The popularity of digital badges has been accelerated in recent years. Advocates of digital badges suggest their use may improve students' motivation and achievement, but existing empirical studies have failed to show consistent results. Furthermore, to date, no meta-analysis has been conducted on the topic of digital badges. Given this gap, the purpose of this study is to systematically evaluate the effect of digital badges on student motivation and learning achievement. Our results suggest that digital badges have a significant impact on learning achievement, but the effect on motivation is inconclusive. In addition, moderator analyses were conducted to test the extent to which badge visibility, grade level, content area, and length of intervention influence the effects on motivation and learning achievement. The study provides an early summary of empirical digital badge research--an area still in its infancy. The results of this meta-analysis provide a foundation for the future of digital badge design and development research. Furthermore, our results can inform the practice of the implementation of digital badges in that digital badges can have stronger effects in the higher education context, with STEM subjects, and for a medium duration of one to nine weeks.