The debate surrounding policy feedback and policy developments has long revolved around self‐reinforcing (positive) policy feedback. Recently, the literature has been enriched by a new research agenda that highlights the role of self‐undermining (negative) policy feedback, which is also argued to significantly influence the evolution of policies. This study contributes to the existing literature by examining changes in childcare policy, a field that has thus far primarily analysed and emphasised positive policy feedback. By analysing the case of South Korea, we demonstrate that childcare policy is a good candidate for both positive and negative policy feedback. Furthermore, it is the combination of these pieces of feedback that determines the evolution of childcare policy. Additionally, this study illustrates that inadequately addressed negative feedback may lead to unforeseen policy shifts, as exemplified in the Korean case by the introduction of the cash‐for‐care policy.