Cascaded amplifiers with a transformer-based bypass mode are described. In an exemplary design, an apparatus includes first and second amplifiers and a circuit. The first amplifier (e.g., a driver amplifier) provides amplification in a high gain mode and a bypass mode. The second amplifier (e.g., a power amplifier) provides amplification in the high gain mode. The circuit is coupled between the first and second amplifiers and includes a transformer having (i) a primary coil coupled to the first amplifier and (ii) a secondary coil that provides an output signal in the bypass mode. The primary coil may be a load inductor for the first amplifier. The circuit may further include a series combination of a capacitor and a switch coupled in parallel with the primary coil, a switch coupled in series with the secondary coil, and/or a capacitor coupled in parallel with the secondary coil.