The article presents a study on the problem of developing reflective competence of university students. The purpose of the article is to determine pedagogical conditions aimed at the effective formation of students’ reflective competence. The methodological basis of the process under consideration is the competency-based and reflexive-activity approaches. As the main research methods, the author used analysis and synthesis of scientific literature, conceptual analysis, and analysis of regulatory documents, testing, surveys, and statistical methods of primary processing of materials, generalization of experience at universities. The authors identified a connection between the concepts of “professional competence” and “reflective competence” of students. They substantiated the need to develop the reflective competence of students as one of the fundamental professional competencies. We identified external and internal pedagogical conditions as circumstances of the learning process that influence the preparation of students for subsequent professional activities and ensure the effectiveness of the training process. The article shows the stages of the formation process; the levels of formation of reflexive competence; indicators that characterize each level are presented. The authors describe diagnostic tools that allow determining the level of reflective competence of students. The relationship between the achieved level of development of reflective competence and the success of students in educational and cognitive activities has been revealed. It is noted that for the successful formation of reflexive competence as a component of the professional competencies of graduates of a university, it is necessary to organize in a special way the conscious reflexive cognitive activity of students.