lua?path=arrow/arrow-7.0.1/apache-arrow-7.0.1.tar.gz"
   sha256 "9948ddb6d4798b51552d0dca3252dd6e3a7d0f9702714fc6f5a1b59397ce1d28"
   license "Apache-2.0"
   head "https://github.com/apache/arrow.git"
diff --git a/dev/tasks/homebrew-formulae/apache-arrow.rb b/dev/tasks/homebrew-formulae/apache-arrow.rb
index bb8fd56..81fb304 100644
--- a/dev/tasks/homebrew-formulae/apache-arrow.rb
+++ b/dev/tasks/homebrew-formulae/apache-arrow.rb
@@ -29,7 +29,7 @@
 class ApacheArrow < Formula
   desc "Columnar in-memory analytics layer designed to accelerate big data"
   homepage "https://arrow.apache.org/"
-  url "https://www.apache.org/dyn/closer.lua?path=arrow/arrow-7.0.0/apache-arrow-7.0.0.tar.gz"
+  url "https://www.apache.org/dyn/closer.lua?path=arrow/arrow-7.0.1/apache-arrow-7.0.1.tar.gz"
   sha256 "9948ddb6d4798b51552d0dca3252dd6e3a7d0f9702714fc6f5a1b59397ce1d28"
   license "Apache-2.0"
   head "https://github.com/apache/arrow.git"
diff --git a/dev/tasks/homebrew-formulae/autobrew/apache-arrow.rb b/dev/tasks/homebrew-formulae/autobrew/apache-arrow.rb
index a786b91..3eedc8b 100644
--- a/dev/tasks/homebrew-formulae/autobrew/apache-arrow.rb
+++ b/dev/tasks/homebrew-formulae/autobrew/apache-arrow.rb
@@ -19,7 +19,7 @@
 class ApacheArrow < Formula
   desc "Columnar in-memory analytics layer designed to accelerate big data"
   homepage "https://arrow.apache.org/"
-  url "https://www.apache.org/dyn/closer.lua?path=arrow/arrow-7.0.0/apache-arrow-7.0.0.tar.gz"
+  url "https://www.apache.org/dyn/closer.lua?path=arrow/arrow-7.0.1/apache-arrow-7.0.1.tar.gz"
   sha256 "9948ddb6d4798b51552d0dca3252dd6e3a7d0f9702714fc6f5a1b59397ce1d28"
   head "https://github.com/apache/arrow.git"
 
diff --git a/java/adapter/avro/pom.xml b/java/adapter/avro/pom.xml
index d928da0..ba3a0c8 100644
--- a/java/adapter/avro/pom.xml
+++ b/java/adapter/avro/pom.xml
@@ -16,7 +16,7 @@
   <parent>
     <groupId>org.apache.arrow</groupId>
     <artifactId>arrow-java-root</artifactId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
     <relativePath>../../pom.xml</relativePath>
   </parent>
 
diff --git a/java/adapter/jdbc/pom.xml b/java/adapter/jdbc/pom.xml
index e8ba058..d8b6f39 100644
--- a/java/adapter/jdbc/pom.xml
+++ b/java/adapter/jdbc/pom.xml
@@ -16,7 +16,7 @@
     <parent>
         <groupId>org.apache.arrow</groupId>
         <artifactId>arrow-java-root</artifactId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
         <relativePath>../../pom.xml</relativePath>
     </parent>
 
diff --git a/java/adapter/orc/pom.xml b/java/adapter/orc/pom.xml
index 3e626c7..5a06039 100644
--- a/java/adapter/orc/pom.xml
+++ b/java/adapter/orc/pom.xml
@@ -87,7 +87,7 @@
     <parent>
         <groupId>org.apache.arrow</groupId>
         <artifactId>arrow-java-root</artifactId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
         <relativePath>../../pom.xml</relativePath>
     </parent>
 
