Drawing on the regulatory focus theory, this study posited that team prevention and promotion foci have curvilinear relationships with new product novelty. Furthermore, considering the degree of knowledge tacitness leveraged by teams, we postulated that both regulatory foci interact with knowledge tacitness to influence new product novelty. We tested our hypotheses using survey data from 137 new product development teams from information technology companies. Our findings revealed an inverted U-shaped relationship between team promotion focus and new product novelty. In addition, knowledge tacitness positively moderated this curvilinear relationship. Finally, we discussed how these findings broaden our understanding of the roles of regulatory focus and knowledge tacitness within new product development teams and offered practical implications.