As many universities worldwide have incorporated holistic competency development into their course goals, developing assessment literacy in these competencies is placed high on the agenda. Yet, existing literatures on assessment literacy tend to focus on disciplinary knowledge, with little reference to holistic competencies. Based on 29 focus group interviews with 122 students from six universities in Hong Kong, this study first explores the extent to which previous conceptualisations of student assessment literacy also apply to assessing holistic competencies. Findings are subsequently used as a base for discussion towards a new framework of student assessment literacy in holistic competency development which constitutes four dimensions, i.e. knowledge, attitude, action and critique. The renewed framework incorporates features specific to holistic competency assessment, further highlights students' critical engagement with assessment, and understands learners as active agents who exercise discretion in holistic competency assessment.