As virtual reality (VR) and augmented reality (AR) continue to become popular, there remains a noticeable gap in understanding their potential for enriching science, technology, engineering, and mathematics (STEM) learning among K-12 students. To address this knowledge gap, this study systematically reviewed 117 articles published from 2010 to 2022 on the basis of the technology-based learning model. Following the PRISMA systematic review method, research methods, research participants, learning devices, learning strategies, advantages and challenges of each article were coded and analyzed. In the last six years (i.e., 2017-2022), the overall number of studies experienced rapid growth. The largest number of articles focused on VR/AR-supported K-12 science learning, followed by mathematics and integrated STEM learning. Smartphone/tablet-based AR was the most widely used technology, while very few studies used dedicated immersive AR devices. Most studies focused on the elementary school stage, while VR/AR-supported STEM learning at senior high schools was underexplored. Studies tended to measure the effectiveness of VR/AR by quantitative methods. Situated learning, task-based learning, and game-based learning were the most widely used learning strategies in VR/AR-supported K-12 STEM learning. The advantages of VR/AR in K-12 STEM learning include a positive impact on individual learners and on learning and teaching processes. In contrast, VR/AR also poses a series of challenges to learners, teachers, and schools. The challenges learners face include distractions, decreased efficiency and effectiveness, diminished inquiry and imagination, operational issues, and discomfort. Teachers encounter difficulties maintaining classroom control, designing activities, acquiring technical competence, and adapting to the new role of facilitating student-centered learning. Schools grapple with high costs, inadequate infrastructure, a lack of private virtual spaces, and privacy concerns. Based on our findings, we propose six research agendas to enrich studies on VR/AR-supported K-12 STEM learning, along with a series of significant implications for practitioners to effectively address the intricate challenges of VR/AR implementation and fully harness its potential.