The review aimed to collect information about the wearable wireless sensor system (WWSS) for cattle and to conduct a systematic literature review on the accuracy of predicting the physiological parameters of these systems. The WWSS was categorized as an ear tag, halter, neck collar, rumen bolus, leg tag, tail-mounted, and vaginal mounted types. Information was collected from a web-based search on Google, then manually curated. We found about 60 WWSSs available in the market; most sensors included an accelerometer. The literature evaluating the WWSS performance was collected through a keyword search in Scopus. Among the 1875 articles identified, 46 documents that met our criteria were selected for further meta-analysis. Meta-analysis was conducted on the performance values (e.g., correlation, sensitivity, and specificity) for physiological parameters (e.g., feeding, activity, and rumen conditions). The WWSS showed high performance in most parameters, although some parameters (e.g., drinking time) need to be improved, and considerable heterogeneity of performance levels was observed under various conditions (average I2 = 76%). Nevertheless, some of the literature provided insufficient information on evaluation criteria, including experimental conditions and gold standards, to confirm the reliability of the reported performance. Therefore, guidelines for the evaluation criteria for studies evaluating WWSS performance should be drawn up.