Transforming growth factor β (TGFβ) is a pleiotropic cytokine with beneficial and detrimental effects post-hematopoietic stem cell transplantation (HSCT). TGFβ is increased in specific sites post-engraftment and can suppress immune responses and maintain peripheral tolerance. Thus, TGFβ may promote allograft acceptance. However, TGFβ is also the central pathogenic cytokine in fibrotic disease and likely promotes pneumonitis. Although TGFβ can enhance leukocyte recruitment and IgA production, it inhibits both innate and adaptive immune cell function and inhibits anti-viral host defense post-HSCT. This review will focus on the current understanding of TGFβ biology and the numerous ways it can impact outcomes post-transplant.