This study explored how leader–member exchange (LMX) affects employee turnover intention through the mediation of relational and organizational identification, and through the moderating role of leader competence in the relationship between LMX and relational identification. Study 1 explores the indirect effect of LMX on employee turnover intention through relational and organizational identification by analyzing data collected from 210 employees in China at two points in time. Study 2 explores the moderating role of leader competence in the relationship between LMX and relational identification by analyzing data collected from 872 employees in China. The results show that LMX affected employee turnover intention through the serial mediation of relational and organizational identification, and that leader competence moderated the relationship between LMX and relational identification. Our findings provide implications for research on employee turnover intention and identification. Limitations and future research directions are also discussed.