Mentoring relationships between in-service teachers and pre-service teachers (PSTs) have in the past been characterised as hierarchical, where wisdom about practice flows from mentors to PSTs. However, there is increasing recognition that developing partnerships and collaborative learning achieves efficacy in teacher education programs for both PSTs and their mentors. This study investigated collaborative learning achieved between PSTs and their school-based mentors participating in a three-week rural professional experience program in Bass Coast region, Australia. Data were collected from 24 focus group discussions with mentor teachers and PSTs, as well as post-program surveys administered to mentors across 10 school sites spanning from early years learning to secondary level. Findings show evidence of mentor teachers learning from PSTs to develop a fresh perspective, stretch knowledge beyond subject boundaries, develop reflective thinking, become better teachers, and enhance mentoring skills. Such learning was enabled through the dialogue that mentor teachers engaged with themselves and with PSTs. The study has important implications for PSTs, mentors, and related stakeholders.