ObjectiveAn estimated one‐third of cancer patients experience a clinically significant psychological disorder, however it is unclear to what extent this is reflected in research funding. To address this a systematic analysis the allocation of psycho‐oncology research funding globally between 2016 and 2020 was conducted.MethodsA global dataset of 66,388 cancer research awards, from 2016 to 2020 inclusive and totalling $24.5 billion USD was assembled from public and philanthropic funders. Each award was previously categorised by cancer site type and research theme, including psychosocial research and these awards were further sub‐categorised for this analysis.ResultsThere was $523m of funding awarded for psychological research across 1122 studies: 2.14% of all cancer research funding during this period ($24.5 billion). Median funding per award was $97,473 (IQR $36,864 – $453,051). Within psychological research, mental health received most funding ($174m, 33.5% of psychological funding). Cognitive behavioural therapy (CBT) focused research was the specific psychological support with the highest proportion of funding at $14 million. By country of funder, the USA provided most investment ($375.5 m, 71.8%).ConclusionsPsycho‐oncology research received relatively little funding, for example, when compared with pre‐clinical cancer research. There needs to be a shift from pre‐clinical science to research that benefits cancer patients in the shorter‐term. Low‐ and middle‐income countries, and ethnic minorities in higher‐income settings, were underrepresented despite having a large cancer burden, indicating inequities that need to be addressed.