Team reflexivity posits that the extent to which teams reflect upon and adapt their functioning is positively related to team performance. While remarkable progress has been made to provide evidence of this relationship, the underlying framework is missing elements of current theoretical streams for analyzing and describing teamwork, leaving the diversity of effects of team reflexivity often untouched. In this article, we present an update for this framework, by reviewing previous research on reflexivity, addressing gaps in the literature, and revising the original model by integrating feedback and dynamic team effectiveness frameworks for describing temporal developments of reflexivity. We furthermore propose a new dimensional structure for reflexivity, relying on prior work conceptualizing teams as information-processing systems that learn and advance through social-cognitive elements. Our model is therefore not only suitable for explaining the diverse set of relationships between team reflexivity on outcomes, but also provides valuable directions for viewing reflexivity as process that takes place during both transition and action phases of teamwork. We conclude with implications for managers, identify limitations, and propose an agenda for further research into this area. This article contributes an extended perspective relevant for further theory development and for effectively managing reflexivity in teams.