Background: Considering the pivotal role of negative emotional experiences in the development and persistence of mental disorders, effectively interfering with the consolidation/reconsolidation of such experiences would open the door to a novel treatment approach in psychiatry. Objective: We assessed the current evidence regarding the capacity of the β-blocker propranolol to block the consolidation/reconsolidation of emotional memories by means of a meta-analytic review. Data sources: An extensive multilingual literature search from 1994 to 2011 yielded 189 potential articles. Study selection: Selected studies consisted of randomized, double-blind experiments assessing long-term memory for emotional material in adults and involving at least one propranolol and one placebo condition. Of 189 potential studies, 13 consolidation ( n = 310) and 9 reconsolidation ( n = 327) experiments with adults met inclusion criteria for statistical analysis. Data extraction: Two independent reviewers extracted outcome and descriptive data from each study. Effect sizes were calculated using a random effects model. Data synthesis: Compared to placebo, propranolol given before memory consolidation reduced subsequent recall for negatively valenced stories, pictures, word lists, and the expression of cue-elicited fear responses: Hedge’s g = 0.47, 95% CI = 0.22–0.72. Moreover, compared to placebo, propranolol before memory reconsolidation reduced subsequent recall for negatively valenced emotional words, as well as the expression of cue-elicited fear responses, g = 0.59, 95% CI = 0.16–1.01. Splitting the results according to episodic retention and physiological responding did not yield a significant difference in effect size for consolidation or reconsolidation blockade. Removing the clinical studies from the larger group of nonclinical studies did not impact the statistical significance of the results either. Conclusions: Propranolol shows promise in reducing subsequent memory for new or recalled emotional material in healthy subjects. Studies of clinical populations, however, have yet to independently demonstrate that such findings can translate into powerful clinical effects.