Subclinical hypothyroidism is one of the common thyroid disorders in women with polycystic ovary syndrome, which can lead to adverse outcomes. This review explored the effects of subclinical hypothyroidism on the clinical and biochemical features and complications of polycystic ovary syndrome. In this review, the keywords of hypothyroidism, subclinical hypothyroidism, polycystic ovary syndrome, metabolic syndrome, and diabetes were searched in the PubMed, Web of Science, Google Scholar, Scientific Information Database, and Magiran database to gather relevant publications up until May 2023. According to available evidence, adipose tissue disorders, inflammation, glucose absorption and production disorders, and insulin secretion disorders may lead to insulin resistance. Insulin resistance, in turn, predisposes to the occurrence of cardiometabolic and fertility disorders. There is no evidence supporting the exacerbation of clinical symptoms, such as hirsutism, menstrual disorders, and biochemical manifestations, but several pieces of evidence have noted that the probability of lipid and glycemic disorders in individuals with polycystic ovary syndrome may increase in the presence of subclinical hypothyroidism. Also, some studies have pointed out a high risk of fertility complications when polycystic ovary syndrome coincides with subclinical hypothyroidism. When managing the symptoms and complications of polycystic ovary syndrome, more attention should be paid to the potential adverse effects of concurrent subclinical hypothyroidism and related metabolic complications.