Teacher leadership theory has underlined the essence of teacher collaboration (TC) in helping students learn better. Also, many studies and theories have argued that TC can be an effective way to provide learning feedback. Thus, this mixed-method study aimed to experimentally examine the effect of teacher collaborative metacognitive feedback (TCMF) on educational management (EM) students' metacognition, to see the different effects on EM students' metacognition as affected by TCMF and by individual teaching metacognitive feedback (ITMF), and to qualitatively probe into students' perceptions of teacher collaboration. The quantitative study conducted a quasi-experimental method by involving 44 EM students. A valid and reliable scale of metacognition adopted from a previous study was utilized as the instrument of data collection. The qualitative study conducted interviews with 8 students selected purposively, and the data were analyzed interactively to reach credible information. This study revealed that TCMF positively and significantly affected EM students' metacognition. TCMF contributed to EM students' metacognition better than ITMF did. The students perceived that TC developed their collaborative skills, continuously supporting their critical thinking skills, intercultural communicative competence, and problem-solving skills. Limitations, implications, and recommendations for further research are discussed.