diff --git a/java/algorithm/pom.xml b/java/algorithm/pom.xml
index 2421e98..79d603f 100644
--- a/java/algorithm/pom.xml
+++ b/java/algorithm/pom.xml
@@ -14,7 +14,7 @@
   <parent>
     <groupId>org.apache.arrow</groupId>
     <artifactId>arrow-java-root</artifactId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <artifactId>arrow-algorithm</artifactId>
   <name>Arrow Algorithms</name>
diff --git a/java/c/pom.xml b/java/c/pom.xml
index bcd5d62..302287d 100644
--- a/java/c/pom.xml
+++ b/java/c/pom.xml
@@ -13,7 +13,7 @@
     <parent>
         <artifactId>arrow-java-root</artifactId>
         <groupId>org.apache.arrow</groupId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
     </parent>
     <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/compression/pom.xml b/java/compression/pom.xml
index 40221e5..91a253a 100644
--- a/java/compression/pom.xml
+++ b/java/compression/pom.xml
@@ -14,7 +14,7 @@
   <parent>
     <groupId>org.apache.arrow</groupId>
     <artifactId>arrow-java-root</artifactId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <artifactId>arrow-compression</artifactId>
   <name>Arrow Compression</name>
diff --git a/java/dataset/pom.xml b/java/dataset/pom.xml
index 437d5a4..22706bd 100644
--- a/java/dataset/pom.xml
+++ b/java/dataset/pom.xml
@@ -15,7 +15,7 @@
     <parent>
         <artifactId>arrow-java-root</artifactId>
         <groupId>org.apache.arrow</groupId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
     </parent>
     <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/flight/flight-core/pom.xml b/java/flight/flight-core/pom.xml
index 7ed3264..6dd1f2d 100644
--- a/java/flight/flight-core/pom.xml
+++ b/java/flight/flight-core/pom.xml
@@ -14,7 +14,7 @@
   <parent>
     <artifactId>arrow-flight</artifactId>
     <groupId>org.apache.arrow</groupId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
     <relativePath>../pom.xml</relativePath>
   </parent>
 
diff --git a/java/flight/flight-grpc/pom.xml b/java/flight/flight-grpc/pom.xml
index 27d622c..16e293c 100644
--- a/java/flight/flight-grpc/pom.xml
+++ b/java/flight/flight-grpc/pom.xml
@@ -13,7 +13,7 @@
   <parent>
     <artifactId>arrow-flight</artifactId>
     <groupId>org.apache.arrow</groupId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
     <relativePath>../pom.xml</relativePath>
   </parent>
   <modelVersion>4.0.0</modelVersion>
diff --git a/java/flight/flight-integration-tests/pom.xml b/java/flight/flight-integration-tests/pom.xml
index 9cedbbc..5c5e276 100644
--- a/java/flight/flight-integration-tests/pom.xml
+++ b/java/flight/flight-integration-tests/pom.xml
@@ -15,7 +15,7 @@
     <parent>
         <artifactId>arrow-flight</artifactId>
         <groupId>org.apache.arrow</groupId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
         <relativePath>../pom.xml</relativePath>
     </parent>
 
diff --git a/java/flight/flight-sql/pom.xml b/java/flight/flight-sql/pom.xml
index 621c22a..8e12dc8 100644
--- a/java/flight/flight-sql/pom.xml
+++ b/java/flight/flight-sql/pom.xml
@@ -14,7 +14,7 @@
   <parent>
     <artifactId>arrow-flight</artifactId>
     <groupId>org.apache.arrow</groupId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
     <relativePath>../pom.xml</relativePath>
   </parent>
 
diff --git a/java/flight/pom.xml b/java/flight/pom.xml
index da76ccc..c5f89ac 100644
--- a/java/flight/pom.xml
+++ b/java/flight/pom.xml
@@ -15,7 +15,7 @@
     <parent>
         <artifactId>arrow-java-root</artifactId>
         <groupId>org.apache.arrow</groupId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
     </parent>
     <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/format/pom.xml b/java/format/pom.xml
index 6214bfd..f3913f0 100644
--- a/java/format/pom.xml
+++ b/java/format/pom.xml
@@ -15,7 +15,7 @@
 <parent>
   <artifactId>arrow-java-root</artifactId>
   <groupId>org.apache.arrow</groupId>
-  <version>7.0.0</version>
+  <version>7.0.1</version>
 </parent>
 
 <artifactId>arrow-format</artifactId>
diff --git a/java/gandiva/pom.xml b/java/gandiva/pom.xml
index f02f969..b00167e 100644
--- a/java/gandiva/pom.xml
+++ b/java/gandiva/pom.xml
@@ -14,7 +14,7 @@
     <parent>
       <groupId>org.apache.arrow</groupId>
       <artifactId>arrow-java-root</artifactId>
-      <version>7.0.0</version>
+      <version>7.0.1</version>
     </parent>
 
