Background and Objectives: Peripheral and central GIANT-CELL granulomas (PGCGs and CGCGs) and GIANT-CELL TUMOR (GCT) of bone have similar histopathological features with different biological behavior. The aim of this study was to evaluate the expression of transforming growth factor beta (TGF-β ) in these lesions by the help of immunohistochemistry. Materials and Methods: In this study, 15 PGCGs, 15 CGCGs, and 10 GCTs were evaluated. The TGF-β immunoreactivity was assessed in mononuclear CELLs (MC) and multinucleated GIANT CELLs (MGC) of the studied groups. Data analysis was performed using Kruskal-Wallis and Dunn’ s tests. Results: There was a significant difference between three studied groups regarding both MCs and MGCs. The highest mean of TGF-β immunostaining was observed in GCTs and the lowest in PGCGs. In pairwise comparison of the studied groups, a significant difference was observed between PGCGs and GCTs considering both MCs and MGCs. Additionally, a significant deference was reported only in MCs between CGCGs and GCTs. Conclusion: The results may explain the different biological behavior and pathogenesis of these lesions despite the similarity of histopathologic features.