Protected areas (PAs) and other effective area-based conservation measures (OECMs) are crucial to sustainable development, yet their contributions to environmental, social, and economic dimensions remain unclear. We investigated the role of PAs and OECMs in advancing the sustainable development agenda by summarizing 400 effect-size values and measuring their impact on the UN Sustainable Development Goals (SDGs). Our meta-analysis reveals that, while PAs generally have the potential to enhance sustainable development indicators, certain negative outcomes also emerge, highlighting the need for context-specific analysis and a keen understanding of inherent trade-offs. Although PAs typically support environmental goals, such as SDGs 14 and 15, they often struggle to balance social and economic objectives. We emphasize the importance of integrated assessments that incorporate diverse and better indicators, context-specific factors, and the perspectives of multiple stakeholders. This approach is vital for maximizing the contributions of PAs to sustainable development, particularly in terms of advancing various dimensions of human well-being.