     <groupId>org.apache.arrow.gandiva</groupId>
diff --git a/java/memory/memory-core/pom.xml b/java/memory/memory-core/pom.xml
index 40be427..e6558c5 100644
--- a/java/memory/memory-core/pom.xml
+++ b/java/memory/memory-core/pom.xml
@@ -13,7 +13,7 @@
   <parent>
     <artifactId>arrow-memory</artifactId>
     <groupId>org.apache.arrow</groupId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/memory/memory-netty/pom.xml b/java/memory/memory-netty/pom.xml
index 16af33b..36a63ed 100644
--- a/java/memory/memory-netty/pom.xml
+++ b/java/memory/memory-netty/pom.xml
@@ -13,7 +13,7 @@
   <parent>
     <artifactId>arrow-memory</artifactId>
     <groupId>org.apache.arrow</groupId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/memory/memory-unsafe/pom.xml b/java/memory/memory-unsafe/pom.xml
index 8b3a6e8..183a167 100644
--- a/java/memory/memory-unsafe/pom.xml
+++ b/java/memory/memory-unsafe/pom.xml
@@ -13,7 +13,7 @@
   <parent>
     <artifactId>arrow-memory</artifactId>
     <groupId>org.apache.arrow</groupId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/memory/pom.xml b/java/memory/pom.xml
index 8a9c0b5..cdb5697 100644
--- a/java/memory/pom.xml
+++ b/java/memory/pom.xml
@@ -14,7 +14,7 @@
   <parent>
     <groupId>org.apache.arrow</groupId>
     <artifactId>arrow-java-root</artifactId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <artifactId>arrow-memory</artifactId>
   <name>Arrow Memory</name>
diff --git a/java/performance/pom.xml b/java/performance/pom.xml
index 2003785..8da2744 100644
--- a/java/performance/pom.xml
+++ b/java/performance/pom.xml
@@ -14,7 +14,7 @@
     <parent>
         <artifactId>arrow-java-root</artifactId>
         <groupId>org.apache.arrow</groupId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
     </parent>
     <artifactId>arrow-performance</artifactId>
     <packaging>jar</packaging>
@@ -74,7 +74,7 @@
         <dependency>
             <groupId>org.apache.arrow</groupId>
             <artifactId>arrow-algorithm</artifactId>
-            <version>7.0.0</version>
+            <version>7.0.1</version>
             <scope>test</scope>
         </dependency>
     </dependencies>
diff --git a/java/plasma/pom.xml b/java/plasma/pom.xml
index 56e4e87..ab953f8 100644
--- a/java/plasma/pom.xml
+++ b/java/plasma/pom.xml
@@ -14,7 +14,7 @@
     <parent>
         <groupId>org.apache.arrow</groupId>
         <artifactId>arrow-java-root</artifactId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
     </parent>
     <artifactId>arrow-plasma</artifactId>
     <name>Arrow Plasma Client</name>
diff --git a/java/pom.xml b/java/pom.xml
index b149f6c..a0e967c 100644
--- a/java/pom.xml
+++ b/java/pom.xml
@@ -20,7 +20,7 @@
 
   <groupId>org.apache.arrow</groupId>
   <artifactId>arrow-java-root</artifactId>
-  <version>7.0.0</version>
+  <version>7.0.1</version>
   <packaging>pom</packaging>
 
   <name>Apache Arrow Java Root POM</name>
diff --git a/java/tools/pom.xml b/java/tools/pom.xml
index 9066b1e..a62994d 100644
--- a/java/tools/pom.xml
+++ b/java/tools/pom.xml
@@ -14,7 +14,7 @@
     <parent>
         <groupId>org.apache.arrow</groupId>
         <artifactId>arrow-java-root</artifactId>
-        <version>7.0.0</version>
+        <version>7.0.1</version>
     </parent>
     <artifactId>arrow-tools</artifactId>
     <name>Arrow Tools</name>
diff --git a/java/vector/pom.xml b/java/vector/pom.xml
index da6b5c3..89e15c4 100644
--- a/java/vector/pom.xml
+++ b/java/vector/pom.xml
@@ -14,7 +14,7 @@
   <parent>
     <groupId>org.apache.arrow</groupId>
     <artifactId>arrow-java-root</artifactId>
-    <version>7.0.0</version>
+    <version>7.0.1</version>
   </parent>
   <artifactId>arrow-vector</artifactId>
   <name>Arrow Vectors</name>
diff --git a/js/package.json b/js/package.json
index eb782fa..21642ac 100644
--- a/js/package.json
+++ b/js/package.json
@@ -121,5 +121,5 @@
   "engines": {
     "node": ">=12.0"
   },
-  "version": "7.0.0"
+  "version": "7.0.1"
 }
diff --git a/matlab/CMakeLists.txt b/matlab/CMakeLists.txt
index b0ca486..ee73163 100644
--- a/matlab/CMakeLists.txt
+++ b/matlab/CMakeLists.txt
@@ -183,7 +183,7 @@
 
 set(CMAKE_CXX_STANDARD 11)
 
