Reward and punishment were revealed to have dissociable effects on online motor skill acquisition and offline motor memory consolidation. This study examined a possible cause of this dissociation from the perspective of competition between explicit learning and implicit learning. During learning to adapt to a sudden visual perturbation in reaching a visual target, young healthy participants were provided with performance-based monetary reward or punishment. In the context of continuous visual feedback involving both explicit learning and implicit learning, punishment induced faster adaptation but reward markedly promoted offline consolidation expressed as savings. However, in the context of non-continuous visual feedback involving explicit learning, punishment still prompted faster adaptation but also showed comparable savings as reward. These indicate that competition between explicit learning and implicit learning in the context of continuous visual feedback inhibited the consolidation of punishment-induced visuomotor adaptation memory. This inhibition was reduced by a word-list learning task immediately after the visuomotor adaptation in participants received punishment during the adaptation phase. In contrast, the word-list learning task had no influence on the consolidation of reward-induced visuomotor adaptation memory. These findings hint that punishment, compared to reward, induced more efficient explicit learning in the adaptation phase but afterward competition between explicit memory and implicit memory suppressed consolidation of the punishment-induced motor memory.