Observations of the hot rocky exoplanet 55 Cancri e report significant but unexplained variability in brightness across visible and infrared bands, e.g., on subweekly timescales, its mid-infrared brightness temperature fluctuates by approximately 1,400 K (with hundreds of Kelvin uncertainty). We propose a magma temperature–cloud feedback as a potential explanation that relies on the planet’s atmosphere and surface. In this feedback, under cloud-free conditions, stellar radiation heats surface magma, releasing silicate vapor that condenses into clouds. Once formed, these clouds attenuate stellar insolation, thereby cooling the surface, reducing vapor supply, and decreasing cloudiness. A time lag between surface temperature increase and cloud formation, likely due to lagged atmospheric transport of cloud-forming vapor, enables self-sustained oscillations in surface temperature and cloudiness. These oscillations manifest as variations in both the planet’s thermal emission and reflected starlight, causing variability in secondary eclipse depths across wavelengths without significantly affecting the transit depth. Using a simple model, we find that diverse planetary parameters can reproduce the observed infrared brightness variability. We also demonstrate that brightness at different wavelengths can oscillate out of phase, consistent with recent observations by the James Webb Space Telescope. Additionally, we propose that time-varying and spatially nonuniform cloud cover can result in changing amplitude and phase offset of the planet’s phase curve, potentially explaining observations. Finally, we discuss observational strategies to test this proposed mechanism on 55 Cancri e. If confirmed, these observable ocean–atmosphere dynamics on exoplanets would provide valuable insights into the composition, evolution, and long-term fate of rocky planet volatiles.