ABSTRACTThis meta‐analysis examines correlational and experimental research linking materialism—broadly understood as an excessive focus on acquiring wealth and possessions that convey status—and social well‐being—characterised by healthy interpersonal relationships and a sense of social support and integration. We identified 55 reports containing 72 independent studies and 123 effect sizes (N = 44,376). Meta‐analytic calculations yielded a pooled effect of r = −0.18, suggesting that the effects of materialism on social well‐being (e.g., loneliness or relationship satisfaction) may be greater than the effects of materialism on individual well‐being (e.g., self‐esteem or life satisfaction). Moderation analyses revealed that the effects are bi‐directional, consistent across genders and cultures and significantly stronger in children and adolescents. These findings emphasise the universal and reciprocal link between materialism and social well‐being and highlight the particular vulnerability of younger populations. Based on the results, we propose suggestions for further research to address the existing gaps and strengthen the current evidence, and recommend a sample size of 240 participants for correlational studies and 50 participants per group for experimental research. This work calls for targeted interventions and policies to tackle the adverse social effects of materialism, particularly among young populations.