Bo Peep is a fictional character from the 'Toy Story' series, known for her porcelain appearance and shepherdess role. She initially serves as a support character, acting as Woody's love interest and offering wisdom to the group of toys. In 'Toy Story 4,' Bo Peep undergoes a significant transformation, becoming a more independent and adventurous character, living as a 'lost toy.' Her journey reflects themes of freedom and self-discovery, and she plays a crucial role in helping Woody realize his own path beyond being Andy's toy.