Tranexamic acid (TXA) is an antifibrinolytic that lowers the risk of hemarthrosis-related surgical complications and has been extensively studied in orthopaedic trauma surgery, primary and revision total joint replacement, open shoulder reconstruction, and spine surgery. Its use, however, has been minimally studied in orthopaedic sport medicine, and, in particular, arthroscopic surgery. Despite being an inexpensive medication with a minimal side effect profile, there has been a paucity of Level I and II studies to support or refute its use in some of the most common procedures performed in orthopaedic surgery. TXA may be of small benefit in routine partial meniscectomy or routine, outpatient, anterior cruciate ligament reconstruction. However, although there are potential risks and side effects of TXA, the risk is very low, the cost is very low, and even a small benefit may justify its use.