The present study tests a multilevel mediation model concerning the effect of shared leadership on team members’ flow experience. Specifically, we investigate the mediating role of teamwork behaviors in the relationships between 2 complementary indicators of shared leadership (i.e., density and centralization) and flow. Based on a multisource approach, we collected data through observation and survey of 111 project teams (521 individuals) made up of university students participating in a project management simulation. The results show that density and centralization have both an additive effect and an interaction effect on teamwork behaviors, such that the relationship between density and teamwork behaviors is stronger when centralization is low. In addition, teamwork behaviors play a mediating role in the relationship between shared leadership and flow. Overall, the findings highlight the importance of promoting team-based shared leadership in organizations to favor the flow experience.