Menthol is often used as a cold-mimicking substance to allegedly enhance performance during physical activity, however menthol-induced activation of cold-defence responses during exercise can intensify heat accumulation in the body. This meta-analysis aimed at studying the effects of menthol on thermal perception and thermophysiological homeostasis during exercise. pubMed, EMBASE, Cochrane Library, and Google Scholar databases were searched until May 2020. Menthol caused cooler thermal sensation by weighted mean difference (WMD) of − 1.65 (95% CI, − 2.96 to − 0.33) and tended to improve thermal comfort (WMD = 1.42; 95% CI, − 0.13 to 2.96) during physical exercise. However, there was no meaningful difference in sweat production (WMD = − 24.10 ml; 95% CI, − 139.59 to 91.39 ml), deep body temperature (WMD = 0.02 °C; 95% CI, − 0.11 to 0.15 °C), and heart rate (WMD = 2.67 bpm; 95% CI − 0.74 to 6.09 bpm) between the treatment groups. Menthol improved the performance time in certain subgroups, which are discussed. Our findings suggest that different factors, viz., external application, warmer environment, and higher body mass index can improve menthol's effects on endurance performance, however menthol does not compromise warmthdefence responses during exercise, thus it can be safely applied by athletes from the thermoregulation point of view. Menthol (2-isopropyl-5-methylcyclohexanol) is a lipophilic, organic compound which can be extracted from essential oils of aromatic plants or produced synthetically 1,2. The most common naturally occurring form of menthol is the l-isomer, which is used in various products, e.g., candies, beverages, cigarettes, and toothpastes, mainly because of its cooling, analgesic, and anti-inflammatory effects 2,3. It has long been assumed that menthol might improve different aspects of physical performance such as endurance, speed, strength, and joint range of motion, consequently it is often used by athletes in the form of sprays, creams, tapes, beverages, etc. 4,5. Warming-up before an exercise is often used to optimize muscle temperature and, thereby, maximal muscle power production, however, at high ambient temperatures (T a), it increases the thermal and circulatory strain 6. Endurance exercise capacity at a high T a is impaired by heat stress prior to exercise 7 , and hyperthermia induces fatigue during short intense activities and prolonged exercise in the heat 8. On the contrary, physical cooling of the body before and during exercise in the warmth improves exercise endurance and reduces cardiovascular strain 9. A recent meta-analysis of 45 studies also concluded that physical cooling improves aerobic and anaerobic exercise performance in hot conditions 10. From animal experiments it is known that the transient receptor