Team learning from failure is a key element of enterprise innovation and an important way to improve team performance. Leadership plays an important role in promoting team learning from failure. However, few existing literatures focus on the deep reasons that urge leaders to adopt different behaviors to promote team learning from failure. Based on Implicit leadership theory, this paper explores the relationship between leadership impression management and team learning from failure, examines the dual moderating effects of team performance and team effectiveness, and constructs a mediated moderating effect model. A two-stage questionnaire survey was conducted among 1423 employees of 134 telemarketing teams in an insurance service industry group. The results showed that leadership impression management positively influenced team learning from failure; Team performance and team effectiveness negatively moderated the relationship between leader impression management and team learning from failure, respectively. Team effectiveness mediates the moderating effect of team performance on the relationship between leader impression management and team learning from failure, showing the mediated moderating effect. To some extent, this study enriches the boundary conditions of leadership impression management and team learning from failure, and provides a new theoretical framework for explaining the effects of leadership impression management.