Although peer feedback has received increasing attention from academic writing instructors and thesis supervisors in most recent years, we know little about postgraduate students’ perceptions and experiences of learning (if any) from providing feedback on thesis/dissertation writing. Drawing upon multiple sources of data including thesis drafts (original, revised and finalised theses), written peer feedback, semi-structured interview and stimulated recall, this case study investigates how and the extent to which seven Master's students benefited from providing feedback on their peers’ theses in the Macau EFL context. The data analysis revealed four themes of student learning from providing peer feedback: (1) raising awareness of the thesis/dissertation genre, (2) improving academic writing skills, (3) becoming a more skilful learner by seeking external assistance, and (4) becoming a more reflective and critical academic writer. The findings can further our understanding of the potential learning opportunities derived from providing peer feedback on academic theses.