The current study sought to understand the relationship between peer discussions and self-regulated learning. Eighty-eight first year high school students answered questions from the Motivated Strategies for Learning Questionnaire and reported the perceived frequency of discussions with peers both inside and outside of the classroom regarding self-regulated learning. Results suggest that differences exist between the frequency of self-regulation discussions with peers from inside and outside of the classroom, especially for discussions concerning motivation. Discussions with peers outside of class were related more closely to students’ reported self-regulated learning than discussion with peers inside of class. In addition, peer groups with higher average levels of self-regulated learning discussions had individual members with high reported self-regulated learning. The study’s results also highlight the need for further research on the mechanisms by which peer discussions may relate to students’ self-regulated learning.