4 RCTs with a total of 713 degenerative meniscal tear patients were included in this systematic review and meta-analysis comparing arthroscopic partial meniscectomy (APM) plus exercise to exercise-based physical therapy alone. The pooled outcomes of interest included the Knee Injury and Osteoarthritis Outcomes Score (KOOS) subscores for pain, symptoms, activities of daily living, sport-recreation, and quality of life, all measured at 5 years follow-up. No differences in all KOOS sub-scores were observed between the two groups at 5-years follow-up, with the exception of KOOS sports and recreation scores which were significantly in favor of the APM group. The findings of this study suggest that the exercise-based physical therapy program, a non-invasive intervention, provides comparable outcomes to APM plus exercise, 5 years post-injury. While more trials are needed, the clinical superiority of APM is not supported by the results of this systematic review.