diff --git a/changelogs/fragments/10934-cloudflare-dns-caa-bug.yml b/changelogs/fragments/10934-cloudflare-dns-caa-bug.yml
new file mode 100644
index 0000000000..e40acc30f4
--- /dev/null
+++ b/changelogs/fragments/10934-cloudflare-dns-caa-bug.yml
@@ -0,0 +1,2 @@
+bugfixes:
+  - cloudflare_dns - roll back changes to CAA record validation (https://github.com/ansible-collections/community.general/issues/10934, https://github.com/ansible-collections/community.general/pull/10956).
diff --git a/plugins/modules/cloudflare_dns.py b/plugins/modules/cloudflare_dns.py
index df10d0a0b6..1398d5873a 100644
--- a/plugins/modules/cloudflare_dns.py
+++ b/plugins/modules/cloudflare_dns.py
@@ -929,7 +929,7 @@ def main():
             ('state', 'absent', ['record']),
             ('type', 'SRV', ['proto', 'service']),
             ('type', 'TLSA', ['proto', 'port']),
-            ('type', 'CAA', ['flag', 'tag', 'value']),
+            ('type', 'CAA', ['flag', 'tag']),
         ],
         required_together=[
             ('account_api_key', 'account_email'),
@@ -961,8 +961,11 @@ def main():
             module.fail_json(msg="For TLSA records the params cert_usage, selector, hash_type and value all need to be defined, or not at all.")
 
     if module.params['type'] == 'CAA':
-        if not module.params['value'] == '':
-            module.fail_json(msg="For CAA records the params flag, tag and value all need to be defined.")
+        if not ((module.params['flag'] is not None and module.params['tag'] is not None
+                 and not (module.params['value'] is None or module.params['value'] == ''))
+                or (module.params['flag'] is None and module.params['tag'] is None
+                    and (module.params['value'] is None or module.params['value'] == ''))):
+            module.fail_json(msg="For CAA records the params flag, tag and value all need to be defined, or not at all.")
 
     if module.params['type'] == 'DS':
         if not ((module.params['key_tag'] is not None and module.params['algorithm'] is not None and module.params['hash_type'] is not None