Teachers' feedback is critical for student learning, particularly during oral reading, where it supports skill development and fosters students' agency and reader identity. However, research has yet to provide clear recommendations for effective classroom feedback. This critical-constructive review aims to achieve two objectives: to present evidence of effective feedback strategies for reading development and to explore the theoretical foundations of feedback in oral reading. The review analyzes twenty-four empirical studies (1995-2022) on effects of teachers' feedback in K-5 settings. Findings reveal significant variability in effective feedback types and content, making clear-cut generalizations challenging and emphasizing the need for a nuanced understanding of feedback's influence on fluency, motivation and engagement. While many studies utilized theoretical frameworks, their limited diversity constrains our understanding of students' emotional, cognitive, and behavioral responses to feedback, highlighting a gap in research that often prioritizes reading processes over the role of feedback. This study discusses the potential for integrating feedback and reading development theories to better align interventions with contemporary understandings. By adopting a more comprehensive approach, we can inform teaching strategies that support reading development and redefine how we assist young readers. Additionally, the study offers an example and approach for aligning theory across the different phases of performing empirical research, with implications that extend beyond the current review.