Integrating the relational mentoring perspective (Ragins, 2012) with leader-member exchange theory (Graen & Uhl-Bien, 1995; Liden & Maslyn, 1998) we constructed a model investigating why some protégés experience more effective mentoring than others. We hypothesized that mentor-protégé exchange quality mediated the relations between protégé role behaviors and career and psychosocial mentoring support provided to protégés. Using an academic sample consisting of professor mentors and their PhD student protégés, we found that protégé positive role behavior correlated with mentor-protégé exchange quality regardless of whether quality of mentor-protégé exchange is rated by the mentor or the protégé. Conversely, we found a negative relationship between protégé negative role behavior and mentor-protégé exchange quality, but only when evaluated by the mentor. Notably, mentor-rated mentor-protégé exchange was positively related to psychosocial support provided to protégés, whereas protégé-rated mentor-protégé exchange quality related to both career and psychosocial support provided. In terms of indirect effects, we found that mentor-protégé exchange quality mediated the relationships between protégé positive and negative role behaviors and psychosocial support provided to protégés when mentor-protégé exchange was rated by the mentor. Finally, we found that mentor-protégé exchange quality mediated the relationship between protégé positive role behavior and both career and psychosocial support provided to protégés when mentor-protégé exchange was rated by the protégé. These findings contribute to theoretical insights into the mentoring process and offer practical implications for mentoring practices.