As one of the highest-level cognitive abilities, critical thinking has become the focus of education research in the core literacy framework of the 21st century. In a blended learning environment, peer evaluation, as a popular learning activity in teaching, has attracted the attention of many researchers. The purpose of this study was to explore the impact of peer review on college students’ critical thinking, design peer review activities, and conduct a follow-up investigation and in-depth analysis of college students participating in peer review through two months of empirical research. Peer evaluation plays a positive role in promoting the development of college students’ critical thinking. Communication and feedback among peers can stimulate students’ reflective consciousness and improve their ability to analyze and evaluate. Moreover, college students who participate in peer evaluation activities have greater acceptance of and satisfaction with peer evaluation activities, which can promote the learning of college students.