Background: The importance of continuous monitoring along with rapid and accurate notification of changes in blood components such as hemoglobin concentration, especially in acute situations, encourages researchers to use non-invasive methods for measuring.Objective: This study was aimed to investigate the correlation between hemoglobin concentration and photoplethysmogram (PPG) and the possibility of measuring it by an optical method.Material and Methods: In this applied study, a PPG signal was simultaneously recorded at four different wavelengths for thirty subjects who were referred to the laboratory for a hemoglobin concentration test. After calibrating the special recording probe with a standard pulse oximeter system and applying the required preprocessing on the obtained signals, the peak-to-peak value of PPG signals was extracted. Finally, the correlation between the peak-to-peak value of the signal at a certain wavelength and hemoglobin concentration was analyzed using Spearman and Pearson correlation for determining the process of changes in the data.Results: The results demonstrated that based on the normal distribution of data at 590 nm wavelength, there is a significantly negative correlation between a function of the signal peak slope and the hemoglobin concentration, with a Pearson coefficient of -0.787 (p<0.01). In addition, the investigation of rank correlation indicated a significantly negative correlation of -0.842 (p<0.01) using Spearman correlation analysis.Conclusion: Considering the high correlation between hemoglobin concentration and PPG signal characteristics, optical methods can be used to develop a rapid, precise, clean and inexpensive method to measure hemoglobin concentration.