This review article pursues this special issue’s theme of renewable energy and just transition into the field of geothermal energy, an energy source which has a special role in Aotearoa New Zealand, and which raises clear questions of justice in the energy transition. It evaluates the track record, and examines the legal, regulatory and institutional challenges and opportunities for a just transition for geothermal in New Zealand. It particularly considers the role of Māori, and the challenges presented by emerging technological change. It considers the problems of renewability and sustainability that are special to geothermal resources. It evaluates the just transition issues that have particularly affected Māori landowners and holders of mana whenua. It finds that what constitutes a just transition must be seen against a longer historical time frame than many observers might assume. It shows that the distinctive regulatory framework for geothermal has been considerably affected by addressing these problems but may need to adapt further in the future. It considers the technical features that have shaped geothermal regulation and are likely to shape it in the future as new technological options emerge.