The Milwaukee Psychotherapy Expectations Questionnaire (MPEQ) was developed to measure clients' expectations about the components and effects of therapy. Items were generated rationally based upon the theoretical literature and existing expectancy measures. An exploratory factor analysis revealed a 2-factor solution, comprised of Process Expectations and Outcome Expectations, which was supported by confirmatory factor analyses in three additional samples. The measure demonstrated good internal consistency and test-retest reliability, along with support for convergent, discriminant, and predictive validity. These results present initial evidence for the utility of the MPEQ in assessing both process and outcome expectations in therapy. © 2011 Wiley Periodicals, Inc. J Clin Psychol 67:1-17, 2011.