This study investigates mentor teachers’ and student teachers’ perceptions of the components of a positive mentoring relationship and its impact on the identity formation of student teachers. The findings revealed that emotional and academic support, an open line of communication and feedback were regarded as key elements of a positive mentoring relationship by both parties. However, a key difference was shown in the participants’ perceptions toward the impact of the mentoring relationship on student teachers’ identity. The research found that student teachers considered the impact of the mentoring relationship on their identity development to be highly significant, whereas only three mentor teachers held this view.