Problem-based learning has been in use in the education of medicine, law, and engineering students. The aim of this study is to put forth that PBL could be used equally successful in the education faculties, hence to analyze the effects of problem-based learning on academic achievement and self-regulated learning skills together, and to undertake self-peer assessments that have been long neglected in PBL studies. Senior students (treatment=36, control=21) of Middle East Technical University Faculty of Education Department of Foreign Language Education took part in the study. An achievement test, an open-ended-application exam, a scale on self-regulation in learning, and self-peer assessment forms were developed and used to gather quantitative data. Statistical procedures like independent samples t-test, ANOVA for repeated measures, and Pearson correlation technique were administered to quantitative data. The quantitative results revealed that PBL was effective on students' academic achievements, but it had no significant effects on self-regulated skills. Students were consistent in their self and peer assessments, but their self-assessments were lower than their peer assessments. Suggestions parallel to findings are given in the end. (C) 2013 The Authors. Published by Elsevier Ltd.