Bleeding is a common complication of extracorporeal membrane oxygenation (ECMO), is multifactorial, and results in significant morbidity and mortality. Pulmonary hemorrhage represents a serious adverse event in pediatric patients on ECMO and remains a challenging complication to manage. Its occurrence highlights the importance of identifying treatments that address bleeding complications in this population. This retrospective cohort study, from January 2018 to August 2022, explores the use of inhaled tranexamic acid (TXA), a clot-stabilizing agent, in 53 pediatric ECMO patients with new pulmonary hemorrhage. Primary diagnoses included respiratory failure (34%) and structural abnormalities (34%), such as congenital heart defects, congenital diaphragmatic hernia, and tracheal stenosis, with viral pneumonia being the leading cause of respiratory failure (47%). Results indicated that 48 of 53 (91%) patients showed cessation of pulmonary hemorrhage within 48 hours of inhaled TXA administration as measured by a decrease in our institution-specific bleeding scale from moderate to minor or no bleeding. In ECMO-managed pediatric patients with pulmonary hemorrhage, treatment with inhaled TXA demonstrated safety, with no observed adverse effects, and showed promising signs of contributing to the cessation of bleeding.