Inspired by the feedback ecological model (Yang, Sin, Li, Guo, & Lui, 2014) and the important role of assessment-as-learning in promoting learning opportunities (e.g., Earl, 2012; Yan & Boud, Chapter 2 of this book), we explicitly reviewed existing studies on feedback orientation, a construct pertaining to students' multifaceted self-perceptions in the context of feedback that collectively determine their receptivity and engagement with feedback, leading to feedback-driven learning opportunities. The four feedback perceptions (i.e., feedback utility, feedback self-efficacy, feedback social-awareness, and feedback accountability) conceptualised in the construct of feedback orientation contribute to students' converting of external feedback to learning opportunities that constitute assessment-as-learning in the context of feedback. This chapter shows that all four dimensions of feedback orientation are good “convertors” of external feedback to learning opportunities including processing feedback mindfully and engagement with feedback in a range of ways (e.g., cognitive, affective, agentic, and behavioural). Future empirical studies by using different research methods in different educational levels can enrich the current understanding of the relationships between external feedback and how students' change them to learning opportunities through students' feedback perceptions (e.g., the four feedback orientations) and multidimensional engagement.