Despite a myriad of studies on the factors that continue to shape teacher candidates’ teacher identity, no empirical attempt has been made to describe the process of teacher identity formation. Hence, this grounded theory study purports to shed light on the processes that Filipino teacher candidates go through in shaping their teacher identity as they unravel the messiness of polarity of hopes and frustrations in their teacher education journey. A total of 25 teacher candidates from the three geographical regions in the Philippines were purposively selected and interviewed. Following the three-step coding procedure of Straus and Corbin, the shaking up, shaping up, and scaling up phases that make up Vindollo and de Guzman’s Funneling Theory of Filipino Teacher Candidates’ Identity Development Model emerged. The model describes teacher candidates’ processes of teacher identity formation, revealing that at the outset, the teacher candidates grapple with conflicts between inspirations and pressures in the process of deciding to pursue teaching profession. Adopting various strategies to manage expectations and overcome associated challenges while developing their identities as teachers led them ultimately to accept and embrace multiple possibilities of their future selves. Theoretical and practical implications are also discussed in this chapter.