In a solid-state platform for quantum information science, the biexciton cascade is an important source of entangled photons. However, the entanglement is usually reduced considerably by the fine-structure splitting of the exciton levels. We show how to counteract this loss of entanglement by applying optical feedback. Substantial control and enhancement of photon entanglement can be achieved by coherently feeding back a part of the emitted signal, e.g., by a mirror, and by tuning the feedback phase and delay time. We present full quantum-mechanical calculations, which include the external photon mode continuum, and discuss the mechanisms leading to the above effects.