Using a sample of 162 R&D teams, we investigated the influence of HRM systems for knowledge-intensive teamwork on external team knowledge acquisition and internal team knowledge sharing. This study also examined the interactive effect of HRM systems and knowledge tacitness and the combined influence of HRM systems and empowering leadership. HRM systems for knowledge-intensive teamwork were positively associated with team knowledge acquisition and team knowledge sharing. Knowledge tacitness moderated the HRM–knowledge acquisition relationship, reducing the influence of HRM systems. Further, empowering leadership appeared to substitute for the effect of HRM systems. Our findings suggest that an integration of strategic HRM and knowledge teamwork literatures will prove useful for advancing our understanding of knowledge-based competition. Furthermore, by investigating HRM systems and leadership behaviors in tandem, we gain new insights about the interplay between these two important aspects of organizational life.