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This meta-analysis examined the overall effect of peer assessment on higher education student learning and tested for moderators, using 51 effect sizes from 51 studies. The random effects model results showed that compared to teacher assessment, peer assessment had a significant positive overall effect on higher education student learning (g = 0.581, 95% CI [0.457,0.706]). Moreover, rating format significantly moderated the effects of peer assessment on higher education student learning. Both scores and comments yielded larger effect than only comments or only scores. Furthermore, peer assessment effects on higher education student learning showed no significant heterogeneity across subject area, task rated, assessment mode, rater training, rating criteria, number of assessors per assignment and anonymity.