It is very essential to provide quality and effective feedback to the prospective teachers during practicum to provide information about their teaching strengths and weaknesses. Provision of feedback helps them to remove their mistakes and improve their teaching practice. The aim of this study was to examine the role of peer’s and mentor’s feedback on the performance of prospective teachers during practicum. 6 prospective teachers and 3 mentors were interviewed by the researcher. The whole data was collected from 3 public universities of Lahore city. Findings of this study revealed that peer’s and mentor’s feedback plays an important role in their learning and professional development during practicum. This study suggests that universities should conduct some training programs, seminar and workshops for prospective teachers and their mentors to provide awareness about the role of peer’s and mentor’s.