AbstractAt the Blanco transform fault system (BTFS) off Oregon, 138 local earthquakes and 84 double‐couple focal mechanisms from ocean‐bottom‐seismometer recordings jointly discussed with bathymetric features reveal a highly segmented transform system without any prominent fracture zone traces longer than 100 km. In the west, seismicity is focused at deep troughs (i.e., the West and East Blanco, and Surveyor Depressions). In the east, the BTFS lacks a characteristic transform valley and instead developed the Blanco Ridge, which is the most seismically active feature, showing strike‐slip and dip‐slip faulting. Sandwiched between the two main segments of the BTFS is the Cascadia Depression, representing a short intra‐transform spreading segment. Seismic slip vectors reveal that stresses at the eastern BTFS are roughly in line with plate motion. In contrast, stresses to the west are clockwise skewed, indicating ongoing reorganization of the OTF system. As we observed no prominent fracture zones at the BTFS, plate tectonic reconstructions suggest that the BTFS developed from non‐transform offsets rather than pre‐existing transform faults during a series of ridge propagation events. Our observations suggest that the BTFS can be divided into two oceanic transform systems. The eastern BTFS is suggested to be a mature transform plate boundary since ∼0.6 Ma. In contrast, the western BTFS is an immature transform system, which is still evolving to accommodate far‐field stress change. The BTFS acts as a natural laboratory to yield processes governing the development of oceanic transform faults.