Vibratory stress relief (VSR) is a long-established method for reducing residual stress (RS) in metal components, yet its industrial adoption remains limited due to a lack of comprehensive process understanding. This study presents the first meta-analysis on VSR effectiveness in steel specimens, systematically reviewing 25 peer-reviewed studies and analyzing data from 30 specimens. The results indicate an average RS reduction of 42%, though with significant variability among samples. A correlation analysis of eight parameters: frequency, volume, stress source, carbon content, the sum of alloying elements, RS before VSR, RS after VSR, and yield strength revealed that only stress source exhibited a statistically significant correlation with RS reduction. The findings highlight the potential of VSR as a viable stress-relief technique while emphasizing the need for standardized procedures to optimize its effectiveness. This study provides valuable insights for both researchers and industry practitioners, offering a data-driven perspective on VSR’s expected performance and influential parameters.