Fueled by decreased state support, economic pressures, and a growing emphasis on academic capitalism, higher education in the United States faces significant challenges. These shifts have fostered fast-paced, competitive environments, impacting the quality and equity of faculty-student mentoring in graduate programs, particularly for Black, Indigenous, People of Color (BIPOC), and first-generation students. This article proposes a novel framework, the compassion-focused mentoring conceptual model (CFM-CM), to address the complex challenges faced by under-represented students seeking meaningful faculty mentorship. The CFM-CM expands on Johnson's model for mentor competence by integrating principles from Gilbert’s compassion-focused therapy (CFT) approach. It emphasizes the cultivation of a compassionate Self-identity in mentors, grounded in compassion motivation and mindfulness, as a foundation for fostering ethical, equitable, and supportive mentoring relationships. By exploring the limitations of current mentoring practices and analyzing negative mentoring experiences through the lens of CFT, this article suggests that the CFM-CM can pave the way for improved faculty-student relationships, fostering well-being, inclusivity, and success for BIPOC and first-generation students in graduate education.