This research was aimed to investigate the pre-service teachers’ (PSTs) perception of peer feedback in Microteaching classes as feedback receivers and givers, and the impact of PSTs’ perception of peer feedback on PSTs’ pedagogical competence. This research employed a narrative inquiry paradigm in gathering the data from the participants through Language Learning History (LLH), interviews, and artifacts. The participants were four pre-service teachers who had experience with peer feedback in the Microteaching class. The collected data from the participants was analyzed using thematic analysis. This research revealed that as feedback receivers, PSTs felt satisfied with the feedback provided by their friends, they felt motivated, and they felt happy and sad at the same time after they received feedback. They also found receiving feedback useful. The feedback gave them information about strengths and weaknesses, gave them motivation, and improved their teaching performance. As feedback givers, PSTs stated that giving feedback was useful to evaluate and introspect themselves. On the other hand, PSTs felt afraid when giving feedback, participants were afraid of giving wrong feedback, not helping friends, and afraid of offending friends. Furthermore, the PSTs’ perception had an impact on their pedagogical competence where there was an improvement in their teaching abilities. The improvements were in opening and closing skills, explanatory skills, questioning skills, and reinforcement skills. The finding of this research can be used as a consideration for lecturers to implement peer feedback on other subjects and PSTs can take advantage of the opportunity to do peer feedback as much as possible.