The relationship between peer feedback, cognitive and metacognitive strategies and achievement in networked peer assessment was studied. The participants included 46 junior Information Management attending a University of Science and Technology in Northern Taiwan. The course titled 'Internet technology' specified that students should learn the basics of the Internet, wireless networking, tags for data on the Internet and Active Server Pages, and should be capable of designed a complete web-based system. Content analysis was used to analyze two perspectives of peer feedback, content and cognitive/metacognitive strategies. The results of a regression analysis revealed a significant relationship between the use of cognitive and metacognitive strategies and in student's own achievement under networked peer assessment.