Performance measurement has been a central topic of study in project management research for many years. However, the literature on project team performance measurement is fragmented and underdeveloped. To address these limitations, we conducted a systematic literature review aimed at organizing the state-of-the art, providing a better conceptualization of project team performance measurement, and strengthening theory in the field. We used an inductive approach to synthesize the literature and, building upon the performance measurement design literature and the Input-Mediator-Outcome (IMO) model of team effectiveness, we propose a theoretical framework that organizes project team performance measures around two axes: the nature of performance (i.e., efficiency or effectiveness), and the nature of the measure (i.e., tangible or intangible). By combining these two axes, we propose a 2 × 2 performance measurement structure composed of four dimensions: (1) project team processes, (2) project team emergent states, (3) project team tangible outcomes, and (4) project team perceptual benefits. Our study advances theory by offering a comprehensive and integral understanding of project team performance measurement and providing an evidence-based framework that could help practitioners improve the design of performance measurement systems for project teams.