The ubiquity of teams in the modern workplace cannot be denied, as Curseu, Kenis, and Raab (2009, p. 30) note, “team formation is a challenge in modern organizations as most of them use teams to perform a variety of organizational tasks.” How teams form is, therefore, a question of much practical interest. Research illustrates that stratified social systems influence the choice and decision‐making behaviors that shape group and team formation (Hechter, 1978). From a structural social psychological perspective (Sell & Kuipers, 2009; Lawler, Ridgeway, and Markovsky, 1993), teams are like microcosmic societies. They represent a process of social cohesion through interaction. Additionally, they can be organic, mechanical, homogeneous, and heterogeneous. In other words, teams are structural and cultural artifacts of societies. Members of society through interaction create these “social artifacts,” which may consist of hierarchically organizing sets of individuals into a group, or multiple groups, relative to power and status dimensions. In this paper, we aim to show how contributions from social psychology have informed research on team formation. Thus, two research questions guide this paper: What are the mechanisms of team formation via partner selection for self‐organizing teams? In what ways, can these studies advance scholarship focusing on the social psychology of inequality? To establish a foundation for understanding the various studies on team formation, we begin with a general overview on how team and team formation has been conceptualized. Next, we examine the social psychological research on team formation via partner selection. In doing so, we note the importance given to the 4 major mechanisms of team formation emerging from the literature: competence, homophily, familiarity, and affect. Lastly, we conclude the paper with a discussion addressing the research questions guiding this paper and suggest opportunities for social psychologists to consider for future team formation studies.