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Collaboration is highly emphasized in engineering design education. While it offers various advantages in fostering learning and professional development, it is imperative to acknowledge the adverse factors that can disrupt collaborative efforts. By far, one of the most frequently cited challenges in student teamwork is perceived contribution inequity, which often leads to frustration during collaboration and strains peer relationships. Much work has been done to investigate effective team collaboration. Still, few studies have empirically delved into perceived contribution fairness or contribution equity from the lens of team diversity in engineering design. This study aims to investigate the complex relationship between team diversity (in terms of differences in gender composition and self-perceptions about one’s ability and interests) and contribution equity in student teams. Data were collected from 26 teams in a sophomore-level engineering design course across two semesters. Findings suggest that gender-diverse teams demonstrated a higher tendency for contribution fairness, whereas teams with greater homogeneity in design interests and teamwork preferences were more likely to contribute fairly. These results highlight the importance of a strategic approach to team formation, considering diversity dimensions to promote equitable collaboration in engineering design education.