In 2011, South Korea introduced the Science, Technology, Engineering, Arts, and Mathematics (STEAM) education policy in line with the worldwide emphasis on Science, Technology, Engineering, and Mathematics (STEM) education. This study aims to examine the perspectives of the stakeholders involved in the implementation of the STEAM education policy. To accomplish this, a qualitative research design was utilized, and inductive analysis was employed to collect and interpret the viewpoints of 13 stakeholders. These stakeholders encompassed policymakers, national institution directors, regional supervisors, administrators, principals, STEAM lead teachers, and mathematics teachers who created the STEAM-based curriculum in South Korea. Our findings reveal conflicting perspectives among the stakeholders regarding STEAM education. Our analysis also suggests that stakeholders' participation in STEAM education is discontinuous and driven by the policy wave. Several impediments faced by mathematics teachers were also recognized, including obstacles in aligning STEAM-incorporated mathematics instruction with assessments, inadequate financial and curriculum assistance, and complications within the school climate. We discuss potential components that could affect the success of STEAM education and the conditions necessary for its successful implementation: (1) the need for consensus on the level of policy support; (2) the need for sustainable policy support; and (3) the need for policymakers' consideration to connect the STEAM education policy with real mathematics classrooms.