Through a systematic review of peer-reviewed and grey literature, this paper analyzes evidence of the livelihood impacts of Payments for Environmental Services (PES). Forty-six studies assessed PES livelihood impacts. The assessments presented more positive livelihood impacts than negative ones, focusing on financial benefits. Non-monetary and non-material impacts of PES were largely understudied. Most reviews focused on ES providers, hindering the understanding of broader societal impacts. The review yielded examples where participants lost from their participation or where improvements in one livelihood dimension paralleled deterioration in another. Consequently, we identified key research gaps in: i) understanding the social and cultural impacts of PES, ii) evaluating environmental and economic additionality from improving other ES at the expense of cultural ones, iii) and assessing P...