Interactive presentation created by NCSU Libraries demonstrates
Peer Review is a process by which scholarly work or research (often articles) are subjected to evaluation by other experts on the topic. Reviewers judge the work by its originality, accuracy of information, importance to the field, research methodology, and other criteria to determine if it is worthy of publication. Peer Review is also sometimes called "refereed".
Scholarly is a broader category, that includes peer review and review by editors who are experts in the subject. Both are very different from regular magazine articles which are usually reviewed by a professional editor who isn't an expert in the subject.