The present meta-analytic review examined the magnitude of the relation between discrete emotion knowledge and three of its most commonly studied correlates in childhood and adolescence: social competence, internalizing problems, and externalizing problems. Emotion knowledge demonstrated small to medium-sized relations with each correlate. Moderators of effect size were also examined and included multiple sample and methodological characteristics. Using random effects models, significant moderators of effect size for relations between emotion knowledge and externalizing problems included sample recruitment, sample age, and the source of externalizing problems ratings. Moderators of effect size were not found for emotion knowledge and social competence, and the effect sizes across samples for emotion knowledge and internalizing problems were homogeneous. Results highlight the relatively consistent yet modest relations between emotion knowledge and its correlates. Implications for applied research and new directions for research on emotion knowledge using innovative methods are discussed.