Many studies have been conducted to explore the association between p53 codon 72 polymorphism and prostate cancer (PCa). However, the results remain inconsistent. Therefore, we performed a large meta-analysis of relevant studies to determine a more precise estimation of this relationship. Systematic searches of the electronic databases PubMed, EMBASE, Cochrane Library, and China National Knowledge Infrastructure (CNKI) up to October 2013 were performed. Fixed or random-effects meta-analytical models were used to calculate the summary odds ratio (OR) and corresponding 95% confidence intervals (CIs). Meta-regression, Galbraith plots, subgroup analysis, and sensitivity analysis were also performed. The study included 17 case-control studies involving 2,371 PCa cases and 2,854 controls. Our results showed that the p53 codon 72 polymorphism was not associated with PCa risk in all genetic models in the overall populations. When limiting the meta-analysis to the studies conforming to Hardy-Weinberg equilibrium, the pooled analyses showed a significant association between p53 codon 72 polymorphism and PCa in a Caucasian population in co-dominant model Pro/Pro vs. Arg/Arg (OR = 1.57, 95% CI = 1.08-2.28, P = 0.017) and recessive model Pro/Pro vs. (Arg/Pro + Arg/Arg) (OR = 1.60, 95% CI = 1.12-2.27, P = 0.009). In subgroup analysis stratified by PCa stages and Gleason grades, a slight but significant association was found when advanced PCa was compared with localized PCa only in recessive model Pro/Pro vs. (Arg/Pro + Arg/Arg) (OR = 1.51, 95% CI = 1.02-2.23, P = 0.039). This meta-analysis suggested that the Pro/Pro genotype of p53 codon 72 polymorphism was associated with increased prostate cancer risk, especially among Caucasians.