Monty the lagotto romagnolo crashed through the ice covering the River Ayr in Prestwick, Scotland, while his owners looked on.
Phil Hobbins jumped into the water to rescue his dog then rushed him to a pet emergency clinic.
Mr Hobbins said his family were out for a walk when the puppy had run towards the 19th Century Oswald’s bridge, skidded and fallen into the water below.
“He dropped at least 40 feet onto the ice and went through into the water.
“That should be a fatal fall and if he’d gone over the middle section, where it was quite rocky below, it would have been.
But he went over at an end where there was ice and water, which must have given him a chance.”
Mr Hobbins took Monty to the Vets Now clinic in Kilmarnock, where the puppy was given blood transfusions to keep him alive.
“Panic had really set in because his breathing was so shallow and slow,” he said.
“We were all upset and scared and the nurse took one look, picked him up and sprinted inside with him.”
Senior vet Simon Patchett said: “(Monty’s) gums were white, and his chest sounds were very abnormal.
“We did an X-ray and ultrasound scan and found he had significant internal bleeding.
“His chest was filling up with large amounts of blood and air, restricting his ability to breathe and we had to urgently deal with that.
“We placed drains into his chest, removed the blood that was building up and transfused this blood back into his veins.”
Following the treatment, Monty made a full recovery and was able to return home four days later.
“When we picked him up he was wagging his tail and full of beans,” said Mr Hobbins.
“It was so emotional. He’s a big part of our family and he’s kept us busy throughout lockdown.
“It’s an absolute miracle that he survived the fall that should have killed him. And we know he wouldn’t be with us now if it wasn’t for Simon.
“We’ll never be able to thank him enough for what he did.”