Based on the empirical literature of the payments for environmental services (PES) projects for the environmental improvement and poverty reduction, this paper uses a meta-regression analysis method to study whether PES can achieve the effects of improving environmental quality and reducing poverty levels. For the meta-regression analysis, the literature was mainly searched by the Web of Science core journal database. The explanatory variables of meta-regression analysis are the hypothesis and related features of the models in the original literature by generally taking the binary dummy variables or categorical variables. The dependent variables used in this paper are environmental improvement and poverty reduction. The results show that PES projects based on private ownership rights are more conducive to poverty reduction and environmental improvement. If the country is a buyer of a PES project, it is more likely to achieve the effects of environmental enhancement and poverty alleviation. PES projects based on local conditions can also achieve a win−win situation for the two effects. The effects are more effective as policy implementation time is extended. The findings suggest that in developing countries, the government should set different PES projects according to different regions conditions, to promote project implementation through individual voluntary participation, and to achieve the dual purpose of environmental governance and poverty alleviation based on the expectation of long-term implementation of participant projects.