Most services borne by transport networks have been transitioned away from Time Division Multiplexing (TDM) towards IP-based. New technology is therefore required to effectively transport packet services. Multiprotocol Label Switching Transport Profile (MPLS-TP) is such a technology which is connection-oriented, capable of multiservice adaptation, and has a flexible label forwarding mechanism. This paper analyzes the characteristics of MPLS-TP, and introduces its latest standardization development. Key issues including data forwarding plane, service adaptation, and label forwarding mechanism are discussed, as well as service implementation of Virtual Private Network (VPN) based on dual-label transport. MPLS-TP applications are summarized in conclusion.