This meta-analysis of 79 studies evaluates the effectiveness of high variability phonetic training (HVPT) for the development of second language (L2) speech perception and explores learner-related and methodological variables that influence training effects. The overall medium-to-large effects of HVPT on L2 speech perception support the effectiveness of HVPT, for both pretest-posttest comparison (g = 0.92, k = 96) and treatment-control comparison (g = 0.67, k = 32), confirm long-term retention of perception gains, and, to some extent, indicate generalization of learning to novel stimuli. Training effects are influenced by several key variables (length of L2 learning, response labels, type of training task, type of testing task, total training time, target phones, and number of talkers). The findings provide compelling evidence to support the efficacy of HVPT for L2 perceptual learning and suggest circumstances under which training effects are optimized.