In this paper, we explore the political economy of education reforms in Peru through an analysis of the recent history of education policies in the country. Starting in 1995, arguably the inception point for quality-oriented reforms, we follow policy developments in three selected areas – curriculum, teachers and assessment – up to 2020, the year when the study was conducted. Through a detailed reconstruction of policies and policy changes that was based on documentary analysis and in-depth interviews with key stakeholders, we analyse the changing nature of agendas throughout this period and the factors that may explain changes and continuities.