This research focussed on the use of formative assessment in Finnish initial teacher education. Pre-service teachers’ perceptions of using formative assessment to promote learning were explored. A convenience sample (N = 60) was taken from two preservice teacher cohorts in which two methods of formative assessment were used during a period of teaching practice. A total of 102 learning reports prepared by the participants were analysed using a three-dimensional framework. The pre-service teachers were found to approach formative assessment from a teacher’s viewpoint; however, it was also used to enhance learning discussions and ensure learners’ active involvement. The objectives and peers’ viewpoints tended to be silenced. Our findings suggest that it is beneficial to provide pre-service teachers with opportunities to practice formative assessment under the guidance of mentors to demonstrate its advantages for students’ learning processes.