Objective To identify tangible and intangible benefits of mentoring cited by a select group of identified mentors. Methods Twenty frequently named mentors within pediatric psychology provided responses to open-ended questions regarding benefits they have experienced through the mentoring process. Results Mentors identified many personal and professional benefits of the mentoring relationship, although they did not clearly distinguish between tangible and intangible advantages to the relationship. The most commonly reported benefits included career development of the mentee, mentor’s career enhancement, and a sense of giving back to the field of pediatric psychology. Conclusions A bidirectional definition of mentoring more accurately describes the relationship than a more traditional unidirectional definition. These results suggest that mentors experience a wide variety of benefits that could be examined more closely within the field.