There has been a growing discourse within higher education to engage with students as partners and harness the strength of students and faculty working together. Engaging in student-faculty partnerships activities offers benefits to both students and faculty, yet there is less research on these practices within science, technology, engineering and mathematics (STEM). The purpose of this study was to conduct a Faculty-wide investigation to identify the benefits and challenges of engaging in student-faculty partnerships activities within a Faculty of Science at a mid-sized university in Ontario, Canada. Using a mixed-method approach of surveys and semi-structured interviews with undergraduate and graduate students, we examined the types of student partnership activities existing within a Faculty of Science as well as gathered insights into students' perspectives of the benefits and challenges they experience engaging in these activities. Collaborating with faculty on research projects, teaching assistantships, being a student leader in an organization with faculty guidance, and co-authoring manuscripts with faculty members were considered the most impactful partnerships activities. Students reported social, personal, and career development benefits from their involvement in student-faculty partnership activities. Common barriers included difficulties finding opportunities to engage in partnership activities, social barriers (e.g., financial stability), power imbalances, difficult working environments, and personal challenges. Implications for supporting student engagement and collaboration through advantageous student-faculty partnerships are discussed.