Multiple myeloma is currently incurable using standard treatment regimens. While the introduction of high-dose chemotherapy with autologous stem cell rescue has been shown to increase overall survival when compared with chemotherapy alone, this strategy is palliative. Allogeneic stem cell transplantation provides the potential for long-term disease-free survival in a small proportion of patients, although its application has been limited by procedure-related mortality, reflecting the intensive myeloablative conditioning given. Recently, reduced intensity conditioning regimens have been developed in an attempt to reduce toxicity whilst preserving the allogeneic graft-versus-myeloma effect, therefore maintaining the potential for disease eradication. This review aims to examine the current position of allogeneic transplantation in the management of myeloma.