Building on the conservation of resources theory, we posit that leader–member exchange (LMX) serves as a valued resource to reduce followers’ job burnout. Informed by the theoretical arguments of reference group theory and norm of equality, we further propose two sets of competing hypotheses to test whether LMX differentiation within teams enhances or dampens the effect of LMX on relieving job burnout. Using a sample of 288 travel agents in Hong Kong, we find a negative relationship between LMX and emotional exhaustion. In support of the prediction of norm of equality, the results show that the negative relationships between LMX and emotional exhaustion and between LMX and diminished sense of personal accomplishment were stronger when LMX differentiation was low. Implications for theory and managerial practice and future research directions are discussed.