Even though research in second language acquisition has demonstrated the importance of oral production and interaction, there is a growing tendency toward distance learning. Therefore, in order to include oral practice and evaluation in an online course, a new pedagogical tool was designed, namely the oral portfolio. This article describes and analyzes an oral portfolio which included learner production and self- and peer-assessment. Combining these aspects provided data on both linguistic and metalinguistic abilities. The results revealed a relationship between oral competency and self- and peer-assessment abilities, suggesting a beneficial role of metalinguistic reflection in the development of oral communication skills. Moreover, this study explored how self- and peer-assessment could be better implemented in a language course. Based on the observations gathered throughout the study, we believe that learners need to be trained and to develop the formative assessment competency, in order to maximize the benefits, for assessment to be as sustainable as possible.