Short answer
Yes. A watch is a tool, not jewellery, so men may wear one with a steel, leather, rubber or fabric strap. Only gold is forbidden: a solid gold watch is haram for men, and gold-plated ones are better avoided. No sunnah fixes which wrist. Diamond-studded luxury watches worn to show off are discouraged.
A watch worn to tell the time is not adornment, so steel and other non-gold watches are permissible for men. Gold watches are haram for men, and extravagant watches worn out of pride are disliked.
The four schools agree on this.
Explanation
The Hanafi limit of one silver ring for men is about jewellery worn as adornment. Contemporary Hanafi muftis treat a wristwatch as a practical tool, like glasses or a pen, so the ring rules do not apply to it. A steel bracelet strap is part of the watch, not a bracelet, though some Hanafi muftis prefer a leather or fabric strap to stay clear of the bracelet question.
Gold. The Prophet ﷺ said gold is forbidden to the men of his community. A watch with a solid gold case or gold strap, including white or rose gold, is haram for a man; see is gold haram for men. Gold-plated and gold-tone watches are covered in gold-plated items.
Diamonds and luxury. Diamonds are not forbidden in themselves, but an iced-out watch worn to display wealth comes close to the clothing of fame that the Prophet warned against. A good, plain watch is the better choice.
Which wrist. No sunnah fixes the wrist, so wear it on whichever hand suits you. Some prefer the right out of love for beginning with the right, but that is a personal choice.
Smartwatches. Allowed, and many show prayer times and the qibla. A screen showing Allah's name or a verse should be covered or switched off in the toilet. In wudu, slide the watch up or take it off so water reaches the whole wrist; see how to make wudu.
The evidence
Quran, Surah Al-A'raaf 7:32
قُلْ مَنْ حَرَّمَ زِينَةَ ٱللَّهِ ٱلَّتِىٓ أَخْرَجَ لِعِبَادِهِۦ وَٱلطَّيِّبَٰتِ مِنَ ٱلرِّزْقِ ۚ قُلْ هِىَ لِلَّذِينَ ءَامَنُوا۟ فِى ٱلْحَيَوٰةِ ٱلدُّنْيَا خَالِصَةًۭ يَوْمَ ٱلْقِيَٰمَةِ ۗ كَذَٰلِكَ نُفَصِّلُ ٱلْءَايَٰتِ لِقَوْمٍۢ يَعْلَمُونَ ﴿٣٢﴾
Say, "Who has forbidden the adornment of Allah which He has produced for His servants and the good [lawful] things of provision?" Say, "They are for those who believe during the worldly life [but] exclusively for them on the Day of Resurrection." Thus do We detail the verses for a people who know.
Useful lawful things are not forbidden without proof.
Sunan Abi Dawud 4057
Graded sahih... إن هذين حرام على ذكور أمتي ...
"These two are forbidden to the men of my community."
Gold and silk are forbidden to men, so a gold watch is too.
Sunan Abi Dawud 4029
Graded hasan... من لبس ثوب شهرة ألبسه الله يوم القيامة ثوبا مثله ...
"Whoever wears a garment of fame, Allah will dress him in a garment like it on the Day of Resurrection."
Wearing things to show off is blameworthy.
Where the ruling is recorded
- al-Hidaya, Kitab al-Karahiyya, section on clothing. Gold is forbidden to men, and the limits on men's adornment.
- al-Fatawa al-Hindiyya, Kitab al-Karahiyya, chapter on clothing. Clothing and items worn out of pride are disliked.
Checked by our team. For a more accurate answer to your own situation, consult a scholar. Quran translation by Sahih International. Hadith Arabic from the standard editions of the six books and the Muwatta, with gradings as recorded there; the English is our own rendering. Spotted a mistake? Tell us.