By looking at the CKM matrix you can immediately see that the transitions between up and down-type quarks are all possible in principle (yet not equally favored)...So for example you could see the transition [itex]t \rightarrow b[/itex], but you would rarely see [itex]t \rightarrow s[/itex]... yet again you could see a [itex]c \rightarrow s[/itex] but it's also possible (not extremely rare) to see [itex]c \rightarrow d[/itex]. In general I think the CKM matrix tells you that transitions are more likely to occur within the same generation rather than the other...
The transitions happen via the W bosons (or charged currents), since there are no flavor changing neutral currents observed.