Anxiety sensitivity (AS) refers to a dispositional tendency to respond to one's anxiety sensations with fear. Longstanding theoretical accounts implicate AS in alcohol misuse; however, the relationship between AS and alcohol misuse remains unclear. We addressed this by testing whether AS is a risk factor for, and/or complication of, alcohol misuse by conducting a rigorous meta-analysis using random effect models. Our literature search yielded 15 studies (N = 9459). Studies were included if they used a longitudinal design, assessed AS and alcohol misuse at baseline, and assessed alcohol misuse and/or AS at follow-up. Results failed to support AS as a risk factor for, or complication of, alcohol misuse. Researchers are encouraged to test if the link between AS and alcohol misuse emerges under specific conditions (e.g., elevated state anxiety).