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This mixed-methods systematic review focuses on the impact of women’s self-help groups (SHGs) on women’s economic, social, psychological, and political empowerment. Both governmental and non-governmental institutions spend formidable resources facilitating SHGs in low-and middle-income countries in South Asia and other developing countries, under the premise that access to microfinance, training, and group support can enhance women’s empowerment. We found that women’s economic SHGs have positive effects on economic and political empowerment, women’s mobility, and women’s control over family planning. The estimated effect sizes range from 0.06–0.41 standardised mean differences. We did not find evidence for positive effects of SHGs on psychological empowerment. The qualitative research further suggests that the positive effects of SHGs on empowerment run through mechanisms that …