Street was traded by the Rockies to the San Diego Padres for left hander Nick Schmidt on December 7, 2011. The Padres picked up all but $500,000 of Street's remaining contract, and he moved immediately into the closer role vacated by Heath Bell. Street missed a month with a right shoulder strain, but otherwise had an excellent first half with the Padres. He compiled a 1.13 ERA, was 13 for 13 in converting save opportunities, and did not allow a home run in his 25 games, earning a selection to his first All-Star Game. On July 29, 2012, the Padres and Street agreed to terms on a two-year contract extension with a club option for the 2015 season.