Pancytopenia is the outcome of bone marrow abnormalities and progresses with thrombocytopenia, leukopenia, and anemia. The frequently reported clinical manifestations of pancytopenia include infections, hemorrhage, dyspnea, and pallor. This study aimed to improve the diagnostic assessment of pancytopenia by underlying its potential hematological and clinical parameters. The enrolled patients underwent hematological and clinical assessments for pancytopenia at Veer Surendra Sai Institute of Medical Science and Research, Odisha, India. The pancytopenia assessment parameters included peripheral blood smear, reticulocyte count, mean corpuscular hemoglobin concentration, mean corpuscular hemoglobin, mean corpuscular volume, differential count, total platelet count, total leukocyte count, red blood cell count, and hemoglobin level. Patients also underwent bone marrow aspiration and biopsy for diagnostic investigation.The bone marrow study and peripheral smears were conducted on eighty-eight patients, and findings revealed the incidence of potential pancytopenia causes including, malaria (1%, n=1), multiple myeloma (1%, n=1), metastatic adenocarcinoma (1%, n=1), hemophagocytic lymphohistiocytosis (1%, n=1), tubercular granuloma (1%, n=1), sickle cell crisis (2%, n=2), hypersplenism (3%, n=3), myelodysplastic syndromes (3%, n=3), acute lymphoblastic leukemia (3%, n=3), acute myeloid leukemia (7%, n=6), aplastic anemia (32%, n=28) and megaloblastic anemia (43% n=38). Pancytopenia is predominantly caused by megaloblastic anemia and aplastic anemia, respectively. The frequently reported clinical manifestations include bleeding, fever, and weakness. The diagnostic affirmations rely on bone marrow biopsy/aspiration.