Ballistic exercise is characterized by high velocity, force, and muscle activation. Typical examples of ballistic exercise are jumping and throwing activities. While several studies explored caffeine’s effects on throwing performance, the between study findings varied. Therefore, we performed a meta-analysis exploring caffeine’s effects on throwing performance (e.g., shot put, medicine ball throw, bench press throw). Seven databases were searched for eligible research. Ten studies (n = 151) were included. In the main meta-analysis, there was a significant ergogenic effect of caffeine on throwing performance (standardized mean difference [SMD]: 0.19; 95% confidence interval [CI]: 0.05, 0.33; p = 0.007). There was a significant ergogenic effect of caffeine in the subgroup analysis for studies that evaluated throwing velocity (SMD: 0.24; 95% CI: 0.10, 0.37; p = 0.0006) and used caffeine doses ≤3 mg/kg (SMD: 0.18; 95% CI: 0.05, 0.31; p = 0.006). There was no significant difference between caffeine and placebo in the subgroup analysis for studies that evaluated throwing distance (SMD: 0.15; 95% CI: −0.09, 0.40; p = 0.22) and used caffeine doses >3 mg/kg, (SMD: 0.17; 95% CI: −0.08, 0.41; p = 0.19). However, after one outlier study was excluded as part of a sensitivity analysis, an ergogenic effect was also observed for throwing distance and caffeine doses >3 mg/kg. Based on the results of this review, we conclude that individuals interested in the acute enhancement of throwing performance may consider caffeine supplementation.