AbstractWetlands are strategic areas for carbon uptake, but accurate assessments of their sequestration ability are limited by the uncertainty and variability in their carbon balances. Based on 2385 observations of annual net ecosystem production from global wetlands, we show that the mean net carbon sinks of inland wetlands, peatlands and coastal wetlands are 0.57, 0.29 and 1.88 tons of carbon per hectare per year, respectively, with a mean value of 0.57 tons of carbon per hectare per year weighted by the distribution area of different wetland types. Carbon sinks are mainly in Asia and North America. Within and across wetland types, we find that water table depth (WTD) exerts greater control than climate‐ and ecosystem‐related variables, and an increase in WTD results in a stronger carbon sink. Our results highlight an urgent need to sustain wetland hydrology under global change; otherwise, wetlands are at high risk of becoming carbon sources to the atmosphere.