Hematopoietic stem cells have dissimilar proliferative capacities; although some remain in quiescence, some consistently undergo multiple rounds of cell division stimulating hematopoiesis to maintain homeostasis and protect stem cell exhaustion. The stringent equilibrium between quiescence, self-renewal, proliferation, and differentiation is maintained by the operational selectiveness of intrinsic factors and extrinsic cues provided by the specialized microenvironment called the "niche" that provides homeness to hematopoietic stem cells (HSCs). The niche is defined by a heterogeneous identity involving the complex interaction of various other cells, cytokines, adhesion molecules, and extracellular matrix via several surface receptors and soluble factors, which work in paracrine coordination and protect stem cells from depletion while eliciting proliferation. The widespread investigations have shed light on the mechanistic underpinnings in niche, which coordinate the balance between relative hematopoietic quiescence and proliferation. In this paper, we discuss the recent findings concerning how these complex niche interactions facilitate the regulation of hematopoietic stem cells during homeostasis and further extend the discussion to their involvement in expansion and tumorigenesis, the two biological phenomena that are intimately associated with stem cells.