The paper justifies the potential of “Foreign Language” discipline when developing university students’ feedback literacy. The article reveals the content of the term “pedagogical feedback” and describes the author’s experience of developing students’ feedback literacy in foreign language classes during peer assessment of students’ monologues on the Flipgrid platform. The scientific originality of the study involves justifying the potential of using peer assessment as a tool of developing feedback literacy among university students on the condition that a feedback loop is created and introductory training is conducted. The research findings are as follows: the author describes teacher and student roles in the development of feedback literacy, clarifies the feedback literacy model (D. Boud, D. Carless) in relation to foreign language teaching, summarizes the experience of organizing students’ feedback activity involving giving and receiving feedback in a foreign language when assessing peers’ monologues on the Flipgrid platform.