Peer review is a critical component toward facilitating a robust science in industrial and organizational (I-O) psychology. Peer review exists beyond academic publishing in organizations, university departments, grant agencies, classrooms, and many more work contexts. Reviewers are responsible for judging the quality of research conducted and submitted for evaluation. Furthermore, they are responsible for treating authors and their work with respect, in a supportive and developmental manner. Given its central role in our profession, it is curious that we do not have formalized review guidelines or standards and that most of us never receive formal training in peer reviewing. To support this endeavor, we are proposing a competency framework for peer review. The purpose of the competency framework is to provide a definition of excellent peer reviewing and guidelines to reviewers for which types of behaviors will lead to good peer reviews. By defining these competencies, we create clarity around expectations for peer review, standards for good peer reviews, and opportunities for training the behaviors required to deliver good peer reviews. We further discuss how the competency framework can be used to improve peer reviewing and suggest additional steps forward that involve suggestions for how stakeholders can get involved in fostering high-quality peer reviewing.