Objective: Peer support can be a valuable addition to routine care for patients with chronic conditions. While the benefits of peer support are well documented, most research has focused on the recipients’ perspective. Given the central role of peer supporters, their experiences should be considered equally important. This systematic review synthesizes the existing literature on the experiences of peer supporters with chronic conditions. Method: We conducted a systematic search across PubMed, PsycInfo (OVID), Psyndex (OVID), Web of Science and screened grey literature, citation and reference lists. Quantitative and qualitative studies reporting on the experiences of peer supporters with a somatic chronic condition were included. The qualitative synthesis followed a metaethnographic approach. Quantitative findings were summarized descriptively and risk of bias of all studies assessed. Results: Out of 9,144 papers identified, 72 were included, mostly qualitative and varying in quality. The synthesis revealed diverse experiences grouped into three categories. Benefits included meaningfulness of the role, skill development, personal growth, social inclusion, reciprocal support, employment advantages, and better disease management. Challenges involved organisational demands, emotional strain, difficult peer interactions, and unclear roles. Facilitators and suggested improvements concerned support, role clarity, setting, and counselling. Overall, the evidence indicates a slightly positive experience for peer supporters. Conclusions: Being a peer supporter is a multifaceted experience that offers various benefits while also presenting challenges. Incorporating peer supporters’ perspectives is essential to ensuring that peer-based programs benefit all parties involved, thereby maximizing overall impact. Practical implications for design and execution of future peer-based interventions are provided.