-set(MLARROW_VERSION "7.0.0")
+set(MLARROW_VERSION "7.0.1")
 string(REGEX MATCH "^[0-9]+\\.[0-9]+\\.[0-9]+" MLARROW_BASE_VERSION "${MLARROW_VERSION}")
 
 project(mlarrow VERSION "${MLARROW_BASE_VERSION}")
diff --git a/python/setup.py b/python/setup.py
index 268d949..12d6115 100755
--- a/python/setup.py
+++ b/python/setup.py
@@ -532,7 +532,7 @@
 
 # If the event of not running from a git clone (e.g. from a git archive
 # or a Python sdist), see if we can set the version number ourselves
-default_version = '7.0.0'
+default_version = '7.0.1'
 if (not os.path.exists('../.git') and
         not os.environ.get('SETUPTOOLS_SCM_PRETEND_VERSION')):
     os.environ['SETUPTOOLS_SCM_PRETEND_VERSION'] = \
diff --git a/r/DESCRIPTION b/r/DESCRIPTION
index 75470bc..fa90e23d 100644
--- a/r/DESCRIPTION
+++ b/r/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: arrow
 Title: Integration to 'Apache' 'Arrow'
-Version: 7.0.0
+Version: 7.0.1
 Authors@R: c(
     person("Neal", "Richardson", email = "neal@ursalabs.org", role = c("aut", "cre")),
     person("Ian", "Cook", email = "ianmcook@gmail.com", role = c("aut")),
diff --git a/r/NEWS.md b/r/NEWS.md
index 886cf90..765fa77 100644
--- a/r/NEWS.md
+++ b/r/NEWS.md
@@ -17,7 +17,7 @@
   under the License.
 -->
 
-# arrow 7.0.0
+# arrow 7.0.1
 
 ## Enhancements to dplyr and datasets
 
diff --git a/ruby/red-arrow-cuda/lib/arrow-cuda/version.rb b/ruby/red-arrow-cuda/lib/arrow-cuda/version.rb
index a13043b..3911500 100644
--- a/ruby/red-arrow-cuda/lib/arrow-cuda/version.rb
+++ b/ruby/red-arrow-cuda/lib/arrow-cuda/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module ArrowCUDA
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")
diff --git a/ruby/red-arrow-dataset/lib/arrow-dataset/version.rb b/ruby/red-arrow-dataset/lib/arrow-dataset/version.rb
index fb626ca..38f1c33 100644
--- a/ruby/red-arrow-dataset/lib/arrow-dataset/version.rb
+++ b/ruby/red-arrow-dataset/lib/arrow-dataset/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module ArrowDataset
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")
diff --git a/ruby/red-arrow-flight/lib/arrow-flight/version.rb b/ruby/red-arrow-flight/lib/arrow-flight/version.rb
index d712327..03cc150 100644
--- a/ruby/red-arrow-flight/lib/arrow-flight/version.rb
+++ b/ruby/red-arrow-flight/lib/arrow-flight/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module ArrowFlight
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")
diff --git a/ruby/red-arrow/lib/arrow/version.rb b/ruby/red-arrow/lib/arrow/version.rb
index 77b8e0e..9c9d463 100644
--- a/ruby/red-arrow/lib/arrow/version.rb
+++ b/ruby/red-arrow/lib/arrow/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module Arrow
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")
diff --git a/ruby/red-gandiva/lib/gandiva/version.rb b/ruby/red-gandiva/lib/gandiva/version.rb
index 1f1df7e..444e268 100644
--- a/ruby/red-gandiva/lib/gandiva/version.rb
+++ b/ruby/red-gandiva/lib/gandiva/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module Gandiva
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")
diff --git a/ruby/red-parquet/lib/parquet/version.rb b/ruby/red-parquet/lib/parquet/version.rb
index 2b80453..9c048ef 100644
--- a/ruby/red-parquet/lib/parquet/version.rb
+++ b/ruby/red-parquet/lib/parquet/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module Parquet
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")
diff --git a/ruby/red-plasma/lib/plasma/version.rb b/ruby/red-plasma/lib/plasma/version.rb
index 14d99e9..12ecfc5 100644
--- a/ruby/red-plasma/lib/plasma/version.rb
+++ b/ruby/red-plasma/lib/plasma/version.rb
@@ -16,7 +16,7 @@
 # under the License.
 
 module Plasma
-  VERSION = "7.0.0"
+  VERSION = "7.0.1"
 
   module Version
     numbers, TAG = VERSION.split("-")