Plasma and platelet transfusions are frequently prescribed to critically ill children who are actively bleeding or at risk of bleeding. Despite the therapeutic benefits, both plasma and platelet transfusions have been independently associated with morbidity and mortality. Guidelines must be available to help physicians weigh the risks and benefits to pediatric patients. The Transfusion and Anemia eXpert Initiative – Control/Avoidance of Bleeding (TAXI-CAB), in collaboration with the Pediatric Critical Care Blood Research Network (BloodNet) and several other blood transfusion professional organization stakeholders, created a comprehensive series of consensus statements and suggestions for future research foci in the area of plasma and platelet transfusions for critically ill children. TAXI-CAB seeks to provide evidence-based guidance to encourage the use of plasma and platelet transfusions in the right scenarios to maximize their clinical benefit and minimize harm.