Recently, fasted exercise has generated interest for its potential to stimulate metabolic and performance adaptations. The present study aims to analyze the effects of fasting and fasted training on performance and metabolism, acutely and chronically. The databases Medline (PubMed), Physiotherapy Evidence Database (PEDro), Cochrane, and Google Scholar were searched. In total, 767 studies were identified. Of those, 51 studies were finally included. Acutely, exercise on fasting promotes fat oxidation at low and moderate intensities, while protein catabolism is not increased. Performance is not affected in efforts lower than 1 hour. Chronically, fasting generates greater efficiency in fat metabolism and the ability to regulate blood glucose in the long term, although it has not been possible to determine whether these findings improve sports performance. More research is needed in elite athletes, with high training loads and with a periodized approach to fasting.