ABSTRACT This literature review focuses on managerial shared leadership in the education sector, commonly conceptualized as co-principalship. School principals’ difficult work situation, in combination with school leadership being significant for students’ learning, call for organizational solutions where co-principalship can be a part. This review aims to deepen knowledge about co-principalship by focusing on its antecedents and constellation-level outcomes, and their relationship to trust in co-principalship. A secondary aim is to discuss the role of trust theory in empirical co-principalship studies. The promotion of antecedent conditions was found significant for the success of co-principalship. Three types of antecedent were identified: organization-level antecedents, antecedents in relation to staff and others, and constellation-level antecedents. A number of advantages were reported for the sharing principals themselves, including reduced workload and improved work-life balance. The constellation level is where the principals in their interaction continuously build trust, and where either trust or distrust are produced. A variety of both positive and negative outcomes were reported. The empirical literature reviewed was shallow in terms of understanding trust beyond that it is critical for success in co-principalship. Theory-based studies are suggested as a way to deepen understanding of trust content and development with regards to co-principalship.