In spite of calls for deliberate differentiation between individual and team levels of analysis, leadership research based on well-grounded theory referring to multiple levels is scarce. We seek to fill this gap by analyzing the relations between transformational leadership, trust in supervisor and team, job satisfaction, and team performance via multilevel analysis. Results are based on a sample of 360 employees from 39 academic teams. Transformational leadership was positively related to followers' job satisfaction at individual as well as team levels of analysis and to objective team performance. The relation between individual perceptions of supervisors' transformational leadership and job satisfaction was mediated by trust in the supervisor as well as trust in the team. Yet, trust in the team did not mediate the relationship between team perceptions of supervisors' transformational leadership and team performance. Implications for theory and research of leadership at multiple levels as well as for practice are discussed.