This study was aimed at investigating the effect of collaborative assessment, as compared to that of static assessment, on the EFL learners’ reading comprehension, metacognitive strategies, and critical thinking. In this mixed-methods research design study, 62 intermediate EFL learners out of a population of 79 English language learners, were randomly selected and divided into two groups of experimental and control with 31 participants in each group. They were both female and male, who were administered a meta-cognitive strategy and critical thinking questionnaire and a reading comprehension test at the pretest and posttest stage of the study. Furthermore, semi-structured interviews were conducted with 15 participants and six sessions of the course were picked for observation. A multivariate ANOVA (MANOVA) test was run and the obtained results revealed that the students in the experimental group showed statistically significant gains on the reading comprehension and metacognitive strategy as compared with the participants in the control group but did not show any significant difference on their critical thinking. Similarly, the analysis of the interviews and classroom observations provided important themes which revealed that the students found collaborative assessment a very fruitful and practical way of promoting their reading skills and strategies mainly metacognitive strategies.