Women’s access to political leadership positions has increased greatly in recent decades, which calls for research concerning the conditions of women’s political leadership in more gender-balanced contexts. This article responds to this need by exploring the leadership ideals, evaluations, and treatment of men and women leaders in the numerically gender-equal Swedish parliament (the Riksdag). Drawing on interviews with almost all the current top political leaders in the Swedish parliament, along with an original survey of Swedish members of parliament, we reveal a mainly feminine-coded parliamentary leadership ideal that should be more appropriate for women leaders. Masculine practices remain, however, and women leaders continue to be disadvantaged. To explain this anomaly between ideals and practices, we argue that a feminist institutionalist perspective, which emphasizes how gender shapes a given context in multiple ways, contributes to a more comprehensive understanding of the conditions for women’s political leadership than that provided by the widely employed role congruity theory.