This study finds that the correlation between El Niño–Southern Oscillation (ENSO) and the activity of mesoscale oceanic eddies in the South China Sea (SCS) changed around 2004. The mesoscale eddy number determined from satellite altimetry observations using a geometry of the velocity vector method was significantly and negatively correlated with the Niño-3.4 index before 2004, but the correlation weakened and became insignificant afterward. Further analyses reveal that the ENSO–eddy relation is controlled by two major wind stress forcing mechanisms: one directly related to ENSO and the other indirectly related to ENSO through its subtropical precursor—the Pacific meridional modes (PMMs). Both mechanisms induce wind stress curl variations over the SCS that link ENSO to SCS eddy activities. While the direct ENSO mechanism always induces a negative ENSO–eddy correlation through the Walker circulation, the indirect mechanism is dominated by the northern PMM (nPMM), resulting in a negative ENSO–eddy correlation before 2004, and by the southern PMM (sPMM) after 2004, resulting in a positive ENSO–eddy correlation. As a result, the direct and indirect mechanisms enhance each other to produce a significant ENSO–eddy relation before 2004, but they cancel each other out, resulting in a weak ENSO–eddy relation afterward. The relative strengths of the northern and southern PMMs are the key to determining the ENSO–eddy relation and may be related to a phase change of the interdecadal Pacific oscillation.