This research paper explores the processes and outcomes of a peer review system which was introduced to 74 first-year students on a BA Education programme in 2016-17. In this one-year action research study, students completed a series of tasks linked to both their academic work and professional teaching placements. The scaffolded nature of these tasks aimed to develop the students' skills, knowledge and confidence as novice peer reviewers. The students' task responses, written reflections of the peer review process and interviews were analysed, to explore the potential value of producing and giving formative feedback to peers. The sustainability of peer review was considered when peer review moved into the students' professional context. This considered how becoming peer reviewers helped students to develop two graduate attributes - forming evaluative judgements based on an understanding of quality and being able to communicate feedback orally - and the influence of these qualities on students' development of self-regulation. The students' challenges in engaging in the peer review process were also considered.