diff --git a/dev/release/01-prepare.sh b/dev/release/01-prepare.sh
index 7dab7968e0..99b3f20ecb 100755
--- a/dev/release/01-prepare.sh
+++ b/dev/release/01-prepare.sh
@@ -19,26 +19,22 @@
 #
 set -ue
 
-SOURCE_DIR="$( cd "$( dirname "${BASH_SOURCE[0]}" )" && pwd )"
-
-if [ "$#" -ne 5 ]; then
-  echo "Usage: $0 <arrow-dir> <prev_veresion> <version> <next_version> <rc-num>"
-  echo "Usage: $0 ../arrow 0.1.0 0.2.0 0.3.0 0"
+if [ "$#" -ne 2 ]; then
+  echo "Usage: $0 <arrow-dir> <rc_num>"
+  echo "Usage: $0 ../arrow 0"
   exit 1
 fi
 
-. $SOURCE_DIR/utils-prepare.sh
+SOURCE_DIR="$( cd "$( dirname "${BASH_SOURCE[0]}" )" && pwd )"
+
+source $SOURCE_DIR/utils-prepare.sh
 
 arrow_dir=$1
-prev_version=$2
-version=$3
-next_version=$4
-next_version_snapshot="${next_version}-SNAPSHOT"
-rc_number=$5
+rc_number=$2
 
 export ARROW_SOURCE="$(cd "${arrow_dir}" && pwd)"
 
-release_candidate_tag="apache-arrow-adbc-${version}-rc${rc_number}"
+release_candidate_tag="apache-arrow-adbc-${RELEASE}-rc${rc_number}"
 
 if [[ $(git tag -l "${release_candidate_tag}") ]]; then
     next_rc_number=$(($rc_number+1))
@@ -47,33 +43,33 @@ if [[ $(git tag -l "${release_candidate_tag}") ]]; then
     echo "2. Execute the script again with bumped RC number."
     echo "Commands:"
     echo "   git checkout maint-${version}"
-    echo "   dev/release/01-prepare.sh ${version} ${next_version} ${next_rc_number}"
+    echo "   dev/release/01-prepare.sh ${arrow_dir} ${next_rc_number}"
     exit 1
 fi
 
 ############################## Pre-Tag Commits ##############################
 
-echo "Updating changelog for $version"
+echo "Updating changelog for ${RELEASE}"
 # Update changelog
 # XXX: commitizen doesn't respect --tag-format with --incremental, so mimic
 # it by hand.
 (
     echo ;
     # Strip trailing blank line
-    printf '%s\n' "$(cz ch --dry-run --unreleased-version "ADBC Libraries ${version}" --start-rev apache-arrow-adbc-${prev_version})"
+    printf '%s\n' "$(cz ch --dry-run --unreleased-version "ADBC Libraries ${RELEASE}" --start-rev apache-arrow-adbc-${PREVIOUS_RELEASE})"
 ) >> ${SOURCE_DIR}/../../CHANGELOG.md
 git add ${SOURCE_DIR}/../../CHANGELOG.md
-git commit -m "chore: update CHANGELOG.md for $version"
+git commit -m "chore: update CHANGELOG.md for ${RELEASE}"
 
-echo "Prepare release ${version} on tag ${release_candidate_tag}"
+echo "Prepare release ${RELEASE} on tag ${release_candidate_tag}"
 
-update_versions "${version}" "${next_version}" "release"
+update_versions "release"
 # --allow-empty required for RCs after the first
-git commit -m "chore: update versions for ${version}" --allow-empty
+git commit -m "chore: update versions for ${RELEASE}" --allow-empty
 
 ######################### Tag the Release Candidate #########################
 
-git tag -a "${release_candidate_tag}" -m "ADBC Libraries ${version} RC ${rc_number}"
+git tag -a "${release_candidate_tag}" -m "ADBC Libraries ${RELEASE} RC ${rc_number}"
 
 echo "Created release candidate tag: ${release_candidate_tag}"
 echo "Push this tag before continuing!"
diff --git a/dev/release/utils-common.sh b/dev/release/utils-common.sh
new file mode 100644
index 0000000000..109be04aef
--- /dev/null
+++ b/dev/release/utils-common.sh
@@ -0,0 +1,23 @@
+#!/usr/bin/env bash
+# Licensed to the Apache Software Foundation (ASF) under one
+# or more contributor license agreements.  See the NOTICE file
+# distributed with this work for additional information
+# regarding copyright ownership.  The ASF licenses this file
+# to you under the Apache License, Version 2.0 (the
+# "License"); you may not use this file except in compliance
+# with the License.  You may obtain a copy of the License at
+#
+#   http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing,
+# software distributed under the License is distributed on an
+# "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY
+# KIND, either express or implied.  See the License for the
+# specific language governing permissions and limitations
+# under the License.
+
+header() {
+    echo "============================================================"
+    echo "${1}"
+    echo "============================================================"
+}
diff --git a/dev/release/utils-prepare.sh b/dev/release/utils-prepare.sh
index 3236ab1da5..286c055672 100644
--- a/dev/release/utils-prepare.sh
+++ b/dev/release/utils-prepare.sh
@@ -16,32 +16,54 @@
 # under the License.
 
