Underachievement of gifted students has been a great concern for the field of gifted education. The current study reviewed 14 recent empirical studies concerning the effectiveness of underachievement interventions on gifted students' achievement outcomes and psychosocial outcomes. Overall, there was no evidence that underachievement interventions significantly improved academic performance of gifted underachievers (g = 0.09, p = 0.387), especially in terms of course grades. Gifted underachievers receiving interventions significantly outscored their comparison peers on psychosocial outcomes (g = 0.22, p = 0.001), which consisted of a variety of measures on self-efficacy, goal valuation, environmental perceptions, self-regulation/motivation, and psychosocial functioning. Qualitative studies generally reported that gifted underachievers benefited from the interventions in terms of increased motivation for learning, improved self-regulation, and finding school more meaningful. Findings need to be viewed in light of the relatively low quality of the evidence from recent research on underachievement interventions.