Cosolvent-assisted interfacial polymerization (IP) can effectively enhance the separation performance of thin film composite (TFC) reverse osmosis (RO) membranes. However, the underlying mechanisms regulating the formation of their polyamide (PA) rejection films remain controversial. The current study reveals two essential roles of cosolvents in the IP reaction: (1) directly promoting interfacial vaporization with their lower boiling points and (2) increasing the solubility of m-phenylenediamine (MPD) in the organic phase, thereby indirectly promoting the IP reaction. Using a series of systematically chosen cosolvents (i.e., diethyl ether, acetone, methanol, and toluene) with different boiling points and MPD solubilities, we show that the surface morphologies of TFC RO membranes were regulated by the combined direct and indirect effects. A cosolvent favoring interfacial vaporization (e.g., lower boiling point, greater MPD solubility, and/or higher concentration) tends to create greater apparent thickness of the rejection layer, larger nanovoids within the layer, and more extensive exterior PA layers, leading to significantly improved membrane water permeance. We further demonstrate the potential to achieve better antifouling performance for the cosolvent-assisted TFC membranes. The current study provides mechanistic insights into the critical roles of cosolvents in IP reactions, providing new tools for tailoring membrane morphology and separation properties toward more efficient desalination and water reuse.