The article is devoted to highlighting the problem of the use of contextual teaching and learning for HR managers’ psychological and pedagogical competence development in within corporate training. The aim of the article is as follows: to substantiate the contextual teaching and learning as pedagogical condition for HR managers’ psychological and pedagogical competence development within the framework of corporate training. The role and significance of psychological and pedagogical competence in the professional activity of HR managers is substantiated. An analysis of the scientific literature on the research problem, highlighting various aspects of contextual teaching and learning usage was carried out. It is justified that for HR managers’ psychological and pedagogical competence development in the framework of corporate training, it is important to master knowledge, develop skills, professional values and attitudes that totality can be characterized as the HR manager’s ability to reach acme and realize one’s own competence in the conditions of a fast‐developing business environment consisting of typical, atypical, problematic, creative and innovative situations and tasks. It is proved that to gain experience in the implementation of the psychological and pedagogical competence of HR managers, it is important to harmonize the content of training, which reflects the specifics of their professional activity, with organizational forms and methods that have proven their effectiveness in the framework of corporate training. The content of professional development should be practice‐oriented, based on the experience of HR managers and provide for its further use in practice. The features and content of contextual teaching and learning for the acquisition of experience in the implementation of the psychological and pedagogical competence of HR managers are presented (the content, tasks, the organizational forms of learning and methods, the peculiarities of participants’ activity, the expected results, the indicators of development). The examples of training organization using the potential of a seminar, role‐playing and business games, team building and teamwork, etc. are provided. On the basis of the conducted research, the conclusion was formulated that the development of HR managers’ psychological and pedagogical competence in the framework of corporate training is possible, if its theoretical foundations are substantiated, and the specifics of the implementation of this pedagogical condition is clearly defined, as well as the appropriate organizational forms of learning and teaching methods are chosen.