Polo-like kinase 1 (Plk1) is a well-established mitotic regulator with a diverse range of biological functions continually being identified throughout the cell cycle. Pre-clinical evidence suggests that the molecular targeting of Plk1 could be an effective therapeutic strategy in a wide range of cancers, however, that success has yet to be translated to the clinical level. The lack of clinical success has raised the question of whether there is a true oncogenic addiction to Plk1 or if its overexpression in tumors is solely an artifact of increased cellular proliferation. In this review, we address Plk1’s role in carcinogenesis by discussing the cell cycle and DNA damage response with respect to their associations with classic oncogenic and tumor suppressor pathways that contribute to the transcriptional regulation of Plk1. A thorough examination of the available literature suggests that Plk1 activity can be dysregulated through key transformative pathways including both p53, and pRb. Based on available literature, it may be somewhat premature to make a definitive conclusion on Plk1’s role in carcinogenesis. However, evidence support the notion that oncogene dependence on Plk1 is not a late occurrence in carcinogenesis and it is likely that Plk1 plays an active role in carcinogenic transformation.