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This study examines the scholarly peer review process to understand how peer review shapes academic knowledge creation. Analyzing 32 peer-review reports from a prestigious journal, we used content analysis based on Gunawardena et al.'s (1997) knowledge co-construction framework. Our findings identify five phases of knowledge creation: sharing and adding, inconsistency, negotiation of meaning, testing, and consensus and application. These phases reveal the dynamics of scholarly conversations and suggest strategies to support novice peer reviewers. Our research highlights the importance of peer review in knowledge building and provides insights into training early-career researchers.