A meta-analysis was performed to evaluate the effects of chemical (50 articles) and microbial (21 articles) additives on hay preservation during storage. Multilevel linear mixed-effects models were fit with response variables calculated as predicted differences (Δ) between treated and untreated samples. Chemical preservatives were classified into five groups such as propionic acid (PropA), buffered organic acids (BOA), other organic acids (OOA), urea, and anhydrous ammonia (AA). Moderators of the models included preservative class (PC), forage type (FT; grass, legumes, and mixed hay), moisture concentration (MC), and application rate (AR). Dry matter (DM) loss during storage was affected by PC × FT (P = 0.045), PC × AR (P < 0.001), and PC × MC (P = 0.009), relative to the overall effect of preservatives (−0.37%). DM loss in PropA-treated hay was numerically reduced to a greater extent in grasses (−16.2), followed by mixed hay (−1.76), but it increased (+2.2%) in legume hay. Increasing AR of PropA resulted in decrease in DM loss (slope = −1.34). Application of BOA, OOA, PropA, and AA decreased visual relative moldiness by −22.1, −29.4, −45.5, and −12.2 percentage points, respectively (PC; P < 0.001). Sugars were higher in treated grass hay (+1.9) and lower in treated legume hay (−0.8% of DM) relative to their untreated counterparts (P < 0.001). The application of all preservatives resulted in higher crude protein (CP) than untreated hay, particularly urea (+7.92) and AA (+5.66% of DM), but PropA, OOA, and BOA also increased CP by 2.37, 2.04, and 0.73 percentage points, respectively. Additionally, preservative application overall resulted in higher in vitro DM digestibility (+1.9% of DM) relative to the untreated hay ( 58.3%), which increased with higher AR (slope = 1.64) and decreased with higher MC (slope = −0.27). Microbial inoculants had small effects on hay spoilage because the overall DM loss effect size was −0.21%. Relative to untreated ( 4.63% DM), grass hay preserved more sugars (+1.47) than legumes (+0.33) when an inoculant was applied. In conclusion, organic acid-based preservatives prevent spoilage of hay during storage, but their effectiveness is affected by FT, MC, and AR. Microbial inoculants had minor effects on preservation that were impaired by increased MC. Moreover, legume hay was less responsive to the effects of preservatives than grass hay. Storing hay that has not been properly dried to a moisture concentration (MC) below 20% can lead to the growth of undesirable microbes, such as molds, that decrease the nutritive value of the hay and compromise animal performance and health. Hay preservatives such as propionic acid (PropA), buffered organic acids (BOA), other organic acids (OOA), urea, anhydrous ammonia (AA), and microbial inoculants have been commonly applied to high moisture (>20%) hay to reduce microbial growth during hay storage. The present study compiled the results of 62 published articles on hay preservatives and performed a quantitative analysis (meta-analysis) to determine the effect of preservative treatment on dry matter (DM) loss, moldiness, bale heating, nutritional composition, and DM digestibility, and their interactions with forage type, application rate, and bale moisture. Organic acid-based preservatives (PropA, BOA, and OOA) were effective at reducing DM loss, moldiness, bale maximum temperature, and insoluble nitrogen, and at preserving sugars and DM digestibility during storage to different extents. Microbial inoculants had small effects on the prevention of hay spoilage, and were negatively affected by the increase of hay MC. Legume hay was less responsive to the effects of preservatives than grass hay during storage.