Although the multisource feedback in foreign enterprises has become mature, it is still underdeveloped in China. Based on extant studies, we discuss and analyze the characteristics and internal mechanism of multisource feedback through three constructs, including appraisal process, rater sources, and ratee. From the perspective of appraisal process, multisource feedback has various objectives, and it often preserves the anonymity of raters as well as managers should pay attention to reasonably using appraisal results. In terms of the rater sources, the level of rating agreement between different raters is low, and raters often make halo error and leniency effect easily. From the view of ratee, the reaction of individuals to the feedback results is impacted by personality, feedback signal, and self-others agreement, etc. Additionally, the studies also show the influence of multisource feedback on performance is unstable. Based on these findings, there is a need for further study on how to enhance the validity and accuracy of appraisal process, improve individuals’ reaction, and summarize the results of multisource feedback.