In this research, the subjects, a class of second-year English majors conducted peer review in criticizing classical literary works in the course of extensive reading. Through questionnaire, and by comparing and analyzing the subjects’ first drafts and final drafts, this research revealed that the peer review in surface form was more than that in content, and that peer review showed a high correctness ratio and stimulated the subjects to make more efforts in their reading and writing. Compared with teacher review, peer review showed merely a slightly lower acceptance among the subjects. Through peer review, the subjects achieved a better understanding of classical literary works, improved their writing, enhanced mutual understanding and did some preparation for career training as prospective teachers.