Objectives The two aims of this systematic review and meta‐analysis were to (1) analyze the effect of exercise on chemotherapy‐induced peripheral neuropathy (CIPN) severity and (2) determine the best type of exercise for the management of CIPN. Methods We systematically searched the MEDLINE, WOS, Sportdiscus, Scopus, and Cochrane databases from inception to December 2020 for experimental studies addressing the effect of exercise on CIPN severity, as measured by symptom severity (SSS) and peripheral deep sensitivity (PDS). The DerSimonian and Laird method was used to compute pooled estimates of the standardized mean differences (SMDs) and its respective 95% confidence intervals (CIs). Subgroup analyses were performed based on the types of exercise and the frequency and length of the interventions. Results Thirteen studies were included in this meta‐analysis. In the analyses comparing exercise interventions versus controls, there was an improvement in the SSS (SMD = −0.21; 95% CI: −0.40 to −0.01; %change: −20.34%) and the PDS (SMD = 0.49; 95% CI: 0.06 to 0.91; %change: 31.64%) in favor of the intervention group. In the pre–post analyses, there was an improvement in the SSS (SMD = −0.72; 95% CI: −1.10 to −0.34; %change: −15.65%) and the PDS (SMD = 0.47; 95% CI: 0.15 to 0.79; %change:18.98%). Conclusions This meta‐analysis provides an overview of the evidence supporting exercise as a suitable intervention to reduce the severity of CIPN by reducing the severity of the symptoms and the peripheral deep sensitivity among patients with cancer or cancer survivors. Furthermore, sensoriomotor training and mind–body exercises appear to be more effective in reducing symptom severity, and active nerve‐specific exercises and mind–body exercises seem to be more effective in improving peripheral deep sensitivity.