Empirical study of reflective supervision/consultation (RS/C) has been gaining ground over the past decade. However, much of this literature is focused on the supervisor perspective of what RS/C is, what makes it effective, and how it impacts the work of the supervisee. This paper, Part II of a two‐part series, presents a theoretical model of RS/C that was developed from the perspectives and experiences of supervisees who work with infants, young children, and families and participate in either group or individual RS/C. This qualitative study built upon themes that emerged from data obtained from 50 IECMH professionals in the United States who participated in focus groups or individual interviews aimed at investigating their experiences of RS/C. Data were analyzed using a Grounded Theory approach. A developmental and ecological theoretical model of RS/C emerged from the data that includes three domains of influence – individual, relational, and contextual – on the supervisee's capacity to understand and use their experience of RS/C in their work. These novel data contribute to our understanding of RS/C from the supervisee perspective. The theoretical model provides a framework from which to investigate outcomes, train supervisors and supervisees, and advocate for RS/C within agencies and programs.