diff --git a/python/pyarrow/_flight.pyx b/python/pyarrow/_flight.pyx
index 82cbf87f516d..f8118fbf61c3 100644
--- a/python/pyarrow/_flight.pyx
+++ b/python/pyarrow/_flight.pyx
@@ -2883,10 +2883,9 @@ cdef class _FlightServerFinalizer(_Weakrefable):
         try:
             with nogil:
                 status = server.Shutdown()
-                if status.ok():
-                    status = server.Wait()
             check_flight_status(status)
         finally:
+            server.ReleasePythonServerRef()
             self.server.reset()
 
 
@@ -3234,6 +3233,7 @@ cdef class FlightServerBase(_Weakrefable):
             raise ValueError("shutdown() on uninitialized FlightServerBase")
         with nogil:
             check_flight_status(self.server.get().Shutdown())
+        self.server.get().ReleasePythonServerRef()
 
     def wait(self):
         """Block until server is terminated with shutdown."""
diff --git a/python/pyarrow/includes/libarrow_flight.pxd b/python/pyarrow/includes/libarrow_flight.pxd
index a89137b8455e..a88cfa66644e 100644
--- a/python/pyarrow/includes/libarrow_flight.pxd
+++ b/python/pyarrow/includes/libarrow_flight.pxd
@@ -536,6 +536,7 @@ cdef extern from "arrow/python/flight.h" namespace "arrow::py::flight" nogil:
         CStatus ServeWithSignals() except *
         CStatus Shutdown()
         CStatus Wait()
+        void ReleasePythonServerRef()
 
     cdef cppclass PyServerAuthHandler\
             " arrow::py::flight::PyServerAuthHandler"(CServerAuthHandler):
diff --git a/python/pyarrow/src/arrow/python/flight.cc b/python/pyarrow/src/arrow/python/flight.cc
index 5ef8a1dd6b05..db868e88269c 100644
--- a/python/pyarrow/src/arrow/python/flight.cc
+++ b/python/pyarrow/src/arrow/python/flight.cc
@@ -86,6 +86,12 @@ PyFlightServer::PyFlightServer(PyObject* server, const PyFlightServerVtable& vta
   server_.reset(server);
 }
 
+void PyFlightServer::ReleasePythonServerRef() {
+  // Resets OwnedRefNoGIL to break the reference cycle between the C++ FlightServerBase
+  // and the Python object.
+  server_.reset();
+}
+
 Status PyFlightServer::ListFlights(
     const arrow::flight::ServerCallContext& context,
     const arrow::flight::Criteria* criteria,
diff --git a/python/pyarrow/src/arrow/python/flight.h b/python/pyarrow/src/arrow/python/flight.h
index 8a1f4c750aac..283e2c26ccfe 100644
--- a/python/pyarrow/src/arrow/python/flight.h
+++ b/python/pyarrow/src/arrow/python/flight.h
@@ -171,6 +171,9 @@ class ARROW_PYFLIGHT_EXPORT PyFlightServer : public arrow::flight::FlightServerB
   Status ListActions(const arrow::flight::ServerCallContext& context,
                      std::vector<arrow::flight::ActionType>* actions) override;
 
+  // Breaks the reference cycle between the C++ FlightServerBase and the Python object.
+  void ReleasePythonServerRef();
+
  private:
   OwnedRefNoGIL server_;
   PyFlightServerVtable vtable_;
diff --git a/python/pyarrow/tests/test_flight.py b/python/pyarrow/tests/test_flight.py
index a66be6186d66..e1c404d81e72 100644
--- a/python/pyarrow/tests/test_flight.py
+++ b/python/pyarrow/tests/test_flight.py
@@ -17,7 +17,10 @@
 
 import ast
 import base64
+from datetime import datetime
+import gc
 import itertools
+import json
 import os
 import pathlib
 import signal
@@ -28,8 +31,7 @@
 import threading
 import time
 import traceback
-import json
-from datetime import datetime
+import weakref
 
 try:
     import numpy as np
@@ -1128,6 +1130,42 @@ def test_flight_server_location_argument():
             assert isinstance(server, FlightServerBase)
 
 
+# The following tests are for GH-50684, which was a memory leak
+# in FlightServerBase.
+def test_flight_server_is_freed():
+    # Calling server.shutdown manually should free the server object.
+    server = FlightServerBase('grpc://localhost:0')
+    server.shutdown()
+    ref = weakref.ref(server)
+    del server
+    gc.collect()
+    assert ref() is None
+
+
+def test_flight_server_is_freed_on_exit():
+    # Using FlightServerBase as a context manager should free
+    # the server object on exit.
+    with FlightServerBase('grpc://localhost:0') as server:
+        ref = weakref.ref(server)
+    del server
+    gc.collect()
+    assert ref() is None
+
+
+@pytest.mark.xfail(
+    reason="GH-50684: FlightServerBase is not freed on delete without shutdown"
+)
+def test_flight_server_is_freed_without_shutdown():
+    # GH-50684: Not calling server.shutdown() currently leaks the server object.
+    # This test is expected to fail until the issue is fixed but is included
+    # for completeness and further discussion.
+    server = FlightServerBase('grpc://localhost:0')
+    ref = weakref.ref(server)
+    del server
+    gc.collect()
+    assert ref() is None
+
+
 def test_server_exit_reraises_exception():
     with pytest.raises(ValueError):
         with FlightServerBase():