This study empirically analyzed the relationship between team climate and team performance in R&D project teams. Most prior studies on the relationship between climate and innovation performance analyzed only simple correlations between specific variables representing fragmentary aspects of climate and innovation performance, resulting in inconsistent findings and a failure to identify the effects of interactions among the multiple dimensions of climate on innovation performance. To overcome these limitations, this study conceptualized R&D project team climate along four dimensions—autonomy, cohesion, change orientation, and tension—and developed a multidimensional analytical model to identify the effects of interactions among these variables on team performance. The analysis of 80 project teams from six government-funded and private research institutes in Korea yielded the following results. First, contrary to prior research findings, no significant correlations existed between individual dimensions of team climate and team performance. In particular, autonomy showed a significant negative correlation with team performance. Second, in multiple regression analyses incorporating interaction effects among climate variables, the relationship between project team autonomy and team performance varied depending on the context. Specifically, when change orientation and tension were high, autonomy and team performance showed a positive correlation, but when change orientation and tension were low, the relationship was negative. Third, in the analysis of performance differences across climate clusters, project teams with high autonomy but low change orientation and tension exhibited significantly lower performance than teams with low autonomy but high change orientation and tension, or teams with simultaneously high autonomy and change orientation. The theoretical and practical implications of these findings were discussed, and finally, the limitations of this study and directions for future research were presented.