The aim of the present study was to identify the effect of web-based self and peer-assessment approaches on improving pre-service student teachers' academic self-efficacy. In this context, a study was carried out during the second semester of the 2018 academic year among 48 pre-service student teachers enrolled in the Teacher Preparation Program, at the College of Education at King Faisal University. The Academic Self-Efficacy of Alternative Web-Based Assessment survey questionnaire (ASEAWA) was used for the purpose of this study. The results highlighted the value of utilizing self and peer-assessment approaches to enhance pre-service student teacher academic self-efficacy. The study found no significant difference between the influence of web-based self and peer-assessment approaches on academic self-efficacy in terms of the two ASEAWA factors investigated: Academic Achievement and Academic Development. This study has several implications for designers and developers of teacher preparation programs as well as for further research in the field.