This study examines the differential effects of teacher and peer feedback on the development of student feedback literacy (SFL) among intermediate-level L2 students in a disciplinary academic writing context. Two intact classes participated in an eight-week intervention, receiving either teacher feedback (TF group, N = 35) or peer feedback (PF group, N = 36). Quantitative results indicate that teacher feedback may yield a stronger and more immediate impact on SFL development. Qualitative findings further reveal distinct SFL patterns across the two groups. Students in the TF group valued global-level teacher feedback, actively sought external support to interpret it, and demonstrated emotional regulation; however, they faced cognitive challenges when interpreting vague comments and implementing revisions. By contrast, students in the PF group acknowledged the usefulness of peer feedback, particularly at the local level, consulted multiple resources to verify peer comments, and exercised evaluative judgement, while also expressing concerns about occasional inaccuracies and limited disciplinary relevance. They additionally reported mixed emotional responses and greater caution when acting on peer feedback.