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Although use of refuge habitats by prey can reduce their risk of predation, refuge use may also involve costs such as increased within‐refuge competition for resources. Despite the ubiquity of refuge use by prey, it is unknown whether predator‐induced use of refuges has widespread, negative nonconsumptive effects on prey growth, survival, and fecundity. We performed a meta‐analysis of 204 studies of aquatic taxa containing data on 271 distinct predator–prey pairs and found strong evidence that the negative effect of predation risk on prey activity, growth, and fecundity increases when prey have access to refuge habitats. Moreover, the effect of refuge habitats on growth and activity depends upon whether the refuge provides partial or total protection from predators. These results suggest that prey choosing whether to use refuges face a trade‐off between lowering the immediate risk of being consumed and …