Team-member exchange refers to individual's perception of the quality of working relationships as the whole within the team, which has been recognized by many scholars to the importance of team processes. However, the research of team-member exchange is still scarce. To advance team-member exchange of research, and gradually build and improve the development of team-member exchange theory paralleled with leader-member exchange theory, this paper reviews recent team-member exchange research in aspects of research origins, concept, measurement, theoretical perspectives, function modes and so on, and points out future directions in team-member exchange research.