Multi-source feedback extends traditional performance appraisal by collecting information from subordinates, peers, supervisors, and customers. Ratees often receive the results along with normative data and self-ratings. This paper explores how multi-source feedback goes beyond traditional performance appraisal by providing ratees with comparative information. Focusing on person perception and information processing dynamics, this paper develops a model and associated propositions to explain the effects of multi-source feedback on perceptions of goal accomplishment, re-evaluation of self-image, and changes in outcomes such as goals, development, behavior, and performance. Moderators of relationships between the major components in the model include individual difference variables (self-image, feedback seeking, self-monitoring, task-specific self-efficacy, and impression management) and situational conditions (the content and process of multi-source feedback and organizational performance standards). Issues of research and practice intended to improve understanding and effectiveness of multi-source feedback are discussed.