Metacognitive instruction supports L2 listening learners to enhance their listening comprehension skill. To date, some review studies have investigated this topic; however, none of them has reported quantitative and qualitative findings in the form of a systematic literature review. This research addresses this gap by collecting, analyzing, and interpreting data gathered from five databases (EBSCO Discovery Service, Web of Science, PsycINFO, ERIC, and JSTOR) and using Preferred Recording Items for Systematic Review and Meta-Analysis (PRISMA). Methods, settings, demographic characteristics, and significant findings on teachers’ and learners’ beliefs about using metacognitive instruction and its effectiveness in 31 publications between 2012 and 2022 were analyzed. Obtained results demonstrated that the most frequent methodology applied was quantitative method. The subjects were mostly upper-intermediate to advanced university students. Moreover, metacognitive instruction had a positive effect on metacognitive awareness and listening comprehension by enhancing problem-solving skill, directed attention, self-regulation, and learners’ agency and autonomy. Results demonstrated that there was a weak to moderate correlation between metacognitive awareness and listening comprehension performance. Finally, teachers and learners had positive attitudes toward metacognitive instruction. Based on the results, the review has made several suggestions and recommendations and offered implications for instructors and researchers in the field that are discussed further.