In this paper, we study the cohomology theory of Hom-Lie triple systems generalizing the Yamaguti cohomology theory of Lie triple systems. We introduce the central extension theory for Hom-Lie triple systems and show that there is a one-to-one correspondence between equivalent classes of central extensions of Hom-Lie triple systems and the third cohomology group. We develop the 1-parameter formal deformation theory of Hom-Lie triple systems and prove that it is governed by the cohomology group.