This article explores the effects of multimedia-assisted, project-based learning in teacher education. We conducted pre- and post-surveys to investigate how the experience of developing multimedia projects influenced preservice teachers' knowledge and self-efficacy in (a) technology, (b) subject matter, and (c) teaching. Forty-two preservice teachers enrolled in an educational technology course participated in this study. They learned to design and develop 8 multimedia projects related to their subject content areas over the period of one semester. The results showed that the approach contributed to their increased knowledge base and professional growth with respect to multimedia technology skills. Additionally, outcomes significantly supported their reflection on the teaching/learning process and helped them establish a more concrete, insightful teaching philosophy.