Background: Previous studies had compared the effectiveness of surgical and conservative treatment in proximal humeral fracture (PHF), suggesting that both treatments were effective for displaced fractures. However, which treatment is more effective, especially in the elderly patient population, remains controversial to date. This study aims to evaluate the efficacy of the two treatment methods, including functional outcome scores, complications, etc.Methods: We searched four databases (MEDLINE, Web of Science, EMBASE, Cochrane Library) from the inception of the databases to March 2020. Within the scope of the search, the publication time and language of the relevant literatures were not limited. The meta-analysis directly compared the results and complications of the two groups and subgroups. Results: We included 11 comparative studies into our meta-analysis. The contents of the study included 7 randomized controlled trials (RCTs) and 4 non-randomized controlled trials (nRCTs). The pooled data demonstrated that there was no significant difference in postoperative Constant score between surgical and conservative treatment in the RCT subgroup, but there were differences among the nRCT and prosthesis subgroup. Although there was no significant difference between the surgery and conversation group in the major postoperative complications, the subgroup analysis showed fewer complications in the joint prosthesis replacement group. Conclusion: Both treatments could provide better clinical results for patients. The joint prosthesis replacement may offer additional benefits in terms of reduced complications and postoperative function. Furthermore, due to the increasing number of prosthesis replacements and the advent of the aging age, we should consider the individual differences between patients and enrich the clinical efficacy through the personal experience of surgeons before choosing treatment options.