This study investigated the effects of high-performance work system (HPWS) on team innovative performance, job satisfaction and work-life balance satisfaction that included employee perceptions of HPWS as a mediator and leader-member exchange (LMX) as a moderator. Matched data was collected from 124 managers and 603 full-time employees. The results of hierarchical linear modeling revealed that managers’ implemented HPWS was positively related to team innovative performance, job satisfaction and work-life balance satisfaction; employee perceptions of HPWS partially mediated the relationships between managers’ implemented HPWS and job satisfaction and work-life balance satisfaction; and LMX moderated the positive relationship between managers’ implemented HPWS and employee perceptions of HPWS; furthermore, the moderating role of LMX on the relationship between managers’ implemented HPWS and job satisfaction was partially mediated by employee perceptions of HPWS.