This paper aims to evaluate the effects of exercise intervention on students’ test anxiety with a meta-analysis to serve as a reference to further relevant research. CNKI, Wanfang Data, VIP, The Cochrane Library, PubMed, Web of Science, Scopus, Embase, and EBSCOhost databases were electronically searched from inception to August 2021 in order to identify randomized and non-randomized controlled trials on exercise for treating students’ test anxiety. Two researchers independently screened the study, extracted data, and evaluated the quality of the studies. Meta-analysis was carried out using Review Manager 5.4 software. Among the 4115 articles retrieved, 16 were qualitative analyses, 15 of which were included in the meta-analysis. The meta-analysis showed that exercise intervention effectively alleviated students’ test anxiety when compared with the blank control group. Subgroup analysis showed that a single exercise intervention lasting 10~15 min did not relieve students’ test anxiety. The different scales used in the study are the source of inter-study heterogeneity. In conclusion, twenty minutes of aerobic exercise at any intensity performed two to three times a week for at least four weeks can reduce test anxiety levels. However, this is the minimum level and students should not be limited to the minimum amount of exercise when reducing test anxiety. In addition, exercise combined with psychotherapy can reduce students’ test anxiety better than exercise intervention alone. Future studies should explore the minimum intervention period and whether the shorter intervention period can quickly and effectively reduce students’ test anxiety.