Drawing from regulatory focus theory, this research strives to investigate why and how overqualified employees engage in different types of followership behaviors using different coping strategies. Specifically, we develop a two-pathway model to propose that while employees with objective overqualification tend to adopt prevention-focused coping strategy, which positively predicts their impression management action; those with perceived overqualification are likely to adopt promotion-focused coping strategy and engage in proactive followership behavior. Meanwhile, we hypothesize that leader-member exchange serves as a key boundary condition, weakening the positive relationship between objective overqualification and prevention-focused coping strategy while strengthening the positive relationship between perceived overqualification and promotion-focused coping strategy. We test our conceptual model using two multi-wave surveys. Findings of Study 1 (N = 240) support our proposed overqualification – coping strategy relationships and leader-member exchange as a key moderator. Results of Study 2 (N = 525) replicate the findings of Study 1 and test the full model. Both theoretical and practical implications are discussed.