The purpose of this study is to explore students' preferences for formative feedback and its relationship with their self-regulated learning skills. The study used a mixed methods approach in which quantitative data collection and analysis was followed by qualitative data collection and analysis. "Preferences toward Formative Feedback" and "Self-Regulated Learning Skills" instruments were utilized to gather the quantitative data and a semi-structured interview was carried out to gather the qualitative data. The quantitative data were collected from 330 students, and a semi-structured interview was carried out with 10 students. Among the various findings, one is considered critical: although students from different self-regulation capabilities; either low, average or high, frequently preferred formative feedback that are listed in the students' preferences toward formative feedback instrument, those having high self-regulated learning skills depend infrequently on formative feedback than students who have lower self-regulated learning skills. An exploration of the relationships between students' preferences for formative feedback and self-regulated learning skills may give educators better understanding to overcome the challenge of providing appropriate formative feedback in accordance with students' self-regulated learning skills. Moreover, such an understanding and awareness enable educators to enhance students' self-regulated learning skills that is an essential quality in a life-long learning era.