Purpose: Since 2012, medical teachers at a university in Taiwan, where the study was conducted, have increasingly implemented team-based learning (TBL) to the integrated basic and clinical science course, block-based curriculum. The TBL conceptual model has not been studied well in different contexts nor discussed through students’ perspectives in existing research. Constructing a conceptual model suitable for the TBL implementation is imperative. Method: Medical students’ narrative comments regarding TBL teaching were recorded in 2015. Seventy-five student volunteers (15 post-baccalaureate medical and 60 medical students) gave their thoughts on the TBL program. Based on themes coded through directed content analysis and a literature review, a TBL conceptual model was proposed. Results: Six themes were coded: 1) materials of subject content, 2) pre-class preparation time, 3) teaching strategy, 4) use of evaluation, 5) design of test items, and 6) TBL class time. After conducting a literature review, we identified the following four specific areas of learners’ anticipated development resulting from participating in the TBL class: interactive collaboration, selfdirected learning, learning enhancement by instructional design, and integrative learning experience. The proposed conceptual model contains the themes and factors identified for the TBL program. Conclusions: We conclude that, although TBL has structured procedures, the conceptual model demonstrates a sophisticated bidirectional relationship between the essential aspects in TBL instruction related to both teachers’ teaching and students’ learning. To verify the validity of the model, further application and research are needed as the program develops.