The concept that adult stem cells, despite their impressive proliferative potential, are immortal has been challenged by experimental studies of hematopoietic stem cells. In this review, we discuss the properties that characterize a stem cell, the growing list of tissues in which stem cells are found, how they can be identified and isolated, how stem cells may transdifferentiate, and the findings that illustrate how age affects the hematopoietic stem cell population. We propose that an aging stem cell population affects tissue and organ homeostasis, particularly in response to environmental stresses, and we hypothesize that through this mechanism the functional status of stem cells affects the longevity of the organism.