The cord blood serves as a vehicle for the transportation of oxygen and nutrients to the fetus. In the past, the human cord blood has generally been discarded after birth. However, numerous studies have described the regenerative ability of the cord blood cells in various incurable diseases. The umbilical cord blood (UCB)-derived stem cells are obtained through non-invasive methods that are not harmful to both the mother and the fetus. Furthermore, the cord blood stem cells are more immature than the adult stem cells and expand readily in vitro. The mesenchymal stem cells (MSCs) have the capacity to differentiate in vitro into various mesodermal (bone, cartilage, tendon, muscle, and adipose), endodermal (hepatocyte), and ectodermal (neurons) tissues. This review describes the immunological properties of the human UCB-MSCs to assess their potential usefulness in the allogeneic transplantation for the regenerative medicine.