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Abstract In light of rapid shifts in biodiversity associated with human impacts, there is an urgent need to understand how changing patterns in biodiversity impact ecosystem function. Functional redundancy is hypothesized to promote ecological resilience and stability, as ecosystem function of communities with more redundant species (those that perform similar functions) should be buffered against the loss of individual species. While functional redundancy is being increasingly quantified, few studies have linked differences in redundancy across communities to ecological outcomes. We conducted a review and meta‐analysis to determine whether empirical evidence supports the asserted link between functional redundancy and ecosystem stability and resilience. We reviewed 423 research articles and assembled a data set of 32 studies from 15 articles across aquatic and terrestrial ecosystems. Overall, the mean correlation between functional redundancy and ecological stability/resilience was positive. The mean positive effect of functional redundancy was greater for studies in which redundancy was measured as species richness within functional groups (vs. metrics independent of species richness), but species richness itself was not correlated with effect size. The results of this meta‐analysis indicate that functional redundancy may positively affect community stability and resilience to disturbance, but more empirical work is needed including more experimental studies, partitioning of richness and redundancy effects, and links to ecosystem functions.