Achievement emotions are emotions linked to academic, work, or sports achievement activities (activity emotions) and their success and failure outcomes (outcome emotions). Recent evidence suggests that achievement emotions are linked to motivational, self-regulatory, and cognitive processes that are crucial for academic success. Despite the importance of these emotions, syntheses of empirical findings investigating their relation with student achievement are scarce. We broadly review the literature on achievement emotions with a focus on activity-related emotions including enjoyment, anger, frustration, and boredom, and their links to educational outcomes with two specific aims: to aggregate all studies and determine how strongly related those emotions are to academic performance, and to examine moderators of those effects. A meta-analytical review was conducted using a systematic database of 68 studies. The 68 studies included 57 independent samples for enjoyment (N = 31,868), 25 for anger (N = 11,153), 9 for frustration (N = 1418), and 66 for boredom (N = 28,410). Results indicated a positive relation between enjoyment of learning and academic performance (ρ = .27), whereas the relations were negative for both anger (ρ = − .35) and boredom (ρ = − .25). For frustration, the relation with performance was near zero (ρ = − .02). Moderator tests revealed that relations of activity emotions with academic performance are stronger when (a) students are in secondary school compared with both primary school and college, and (b) the emotions are measured by the Achievement Emotions Questionnaires – Mathematics (AEQ-M). Theoretical and practical implications are discussed.