For more than 30 years, different opinions about whether written corrective feedback (CF) is a worthwhile pedagogical practice for L2 learning and acquisition have been voiced. Despite the arguments for and against its potential to help L2 learners acquire the target language and the inconclusive findings across studies that have sought answers to key questions about whether it can play a role, the extent to which it might be able to play a role, and how it might be most effectively provided, the field is still awaiting more conclusive answers. The aim of this article is to take stock of what we know, both theoretically and empirically, and what we do not know about the language learning potential of written CF. It looks therefore at what the theoretical literature has to say about such a role and assesses what empirical studies have found about the effectiveness of written CF for L2 learning and acquisition. To move the field forward, a range of recommendations for further research are discussed. (Contains 2 tables.)