ABSTRACTTransforming Growth Factor‐Beta (TGF‐β) is the general name for a family of naturally‐occurring polypeptides which have multiple regulatory effects on cell proliferation and differentiation. Over the last decade it has become apparent that TGF‐βs can be produced by most cell types and exert a wide range of effects in a context‐dependent autocrine, paracrine or endocrine fashion via interactions with distinct receptors on the cell surface. This review summarizes current knowledge concerning the molecular and cellular biology of TGF‐β3, the most recently described mammalian isoform, and focuses on those physiological actions which may lead to clinical applications, particularly in the indication areas of wound healing and chemoprotection.