This study conducted a systematic review and meta-analysis of 112 studies examining the relationship between beverage alcohol tax or price levels and alcohol sales or self-reported drinking. The analysis included 1003 estimates of the tax/price → consumption relationship. The results showed that simple means of reported elasticities are -0.46 for beer, -0.69 for wine, and -0.80 for spirits. Meta-analytic results document highly significant relationships (p<.001) between alcohol tax or price measures and indices of sales or consumption of alcohol (aggregate-level r = -0.17 for beer, -0.30 for wine, -0.29 for spirits, and -0.44 for total alcohol). Price/tax also significantly affects heavy drinking (mean reported elasticity = -0.28, individual-level r = -0.01, p<.01), but the magnitude of effect is smaller than effects on overall drinking. The study concludes that beverage alcohol prices and taxes are inversely related to drinking, and that these effects are large compared to other prevention policies and programs. Public policies that raise prices of alcohol are an effective means to reduce drinking.This study conducted a systematic review and meta-analysis of 112 studies examining the relationship between beverage alcohol tax or price levels and alcohol sales or self-reported drinking. The analysis included 1003 estimates of the tax/price → consumption relationship. The results showed that simple means of reported elasticities are -0.46 for beer, -0.69 for wine, and -0.80 for spirits. Meta-analytic results document highly significant relationships (p<.001) between alcohol tax or price measures and indices of sales or consumption of alcohol (aggregate-level r = -0.17 for beer, -0.30 for wine, -0.29 for spirits, and -0.44 for total alcohol). Price/tax also significantly affects heavy drinking (mean reported elasticity = -0.28, individual-level r = -0.01, p<.01), but the magnitude of effect is smaller than effects on overall drinking. The study concludes that beverage alcohol prices and taxes are inversely related to drinking, and that these effects are large compared to other prevention policies and programs. Public policies that raise prices of alcohol are an effective means to reduce drinking.