For a project of mine I need images to display with a transparent background. I made some .png images that have a transparent background(to check this I opened them in Photo
It probably works perfectly. You are seeing what's behind the picture box control. Which is the form. Whose BackColor is probably white. You can set the form's BackgroundImage property to be sure, you should see the image through the picture box. Like this:

Punching a hole through both the picture box and the form requires a bigger weapon, Form.TransparencyKey