New–onset pancytopenia proves to be a diagnostic dilemma, in both children and adults. The workup of new–onset pancytopenia is extensive and should include a detailed clinical history and hematological investigations. One hundred patients of pancytopenia were included in this study. Relevant history, clinical and hematological examination was done. Peripheral smear and bone marrow examination was performed in all cases. Special stains like Perl`s, reticulin were also done wherever necessary. Aplastic anemia was found to be the most common cause of pancytopenia followed by megaloblastic anemia. Other causes were acute myeloid leukemia, myelofibrosis, myelodysplastic syndrome, malarial parasite, multiple myeloma, miliary tuberculosis and osteopetrosis. Though peripheral smear and bone marrow evaluation gives a clue in identifying the various etiologies of pancytopenia, it is only through the correlation of clinical and hematological findings, a precise and accurate evaluation and management of patients of pancytopenia can be made