The management of multiple myeloma has changed significantly over the past 10 years. The results obtained with conventional chemotherapy were disappointing; however the use of high dose therapy (HDT) and stem cell transplantation has significantly improved survival. Autologous, allogeneic and tandem transplantation, along with different conditioning regimens, have been studied in an attempt to optimise and further improve outcomes. This review summarises the role of stem cell transplantation in multiple myeloma. The advent of novel therapies such as thalidomide, lenalidomide and bortezomib have started to redefine the role of peripheral stem cell transplantation, however, further study is needed to better understand how to most effectively use these agents in multiple myeloma in conjunction with HDT.