Cover cropping is practiced to enhance soil health and sustain succeeding crop yield; however, the effect of cover crop on soil water storage, succeeding crop yield, and water-use efficiency (WUE) may not be consistent in all regions. A meta-analysis was carried out to evaluate the effect of cover crop on precipitation storage efficiency (PSE, the percent of precipitation that is stored in the soil during the fallow period), soil water storage at succeeding crop planting (SWSP), succeeding crop yield, and WUE from data collected from 117 studies across the world. Cover crop decreased PSE by 33.4% and soil water storage for the whole profile (SWSPT) at soil depth by 13.2%, but increased water storage to a depth of 30 cm (SWSP30) by 6.0% (P < 0.05) compared to no cover crop. Cover crop did not affect succeeding crop yield, but decreased evapotranspiration (ET) by 6.2% and increased WUE by 5.0% (P < 0.05) compared to no cover crop. The effect of cover crop on these parameters varied by soil and climatic conditions of various regions. Leaving cover crop residue at the soil surface or incorporating into the soil reduced PSE, SWSPT, and ET, but increased SWSP30 and WUE compared to residue removal. Maintaining cover crop biomass at 5Mgha−1 and leaving a 20-d interval between cover crop termination and succeeding crop planting, also enhanced PSE and SWSP30. Although cover crop had minimal impact on succeeding crop yield, WUE of succeeding crops can be increased with cover cropping by decreasing evapotranspiration.