Background: During the past few years nurses precepting undergraduate nursing students have been put under greater pressure because of increased number of students admitted to the universities combinedwith a shortage of clinical placements. One solution is the preceptor model peer learning where two students are tutored by the same preceptor simultaneously. Objectives: The aim of this study was to describe the variation of registered nurses' conceptions of preceptorship in a peer learning model for undergraduate nursing students. Design: The study used a qualitative descriptive design and a phenomenographic approach. Settings: The interviews took place at somatic and psychiatric units at two different hospitals in southern Sweden. Participants: Twelve informants participated who had worked as registered nurses between 1–17 years and acted as peer learning preceptors between 2 month and 6 years. Methods: Each nurse was interviewed individually using a semi structured interview guide. Follow up questions were used to make the informants develop and deepen their answers. Results: Four different descriptive categories emerged in the study: 1) Preceptorship in peer learning generates development and new perspectives 2) Preceptorship in peer learning enables student reflection and independence 3) Preceptorship in peer learning engenders insufficiency and stress 4) Preceptorship in peer learning requires education and support. Conclusions: The result of this study showed that preceptors conceived that peer learning enabled them to take a step backwhich gave thema new role and perspectives. The consequencewas that the students could be more independent which saved time for some of the preceptors. However, some preceptors perceived insufficiency and stress while working with two students. It is also important to educate both students and preceptors to optimise the use of peer learning.