The striatum has been shown to play an important role in learning from performance-related feedback that is presented shortly after each response. However, less is known about the neural mechanisms supporting learning from feedback that is substantially delayed from the original response. Since the consequences of one's actions often do not become known until after a delay, it is important to understand whether delayed feedback can produce neural responses similar to those elicited by immediate-feedback presentation. We investigated this issue by using functional magnetic resonance imaging (fMRI) as participants performed a paired-associate learning task with 180 distinct trials. Feedback indicating response accuracy was presented immediately, after a delay of 25 min, or not at all. Both immediate and delayed feedback led to significant gains in accuracy on a posttest, relative to no feedback. Replicating previous work, we found that the caudate nuclei showed greater activation for positive feedback than for negative feedback when the feedback was presented immediately. In addition, delayed feedback also led to differential caudate activity to positive versus negative feedback. Delayed negative feedback also produced significant activation of the putamen and globus pallidus (the lentiform nucleus), relative to no feedback and delayed positive feedback. This suggests that the caudate nucleus is sensitive to the affective nature of feedback, across different time scales, while the lentiform nucleus may be particularly involved in processing the information carried by negative feedback after a substantial delay.