diff --git a/Directory.Packages.props b/Directory.Packages.props
index 4beb5f69..e4c6dd1a 100644
--- a/Directory.Packages.props
+++ b/Directory.Packages.props
@@ -35,7 +35,7 @@
     <PackageVersion Include="Microsoft.Bcl.AsyncInterfaces" Version="8.0.0" />
     <PackageVersion Include="Microsoft.NET.Test.Sdk" Version="18.10.1" />
     <PackageVersion Include="Microsoft.SourceLink.GitHub" Version="10.0.401" />
-    <PackageVersion Include="pythonnet" Version="3.1.0" />
+    <PackageVersion Include="pythonnet" Version="3.2.0" />
     <PackageVersion Include="System.Buffers" Version="4.6.1" />
     <PackageVersion Include="System.CommandLine" Version="2.0.12" />
     <PackageVersion Include="System.Data.Common" Version="4.3" />
diff --git a/ci/scripts/test.sh b/ci/scripts/test.sh
index 5a8d4d67..2de3c9be 100755
--- a/ci/scripts/test.sh
+++ b/ci/scripts/test.sh
@@ -30,7 +30,7 @@ if [ -z "${PYTHON:-}" ]; then
   fi
 fi
 if [ "$(uname)" = "Linux" ]; then
-  ${PYTHON} -m venv create arrow-dotnet-dev
+  ${PYTHON} -m venv arrow-dotnet-dev
   # shellcheck source=/dev/null
   . arrow-dotnet-dev/bin/activate
   python3 -m pip install pyarrow find-libpython
diff --git a/test/Apache.Arrow.Tests/Apache.Arrow.Tests.csproj b/test/Apache.Arrow.Tests/Apache.Arrow.Tests.csproj
index b45a55ce..fc04e92c 100644
--- a/test/Apache.Arrow.Tests/Apache.Arrow.Tests.csproj
+++ b/test/Apache.Arrow.Tests/Apache.Arrow.Tests.csproj
@@ -4,8 +4,6 @@
   <PropertyGroup>
     <IsWindows Condition="'$([System.Runtime.InteropServices.RuntimeInformation]::IsOSPlatform($([System.Runtime.InteropServices.OSPlatform]::Windows)))' == 'true'">true</IsWindows>
     <AllowUnsafeBlocks>true</AllowUnsafeBlocks>
-    <!-- Required for PythonNET -->
-    <EnableUnsafeBinaryFormatterSerialization>true</EnableUnsafeBinaryFormatterSerialization>
   </PropertyGroup>
 
   <PropertyGroup Condition="'$(IsWindows)'=='true'">
diff --git a/test/Apache.Arrow.Tests/PythonNetFixture.cs b/test/Apache.Arrow.Tests/PythonNetFixture.cs
index 1d28bbc9..71b950a0 100644
--- a/test/Apache.Arrow.Tests/PythonNetFixture.cs
+++ b/test/Apache.Arrow.Tests/PythonNetFixture.cs
@@ -41,6 +41,10 @@ public PythonNetFixture()
                 return;
             }
 
+            // Disable stashing the Python.NET runtime on shutdown.
+            // This is only required if we reload the runtime in the same process.
+            RuntimeData.FormatterType = typeof(NoopFormatter);
+
             try
             {
                 PythonEngine.Initialize();