This study investigated the mathematics beliefs and content knowledge of 103 elementary pre-service teachers in a developmental teacher preparation program that included a two course mathematics methods sequence. Pre-service teachers' pedagogical beliefs became more cognitively-oriented during the teacher preparation program with these changes occurring during the two methods courses. Pedagogical beliefs remained stable during student teaching. The pre-service teachers also significantly increased their personal efficacy for teaching mathematics throughout the program with these shifts occurring across both methods courses and into student teaching. Pedagogical beliefs and teaching efficacy beliefs were not related at the beginning of the program, but, in general, were positively related throughout the program. In addition, the pre-service teachers' pedagogical beliefs were positively related to their specialized content knowledge for teaching mathematics at the end of the program.