Feedback processing is crucial for successful performance adjustment following changing task demands. The present event-related fMRI study was aimed at investigating the developmental differences in brain regions associated with different aspects of feedback processing. Children aged 8-11, adolescents aged 14-15 and adults aged 18-24 performed a rule switch task resembling the WCST, and analyses focused on different types of negative and positive feedback. All age groups showed more activation in lateral orbitofrontal cortex (OFC), anterior cingulate cortex (ACC), dorsolateral prefrontal cortex (DLPFC) and superior parietal cortex following negative relative to positive performance feedback, but the regions contributed to different aspects of feedback processing and had separable developmental trajectories. OFC was adult-like by age 8-11, whereas parietal cortex was adult-like by age 14-15. DLPFC and ACC, in contrast, were still developing after age 14-15. These findings demonstrate that changes in separable neural systems underlie developmental differences in flexible performance adjustment.