Team reflexivity, or the extent to which teams reflect upon and modify their functioning, has attracted much recent research attention. In the current paper, we identify several predictors as well as consequences of reflexivity by reviewing the last decade of literature on team reflexivity. It is observed that team characteristics such as trust and psychological safety among group members, a shared vision, and diversity as well as leadership style of the team’s supervisor influence the level of reflexivity. In addition, team reflexivity is related to a team’s output in terms of innovation, effectiveness, and creativity. Explanations for these effects are discussed and a model including all current findings is presented.