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Coin of Mithridates I from the mint at Seleucia on the Tigris. The reverse shows Heracles holding a cup, lion's skin and club. The Ancient Greek inscription reads ΒΑΣΙΛΕΩΣ ΜΕΓΑΛΟΥ ΑΡΣΑΚΟΥ ΦΙΛΕΛΛΗΝΟΣ ([coin] of the Great King Arsaces, friend of the Greeks). The date ΓΟΡ is the year 173 of the Seleucid era, corresponding to 140–139 BC.

Mithridates I of Parthia (or Mithradates) (ca. 195 BC – 138 BC) was the "Great King" of Parthia from about 171 BC to 138 BC, succeeding his brother Phraates I of Parthia (176–171 BC). He was the son of Phriapatius of Parthia (191–176 BC), King of Parthia (died ca. 176 BC). Mithridates I made Parthia into a major political power, expanded the empire westward into Mesopotamia. During his reign, the Parthians took Babylonia (144 BC), Media (141 BC) and Persia (139 BC), when Mithridates I captured the Seleucid ruler Demetrius II of Syria (146–139 BC and 129–126 BC). Demetrius II later married Mithridates I's daughter Rhodogune.

Eastward Mithridates I extended his control into Margiana, Aria and parts of Bactria, thus completing Parthian control of the overland trade routes between east and west, the Silk Road and the Persian Royal Road. Mithridates I gained Bactria's territory west of the Arius, the regions of Tapuria and Traxiane:

"The satrapy Turiva and that of Aspionus were taken away from Eucratides by the Parthians." (Strabo XI.11.2^[1])

This control of trade was to be the foundation of Parthian wealth and power, and was jealously guarded by the Arsacids, who always attempted to maintain direct control over the lands through which the major trade routes passed.

Parthian control broke the tenuous link with Greeks in the West that had sustained the Hellenistic kingdom of Greco-Bactria, yet Mithridates I actively promoted Hellenism in the areas he controlled and titled himself Philhellene ("friend of the Greeks") on his somewhat primitive coins: they show the first appearance on Parthian coins of a Greek-style portrait showing the royal diadem, the standard Greek symbol for kingship. Mithradates I resumed the striking of coins, which had been suspended ever since Arsaces II of Parthia (211–191 BC) had been forced to submit to the Seleucid Antiochus III (223–187 BC) in 206 BC.

His name assigned him to the protection of Mithra and carried the god's authority in some measure.

Mithridates I's son, Phraates (138–128 BC), succeeded him on his death as Great King.