Spiritual Meaning:
A mallet, usually made of wood, suggests a form of spiritual power and energy. However, because of the symbolic qualities, particularly evident in Freemasonry, of the mallet – those of authority and ownership – we need to be assured that power and energy are being channelled correctly.

Psychological / Emotional Perspective:
The mallet is a symbol of the will correctly directed and to have such an item in a dream indicates that we may be attempting to make things happen in a particular way. Rather than brute force, finesse can be used, for correctly applied the mallet and chisel are shaping tools.

Everyday Material Aspects:
For something like a hammer or a mallet to appear in a dream indicates that we may be using undue force or power to achieve a certain outcome. A mallet is a hammer for a particular purpose, and in dreams will suggest that we choose tools that are right for our task.

Also consult the entry for Hammer.