We derive the minimal Fock-state expansions of the pion and the photon wave functions in lightcone formalism, then we calculate the pion-photon and the photon-pion transition form factors of γ * π 0 → γ and γ * γ → π 0 processes by employing these quark-antiquark wave functions of the pion and the photon. We find that our calculation for the γ * γ → π 0 transition form factor agrees with the experimental data at low and moderately high energy scale. Moreover, the physical differences and inherent connections between the transition form factors of γ * π 0 → γ and γ * γ → π 0 have been illustrated, which indicate that these two physical processes are intrinsically related. In addition, we also discuss the π 0 → γγ form factor and the decay width Γ (π → γγ) at Q 2 = 0.