Keratoplasty is routinely used to treat end-stage corneal diseases. However, immune-mediated graft rejection remains the major cause of surgical failure. Organ transplant rejection is often due to the directional migration and homing of inflammatory cells to lymphoid tissues and local inflammatory sites, which is regulated by various adhesion molecules and chemokines. Regulatory T cells play a key role in immune regulation and are essential for maintaining peripheral tolerance. Recent studies have revealed that regulatory T cells play important roles in preventing organ transplant rejection and the development of autoimmune diseases. This review will summarize the recent research on the induction of ocular immune privilege by regulatory T cells, with special focus on how regulatory T cells mediate tolerance in the eye and clinical potential of modulating these mechanisms during corneal transplantation.