Objective: Our aim is to show the possibility of using different image processing techniques for blood smear analysis. Also our aim is to determine the sequence of image processing techniques to identify megaloblastic anemia cells. Methods: We consider blood smear image. We use a variety of image processing techniques to identify megaloblastic anemia cells. Among these methods, we distinguish the modification of the color space and the use of wavelets. Results: We developed a sequence of image processing techniques for blood smear image analysis and megaloblastic anemia cells identification. As a characteristic feature for megaloblastic anemia cells identification, we consider neutrophil image structure. We also use the morphological methods of image analysis in order to reveal the nuclear lobes in neutrophil structure. Conclusion: We can identify the megaloblastic anemia cells. To do this, we use the following sequence of blood smear image processing: color image modification, change of the image contrast, use of wavelets and morphological analysis of the cell structure.