A displacement factor can express the efficiency of using biomass to reduce net greenhouse gas (GHG) emission, by quantifying the amount of emission reduction achieved per unit of wood use. Here we integrate data from 21 different international studies in a meta-analysis of the displacement factors of wood products substituted in place of non-wood materials. We calculate the displacement factors in consistent units of tons of carbon (tC) of emission reduction per tC in wood product. The displacement factors range from a low of −2.3 to a high of 15, with most lying in the range of 1.0 to 3.0. The average displacement factor value is 2.1, meaning that for each tC in wood products substituted in place of non-wood products, there occurs an average GHG emission reduction of approximately 2.1 tC. Expressed in other units, this value corresponds to roughly 3.9 t CO₂ eq emission reduction per ton of dry wood used. The few cases of negative displacement factors are the result of worst-case scenarios that are unrealistic in current practice. This meta-analysis quantifies the range of GHG benefits of wood substitution, and provides a clear climate rationale for increasing wood substitution in place of other products, provided that forests are sustainably managed and that wood residues are used responsibly.