Transpiration cooling is the most effective cooling technique for the high-performance liquid rockets and air-breathing engines operating in aggressive environments with higher pressures and temperatures. When applying transpiration cooling, combustor liners and turbine blades/vanes are cooled by the coolant(air or fuel) passing through their porous walls and also the exit coolant acting as an insulating film. Practical implementation of the cooling technique has been hampered by the limitations of available porous materials. But advances in metal-joining techniques have led to the development of multi-laminate porous structures such as Lamilloy$^{(R)}$ fabricated from several diffusion-bonded, etched metal thin sheets. And also with the availability of lightweight, ceramic matrix composites(CMC), transpiration cooling now seems to be a promising technique for high-performance engine cooling. This paper reviews recent research activities of transpiration cooling and its applications to gas turbines, liquid rockets, and the engines for hypersonic vehicles.