Challenging the dominant view that individual psychological ownership (IPO) is only relevant at the individual and collective psychological ownership (CPO) at the group level, we developed a multilevel model of psychological ownership. We distinguished theoretically and empirically between two types of ownerships and test how IPO and CPO effect individual and team behaviours. Data were obtained across three-time points from 186 members and their managers in 39 project teams from multiple countries. Results revealed that, at the individual level, both IPO and CPO were positively related to individual engagement which, in turn, related to individual creativity. However at the group level, group-mean IPO was negatively related to team engagement, while groupmean CPO was positively related to team engagement. Team engagement, in turn, was positively related to team creativity. This study sheds light on IPO and CPO as being independent constructs with distinct positive and negative effects on individual and team processes and outcomes.