 ADBC_DIR="${SOURCE_DIR}/../.."
+source "${SOURCE_DIR}/utils-common.sh"
+source "${SOURCE_DIR}/versions.env"
 
 update_versions() {
-  local base_version=$1
-  local next_version=$2
-  local type=$3
+  local type=$1
 
+  local conda_version="${VERSION_NATIVE}"
+  local csharp_version="${VERSION_CSHARP}"
+  local rust_version="${VERSION_CSHARP}"
   case ${type} in
     release)
-      local version=${base_version}
-      local conda_version=${base_version}
-      local docs_version=${base_version}
-      local py_version=${base_version}
-      local r_version=${base_version}
+      local cmake_version="${VERSION_NATIVE}"
+      local docs_version="${RELEASE}"
+      local glib_version="${VERSION_GLIB}"
+      local java_version="${VERSION_JAVA}"
+      local linux_version="${VERSION_NATIVE}"
+      local py_version="${VERSION_NATIVE}"
+      local r_version="${VERSION_R}"
       ;;
     snapshot)
-      local version=${next_version}-SNAPSHOT
-      local conda_version=${next_version}
-      local docs_version="${next_version} (dev)"
-      local py_version="${next_version}dev"
-      local r_version="${base_version}.9000"
+      local cmake_version="${VERSION_NATIVE}-SNAPSHOT"
+      local docs_version="${RELEASE} (dev)"
+      local glib_version="${VERSION_GLIB}-SNAPSHOT"
+      local java_version="${VERSION_JAVA}-SNAPSHOT"
+      local linux_version="${VERSION_NATIVE}-SNAPSHOT"
+      local py_version="${VERSION_NATIVE}dev"
+      local r_version="${VERSION_R}.9000"
+      ;;
+    *)
+      echo "Unknown type: ${type}"
+      exit 1
       ;;
   esac
-  local major_version=${version%%.*}
+
+  header "Updating versions for release ${RELEASE}"
+  echo "CMake: ${cmake_version}"
+  echo "Conda: ${conda_version}"
+  echo "C#: ${csharp_version}"
+  echo "Docs: ${docs_version}"
+  echo "GLib/Ruby: ${glib_version}"
+  echo "Java: ${java_version}"
+  echo "Linux: ${linux_version}"
+  echo "Python: ${py_version}"
+  echo "R: ${r_version}"
+  echo "Rust: ${rust_version}"
 
   pushd "${ADBC_DIR}/c/"
-  sed -i.bak -E "s/set\(ADBC_VERSION \".+\"\)/set(ADBC_VERSION \"${version}\")/g" cmake_modules/AdbcVersion.cmake
+  sed -i.bak -E "s/set\(ADBC_VERSION \".+\"\)/set(ADBC_VERSION \"${cmake_version}\")/g" cmake_modules/AdbcVersion.cmake
   rm cmake_modules/AdbcVersion.cmake.bak
   git add cmake_modules/AdbcVersion.cmake
   popd
@@ -52,7 +74,7 @@ update_versions() {
   git add meta.yaml
   popd
 
-  sed -i.bak -E "s|<Version>.+</Version>|<Version>${version}</Version>|" "${ADBC_DIR}/csharp/Directory.Build.props"
+  sed -i.bak -E "s|<Version>.+</Version>|<Version>${csharp_version}</Version>|" "${ADBC_DIR}/csharp/Directory.Build.props"
   rm "${ADBC_DIR}/csharp/Directory.Build.props.bak"
   git add "${ADBC_DIR}/csharp/Directory.Build.props"
 
@@ -61,14 +83,14 @@ update_versions() {
   git add "${ADBC_DIR}/docs/source/conf.py"
 
   pushd "${ADBC_DIR}/java/"
-  mvn versions:set "-DnewVersion=${version}" '-DoldVersion=*'
+  mvn -B versions:set "-DnewVersion=${java_version}" '-DoldVersion=*'
   find . -type f -name pom.xml.versionsBackup -delete
-  sed -i.bak -E "s|<adbc\\.version>.+</adbc\\.version>|<adbc.version>${version}</adbc.version>|g" pom.xml
+  sed -i.bak -E "s|<adbc\\.version>.+</adbc\\.version>|<adbc.version>${java_version}</adbc.version>|g" pom.xml
   rm pom.xml.bak
   git add "pom.xml" "**/pom.xml"
   popd
 
