Tall fescue (Festuca arundinacea Schreb.) is a major cool-season perennial grass widely grown for forage, turf, and roadside cover. Tall fescue is an allohexaploid outcrossing species with self-incompatibility; these reproductive characteristics and genetic complexity often make it difficult to improve its agronomic traits by conventional breeding. Genetic transformation allows the direct introduction of foreign genes into target plants to create desired phenotypes and novel variants. Functional analyses of transgenes have been performed to improve important forage and turf traits, namely, abiotic stress tolerance, disease resistance, forage quality, and herbicide resistance. In this review, the development and future application of transgenic tall fescue have been summarized and discussed.