Abstract Background Weight gain and metabolic complications are substantial adverse effects associated with second-generation antipsychotics. However, comprehensive guidelines for managing antipsychotic-induced weight gain are lacking. Methods This review included all double-blind, placebo-controlled studies investigating metformin’s effectiveness in addressing antipsychotic-related weight gain. We systematically searched PubMed, Embase, the Cochrane Central Register of Controlled Trials, Google Scholar, and ClinicalTrials.gov for relevant studies from the inception to 2024. A random-effects model was used for the meta-analysis. Results This meta-analysis, including 20 studies with 1070 patients, revealed that metformin significantly surpassed placebo in attenuating weight gain in patients receiving antipsychotics. The mean weight change with metformin was −3.32 kg [95% confidence interval (CI): −4.57 to −2.07]. Additionally, metformin use resulted in a marked decrease in body mass index [−1.24 kg/m2 (95% CI: −1.70 to −0.77)]. Metformin could maintain the effects from 12 to 24 weeks. Conclusions This updated meta-analysis investigated the durations and dosages of metformin use in patients with schizophrenia experiencing antipsychotic-induced weight gain. The findings highlight the need for additional large-scale research to validate our findings.