-  sed -i.bak -E "s/version: '.+'/version: '${version}'/g" "${ADBC_DIR}/glib/meson.build"
+  sed -i.bak -E "s/version: '.+'/version: '${glib_version}'/g" "${ADBC_DIR}/glib/meson.build"
   rm "${ADBC_DIR}/glib/meson.build.bak"
   git add "${ADBC_DIR}/glib/meson.build"
 
@@ -76,7 +98,7 @@ update_versions() {
   rm "${ADBC_DIR}"/python/adbc_*/adbc_*/_static_version.py.bak
   git add "${ADBC_DIR}"/python/adbc_*/adbc_*/_static_version.py
 
-  sed -i.bak -E "s/VERSION = \".+\"/VERSION = \"${version}\"/g" "${ADBC_DIR}/ruby/lib/adbc/version.rb"
+  sed -i.bak -E "s/VERSION = \".+\"/VERSION = \"${glib_version}\"/g" "${ADBC_DIR}/ruby/lib/adbc/version.rb"
   rm "${ADBC_DIR}/ruby/lib/adbc/version.rb.bak"
   git add "${ADBC_DIR}/ruby/lib/adbc/version.rb"
 
@@ -86,20 +108,20 @@ update_versions() {
     git add "${desc_file}"
   done
 
-  sed -i.bak -E "s/^version = \".+\"/version = \"${version}\"/" "${ADBC_DIR}/rust/Cargo.toml"
+  sed -i.bak -E "s/^version = \".+\"/version = \"${rust_version}\"/" "${ADBC_DIR}/rust/Cargo.toml"
   rm "${ADBC_DIR}/rust/Cargo.toml.bak"
   git add "${ADBC_DIR}/rust/Cargo.toml"
 
   if [ ${type} = "release" ]; then
     pushd "${ADBC_DIR}/ci/linux-packages"
-    rake version:update VERSION=${version}
+    rake version:update VERSION=${linux_version}
     git add debian*/changelog yum/*.spec.in
     popd
   else
     so_version() {
       local -r version=$1
-      local -r major_version=$(echo $version | sed -E -e 's/^([0-9]+)\.[0-9]+\.[0-9]+$/\1/')
-      local -r minor_version=$(echo $version | sed -E -e 's/^[0-9]+\.([0-9]+)\.[0-9]+$/\1/')
+      local -r major_version=$(echo $linux_version | sed -E -e 's/^([0-9]+)\.[0-9]+\.[0-9]+$/\1/')
+      local -r minor_version=$(echo $linux_version | sed -E -e 's/^[0-9]+\.([0-9]+)\.[0-9]+$/\1/')
       printf "%0d%02d" ${major_version} ${minor_version}
     }
     local -r deb_lib_suffix=$(so_version ${base_version})
diff --git a/dev/release/versions.env b/dev/release/versions.env
new file mode 100644
index 0000000000..95c853dd73
--- /dev/null
+++ b/dev/release/versions.env
@@ -0,0 +1,32 @@
+# Licensed to the Apache Software Foundation (ASF) under one
+# or more contributor license agreements.  See the NOTICE file
+# distributed with this work for additional information
+# regarding copyright ownership.  The ASF licenses this file
+# to you under the Apache License, Version 2.0 (the
+# "License"); you may not use this file except in compliance
+# with the License.  You may obtain a copy of the License at
+#
+#   http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing,
+# software distributed under the License is distributed on an
+# "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY
+# KIND, either express or implied.  See the License for the
+# specific language governing permissions and limitations
+# under the License.
+
+# The release as a whole has a date-based identifier.  This is used to
+# identify tags, branches, and so on.
+RELEASE="2024.05"
+PREVIOUS_RELEASE="0.11.0"
+
+# Individual components will have a SemVer.
+VERSION_CSHARP="0.12.0"
+VERSION_GLIB="1.0.0"
+VERSION_JAVA="0.12.0"
+# Because C++/Go/Python are effectively tied at the hip, they share a single
+# version number. Also covers Conda/Linux packages.
+# TODO: untie this so that we can have independent version #s for different drivers (at least for Postgres/SQLite)
+VERSION_NATIVE="1.0.0"
+VERSION_R="0.12.0"
+VERSION_RUST="0.12.0"
\ No newline at end of file