Substantial progress has been made in determining developmental relationships between lymphocyte precursors and those corresponding to other blood cell lineages. Indeed, exploitation of RAG1/GFP knock-in mice has recently made it possible to chart the entire sequence of lymphocyte differentiation events in adult bone marrow and thymus. However, the differentiation pathways proposed for fetal life are very different from this model. We review many examples where the results of gene targeting experiments are substantially dependent on developmental age. In mice, adult patterns of gene expression and corresponding properties of lymphocyte precursors are not fully established until several weeks after birth, and the same might be true for humans. Furthermore, examples are cited where fetal hematopoietic cells did not efficiently acquire those properties when transplanted to an adult environment. There are several important implications of these findings. Cognizance of developmental age-related changes might resolve apparent conflicts in the literature. Hematopoietic stem cells and their lymphoid lineage progeny appear in waves, and a direct connection is yet to be established between fetal stem cells and ones that sustain adult blood cell formation. There is the possibility that adult stem cells derive from founders with an unknown origin.