Teaching practice is an essential component of any teacher training programme. It is a great opportunity for preservice teachers to work in the actual school context, experience how theories merge with actual practices, and develop identity as professional teachers. To this end, they require peer mentorship. This study explored the relationship between peer mentoring and teacher professional identity among 438 third-year preservice teachers who filled the questionnaire shortly after completing their second round of teaching practice. Findings indicate non-significant differences across gender. The Pearson product-moment correlation coefficients indicate all variables correlated significantly with the strongest correlation between personal and professional teacher identity and least with instrumental peer support and personal teacher identity. The structural equation modeling shows that social and academic peer support predicted significantly both professional and personal teacher identity. Discussion and recommendations for further studies are provided.