Abstract: With the progress of teamwork study, team exchanges, such as team member exchange and leader-member exchange relationship became the focus of this area. This study tested the role of team exchange variables on the relationship between team member’s positive affectivity and job satisfaction, and analyzed the moderating effects of reciprocal wariness. Results demonstrated that team exchanges partly mediated the relationship between positive affectivity and job satisfaction. Reciprocal wariness moderated the mediated effects among team exchanges, positive affectivity, and job satisfaction. Implications for the future study were also discussed.