Management of blood inventories includes all procedures involved in ordering, storing, handling, and distributing blood products. To guarantee proper use of this priceless resource: Blood; effective inventory management is required. The overall objective of this study is to explore the optimization approaches in inventory management of blood supply chains. By summarizing the optimization techniques used, a framework was created, literature review was analyzed, variables and complexities affecting blood inventory performance were found and examined. As advice for upcoming researchers in this field, this paper includes the current state of knowledge, potential research areas, and gaps that are present in this field. Concerns were raised about managing the blood supply during the coronavirus disease 2019 (COVID-19) pandemic. Due to travel restrictions and concern over contracting the virus while visiting blood banks, blood donations during the pandemic significantly decreased. As a result, the purpose of this review is to analyze the research literature already in existence that deals with the modelling of blood collection, provide a detailed classification of the selected articles, and thus identify any areas that may benefit for further research. KEYWORDS- Inventory management, Blood, Supply chain, Blood banks, Platelets