The term corrective feedback is an imperative part of foreign language teaching and frequent practice in the field of learning and achievement. The present study aimed at investigating Iranian EFL teachers' and learners' cognition on corrective feedback on speaking skill covering the necessity, timing, agents of error correction, different types of feedback including recast, clarification request, elicitation, metalinguistic cue, direct correction, repetition, and the types of error that need to be corrected. The study was a quantitative, non-experimental descriptive design conducted at Iran-e-ma and Pendar Language Institutes in Isfahan, Iran during 2020. The participants were 25 non-native English-speaking female teachers and 60 EFL learners. The instruments of the study were questionnaires, semi-structured interviews, and observations. Descriptive and inferential statistics were used to analyze the data and come up with the findings of the study. In terms of feedback type, explicit and delayed corrective feedbacks were the most favoured error-correction forms and teacher-correction, serious and frequent errors were more preferred to be corrected by the teachers. Moreover, significant differences were observed between male and female learners regarding their cognition on feedback. This study could benefit learners, teacher educators, curriculum designers, and teachers in their reflective practice.