In recent years there has been increasing emphasis on the importance of intergenerational learning and interaction. People of different ages engage in meaningful and mutually beneficial activities, aimed at developing knowledge, skills, and values. The aim of this systematic review was to examine the psychosocial effects of intergenerational learning in school-age children and older adults. A systematic review of both quantitative and qualitative data was performed according to the PRISMA guidelines. PubMed, Scopus, and ERIC electronic databases were searched up to 26 July 2022 using the following Population (P) -Exposure (E) - Outcome (O) elements: school-age children and older adults (P), intergenerational learning (E), and psychosocial effects (O). Reference lists of included datasets and relevant review articles were also extensively searched. The Mixed Methods Appraisal Tool (MMAT) was used to assess the quality of eligible studies. A narrative synthesis was used as a framework for data analysis. Seventeen studies met the inclusion criteria. Regarding the psychosocial outcomes of participation in intergenerational activities for children and older adults, the majority of studies highlighted improvements in attitudes, well-being, happiness, and other social and psychological aspects, although methodological flaws are discussed.