This quasi-experimental study aimed to examine the impact of anonymity and training (an alternative strategy when anonymity was unattainable) on students' performance and perceptions in formative peer assessment. The training in this study focused on educating students to understand and appreciate formative peer assessment. A sample of 77 students participated in a peer assessment activity in three conditions: a group with participants' identities revealed (Identity Group), a group with anonymity provided (Anonymity Group) and a group with identities revealed but training provided (Training Group). Data analysis indicated that both the Anonymity Group and Training Group outperformed the Identity Group on projects. In terms of perceptions, however, the Training Group appreciated the value of peer assessment more and experienced less pressure in the process than the other two groups.