Rewards act as external motivators and can improve performance in various cognitive tasks. However, previous research demonstrated mixed findings regarding the effect of reward on working memory (WM) performance, and the question of whether reward enhances WM performance is arguable. It remains unclear how the effect of reward on WM can be influenced by various factors, such as types of reward and experimental paradigms. In this meta-analytic study, we systematically investigated the effect of reward on WM by analyzing data from 51 eligible studies involving a total of 1767 participants. Our results showed that reward robustly enhanced WM performance, with non-monetary rewards inducing more benefits than monetary rewards. This may be because, while both types of reward could induce extrinsic motivation, non-monetary rewards enhanced intrinsic motivation while monetary rewards reduced it. Notably, all three reward methods-reward binding, reward expectation, and subliminal reward-effectively improved WM performance, with the reward binding paradigm exhibiting the greatest effects. This finding suggests that the reward effect can be attributed to both increasing the total amount of WM resources and improving the flexibility of resource reallocation. Moreover, the type of WM, the experimental paradigms, and the outcome measures are three moderators that should be jointly considered when assessing the reward effects on WM. Overall, this meta-analytic study provides solid evidence that reward improves WM performance and reveals possible mechanisms underlying these improvements.