Phase transitions are studied in M-theory and F-theory, In M-theory co
mpactification to five dimensions on a Calabi-Yau, one can find topolo
gy-changing transitions similar to those seen in conformal field theor
y, but the non-geometrical phases known in conformal field theory are
absent. At boundaries of moduli space where such phases might have bee
n expected, the moduli space ends, by a conventional or unconventional
physical mechanism, The unconventional mechanisms, which roughly invo
lve the appearance of tensionless strings, can sometimes be better und
erstood in F-theory.