Project management teams are critical in the implementation of megaprojects, but their evolution throughout the project lifecycle has not been clearly explained. This paper explores the organizational evolution of megaproject management teams through a longitudinal retrospective case study of the Hong Kong–Zhuhai–Macao Bridge (HZMB) project. The organizational evolution is examined in terms of management objectives, management content, and organizational structure. The organizational evolution of the HZMB project management team exhibits stage differentiation with the coexistence of turbulence and stability. Changes in the external environment are the driving force for organizational evolution, whereas a flexible organizational strategy is critical in promoting this evolution. Basing on the HZMB case study, this paper summarizes six critical measures that facilitate the organizational evolution of megaproject management teams. Our findings add value to megaproject management theory and provide a better understanding of the dynamics and complexity of megaproject organizational management.