Both student feedback literacy and self-assessment are crucial for developing self-regulated and lifelong learning in higher education. The relationship between these two concepts is important but as yet understudied. Using self-assessment to develop students’ feedback literacy has been mentioned in relevant literature, but how feedback literacy can facilitate self-assessment practice remains unclear. The purpose of this conceptual article is twofold. First, we articulate the interplay between feedback literacy and self-assessment based on a reframing and integration of the two concepts. Secondly, we unfold the self-assessment process into three steps: (1) determining and applying assessment criteria, (2) self-reflection, and (3) self-assessment judgement and calibration. For each step, we propose a pedagogical principle and recommend feedback practices that facilitate meaningful self-assessment. Implications for learning and teaching in both face-to-face and online learning environments are discussed.