The rule of thumb that fishing mortality to achieve maximum sustainable yield (FMSY) equals natural mortality (M) has been both criticised and supported by theoretical arguments. However, the relationship has been rarely investigated using empirical data. We carried out a meta-analysis on 245 fish species worldwide and linked three types of reference points (FBRP: FMSY, Fproxy, and F0.5r) to M and other life history parameters (LHP). We used Bayesian hierarchical errors-in-variables models to investigate the relationships and included the effect of taxonomic class and order. We compared various models and found that natural mortality is the most important LHP affecting FBRP. Other covariates, such as von Bertalanffy growth coefficient, asymptotic length, maximum age, and habitat types, add little to the relationship, partially because of correlation and large measurement and process errors. The best model results in FMSY = 0.87M (standard deviation (SD) = 0.05) for teleosts and FMSY = 0.41M (SD = 0.09) for chondrichthyans. Fproxy based on per-recruit analysis is about 15% smaller than FMSY. Results could be used to estimate FBRP from LHP in data-poor situations.