In the present work, unified formulae for the overall elastic bounds for multiphase transversely isotropic composites with different geometrical types of inclusions embedded in a matrix are calculated, including the spherical and long or short continuous cylindrical fiber cases. The influence of the different geometrical configurations of the inclusions on the composites is studied. The transversely isotropic effective bounds are obtained by applying the variational formulation for anisotropic composites developed by Willis, which relies on expressions for the static transversely isotropic Green's function. Some numerical calculations and comparisons with the effective coefficients derived from the self-consistent approach, asymptotic homogenization method, and finite element method (FEM) are shown for different aspect ratio values, exhibiting good agreement.