Constructive voice is a type of communicative act involving both voicers and managers. However, research on constructive voice has developed in two separate streams, with studies adopting either a voicer- or a manager-centric perspective, thereby failing to provide a holistic understanding of constructive voice. This unilateral approach results in missed opportunities for scholars to understand the dyadic and dynamic nature of constructive voice. To address this limitation, we draw on social exchange theory to introduce a four-phase (felt voice, expressed voice, managerial responses to voice, and relational voice outcomes) dyadic model of constructive voice. By conceptualizing constructive voice as a dyadic exchange between voicers and managers, we detail the ongoing processes in which employees initiate voice and managers subsequently endorse and/or implement voicers’ input. We also introduce feedback loops to highlight the dynamic nature of constructive voice over time and explain the consequences of repeated constructive-voice exchange processes on relational outcomes. Finally, we review the literature, summarize gaps and opportunities, and provide directions for future research.