A phenomenographic analysis explored 18 teachers' conceptions of feedback and how they were enacted. Five hierarchically ordered categories of feedback were seen as aligning with three major functions; that is, (1) satisfying stakeholder expectations (Category 1), maintaining student psycho-social well-being (Category 2), and supporting learning growth (i.e., Category 3: diagnosing academic strengths and weaknesses primarily through correcting and marking; Category 4: providing a plan for improvement; and Category 5: making sure improvement plans are implemented because provision of information is insufficient). Teachers described experiencing significant tensions when trying to balance student wellbeing, accountability purposes, and learning growth functions. Data emphasize the importance of ensuring that teacher concerns for student emotional well-being do not undermine academic improvement purposes and those system policies and expectations for feedback are not at odds with teacher beliefs.