Twin-twin transfusion syndrome leads to high rates of perinatal morbidity and mortality due to its poorly understood etiology and difficult diagnosing and treatment. Current therapies are suboptimal and have not been tested through randomized controlled trials. Parent counseling at the time of diagnosis includes informing on poor chance of double survival, relatively high chance of long term neurologic handicap, almost certain prematurity, and the probability of cesarean delivery. Improvement in therapies awaits a better scientific understanding of the etiology of this condition.