This article reports on a review of the literature on peer feedback regarding the conditions that optimize and those that reduce its contribution to student learning, whether the student is the sender or receiver of feedback. The conceptual frameworks adopted for this form of student participation and identified effects are presented. The conditions outlined are grouped under three components of the peer feedback activity: teacher intervention, peer interaction, and reflection in and on action within the classroom. They form the practical framework for peer feedback activity in a classroom context, including distance education courses. This practical framework thus suggests ways of doing things and elements to consider when engaging learners of different levels in this activity. In the end, this literature review provides a better understanding of the contributions of a successful peer feedback activity, both for the students who participate and for the teacher who accompanies them.