The purpose of this study was to examine the relationship between mathematics content knowledge and teacher efficacy during an elementary mathematics methods course. A positive moderate relationship between content knowledge and personal teaching efficacy was found, and this relationship was stable during the course. No relationship was found between content knowledge and outcome expectancy. Written artifacts were used to understand and elaborate on these findings. Those data suggest that prior learning experiences may help explain this relationship. Additionally, they suggest that preservice teachers with different levels of content knowledge may attend to different sources of information when making efficacy judgments about teaching.