A growing stream of theory and research suggests that overlap in team member mental models (i.e. socially constructed theories about systems and their expected behavior) has a positive influence on team processes and outcomes. In this article we argue that for self- managing work teams (SMWTs), the content of those shared mental models is also important. We begin by reviewing theory on SMWT effectiveness to determine the content of effective teamwork mental models in SMWTs. These are proposed to include: (1) psychological ownership of team processes and outcomes; (2) a need for continuous learning; and (3) a need for heedful interrelating. We then conduct content analyses of four published longitudinal studies of SMWTs to uncover the opportunities and challenges to developing and sustaining these mental models in dynamic organizations. Results suggest these mental models flourish when organizational supports back up their existence. However, since mental models are fluid and adapt to explicit and implicit messages, they weaken if shifting priorities cause organizational support to wane. Finally, the implications of our findings are discussed.