At present, peer assessment teaching model has been widely popularized and applied in foreign colleges and universities. For a long time, the existence of peer learning community is often ignored due to the teaching activities in Chinese higher English class. The development of modern society and the theory of educational concept innovation have challenged this, requiring us to pay attention to realize and promote the interaction between students and fully tap and mobilize students' enthusiasm and learning enthusiasm, and improve the efficiency and quality of classroom teaching. Most of the researches on co-creating rubrics mainly discuss the impact of using rubrics when students participate in peer assessment. However, the researches on co-creating rubrics are very limited. Therefore, in recent years, Chinese scholars have also begun to analyze the implementation and application of peer assessment in English teaching in colleges and universities in our country. In peer assessment, teachers usually set rubrics to evaluate the level of students. When rubrics are set by students themselves rather than only teachers, students' co-creating rubrics become the new criterion. This study will explore the impact of co-creating rubrics on students' participation in peer assessment in three aspect: students' emotions, behaviors, and cognition. The authors collected research data from both students' journals and the content of interviews with students and conducted an in-depth analysis of the data to conclude that the co-creating rubrics has a profoundly positive impact on student participation in peer assessment. This study has important implications for improving assessment methods and for improving the way EFL classes are conducted in higher education.