Life‐history theory predicts that reproductive investments are traded‐off against self‐maintenance. Telomeres, the protective caps on the ends of chromosomes, offer a promising avenue for assessing life‐history trade‐offs, as they shorten in response to stressors and are predictive of the remaining lifespan. In males, testosterone frequently mediates life‐history trade‐offs, in part, through its effects on sexual ornamentation, which is an important aspect of reproductive investment. However, studies of within‐individual associations between telomere dynamics and sexual ornamentation are limited in number and have produced mixed results. Furthermore, most such studies have been observational, making it difficult to discern the nature of any causal relationship. To address this, we used short‐acting testosterone implants in free‐living male superb fairy‐wrens (Malurus cyaneus) to stimulate the production of a sexual ornament: early moult into a costly blue breeding plumage. We found no evidence that elevated testosterone, and the consequent earlier moult into breeding plumage, accelerated telomere shortening. We therefore followed up with a systematic review and two meta‐analyses (28 studies, 54 effect sizes) exploring the associations between telomeres and (1) testosterone and (2) sexual ornamentation. In line with our experimental findings, neither meta‐analysis showed an overall correlation of testosterone or sexual ornamentation with telomere length or telomere dynamics. However, meta‐regression showed that experimental, compared to observational, studies reported greater evidence of trade‐offs. Our meta‐analyses highlight the need for further experimental studies to better understand potential responses of telomere length or telomere dynamics to testosterone or sexual ornamentation.