Current educational policies focus on the need to transform teaching and assessment practices to support the acquisition of transversal competences necessary for a sustainable development vision and lifelong learning capacity. This article examines the role that formative assessment plays in promoting one of these key competences: learning to learn. After examining the construct of self-regulated learning as a component of learning to learn competence, the main connections between formative assessment and self-regulated learning are discussed. It is pointed out that the central role of feedback, the definition of objectives and strategies and the articulation in iterative phases are aspects of the two processes linked and in strong interaction. The emerging overview suggests that formative assessment practices should be implemented as self-regulating learning strategies. Future research in this field is potentially fruitful for a redefinition of assessment practices that can offer students better opportunities to develop the ability to manage their own learning.