Background and purpose: Studies consistently suggest that work as an occupational therapist or physiotherapist is associated with burnout, yet no review has been conducted on the risk and protective factors of burnout in physiotherapy and occupational therapy students (collectively termed allied health students). This systematic review identified and synthesized the risk and protective factors associated with burnout in allied health students. Methods: Eight databases, Google Scholar, and Connected Papers were searched in November 2024 systematically for mixed-method or quantitative studies containing primary data on the risk and protective factors of burnout. Titles, abstracts, and full-text articles were reviewed by two authors independently against the selection criteria. Risk of bias was evaluated in included studies, and the level of evidence was classified using National Health and Medical Research Council guidelines. Risk and protective factors were collated and summarized as modifiable or non-modifiable. Results: Eleven studies (10 physiotherapy, 1 occupational therapy) with 2,444 participants were included. The risk of bias was variable, and the level of evidence was satisfactory. Fifteen risk and protective factors were identified. Protective factors including higher grit and resilience, more physical activity and self-care, and more time spent supported by family, peers, faculty, and academic advisors, were consistently related to lower burnout. The relationships of other variables with burnout were unclear. Conclusion: The factors identified in this study can be targeted in wellbeing, preventative, and intervention recommendations and strategies for students. Examples include increasing family and faculty support, and physical activity, to protect against burnout.