Transforming growth factor-beta (TGF-beta) signaling regulates multiple physiological processes, such as cell proliferation, differentiation, immune homeostasis, and wound healing. Besides, TGF-beta plays a vital role in diseases, including cancer. Accumulating evidence indicates that TGF-beta controls the composition and behavior of immune components in the tumor microenvironment (TME). Advanced cancers leverage TGF-beta to reshape the TME and escape immune surveillance. TGF-beta-mediated immune evasion is an unfavorable factor for cancer immunotherapy, especially immune checkpoint inhibitors (ICI). Numerous preclinical and clinical studies have demonstrated that hyperactive TGF-beta signaling is closely associated with ICI resistance. It has been validated that TGF-beta blockade synergizes with ICI and overcomes treatment resistance. TGF-beta-targeted therapies, including trap and bispecific antibodies, have shown immense potential for cancer immunotherapy. In this review, we summarized the predictive value of TGF-beta signaling and the prospects of TGF-beta-targeted therapies for cancer immunotherapy.