The IEEE 802.15.4 standard for wireless sensor networks (WSNs) can support energy efficient, reliable, and timely packet transmission by tuning the medium access control (MAC) parameters macMinBE; macMaxCSMABackoffs, and macMaxFrameRetries. Such a tuning is difficult, because simple and accurate models of the influence of these parameters on the probability of successful packet transmission, packet delay, and energy consumption are not available. Moreover, it is not clear how to adapt the parameters to the changes of the network and traffic regimes by algorithms that can run on resource-constrained nodes. In this chapter, a generalizedMarkov chain is proposed to model these relations by simple expressions without giving up the accuracy. In contrast to previous work, the presence of limited number of retransmissions, acknowledgments, unsaturated traffic, and packet size is accounted for. The model is then used to derive an adaptive algorithm forminimizing the power consumptionwhile guaranteeing reliability and delay constraints in the packet transmission. The algorithm does not require any modification of the IEEE 802.15.4 standard and can be easily implemented on network nodes. Numerical results show that the analysis is accurate and that the proposed algorithm satisfies reliability and delay constraints, and ensures a longer lifetime of the network under both stationary and transient network conditions.