Motivational climate is known to relate to individual behaviors, emotions, and thoughts. Hedonic or subjective well-being includes self-assessed positive affect (i.e., pleasant affect, moods, and emotions), negative affect (i.e., unpleasant affect, moods, and emotions), and life or domain-specific satisfaction. The aim of this review was to quantify the relationships between task and ego motivational climate scales and measures representing hedonic well-being with sports participants. Potential moderators of the motivational climate and hedonic well-being were examined. This review followed the PRISMA guidelines (PROSPERO ID CRD42023470462, registered 28 October 2023). From five relevant databases, one relevant review, and hand searching, 82 articles totaling 26,378 participants (46.3% female) met the inclusion criteria. The articles spanned publication dates from 1993 to 2023, representing 18 countries, various team and individual sports, and athletes competing in elite (e.g., Olympic) to grassroot (e.g., club sport) competitions. To meta-analyze the motivational climate and hedonic well-being relationships, the random-effects model was used. For the moderation analyses, the mixed-effects model was used. The task or mastery climate relationships were medium in magnitude with positive affect and satisfaction and small with negative affect. The ego or performance climate relationships were small in magnitude for positive affect, negative affect, and satisfaction. Evidence of bias existed in the motivational climate and hedonic well-being relationships. For moderation analyses, athlete level (i.e., elite vs. non-elite) moderated (p < 0.05) the task (elite, r = 0.23; non-elite, r = 0.34) and ego motivational climate (elite, r = −0.02; non-elite, r = −0.13) and positive affect and satisfaction combined relationships. In conclusion, the motivational climate and hedonic well-being relationships were stronger for the task climate than for the ego climate. The finding that elite athlete correlations appeared dampened is important for future research. Even with the damped relationships, practitioners, from the Olympics to local clubs, should ensure the promotion of the task climate to maximize positive affect and satisfactions in and around the sport experience.