Retinal artery occlusion (RAO) is most commonly caused by embolism. Evidence showed that hematocrit (Hct) levels are often associated with embolic events. In this study, we aim to investigate the relationship between Hct levels and RAO. This retrospective study enrolled RAO patients between January 2011 and March 2020, who were 1:4 matched by age, gender, index date, and relevant comorbidities with the non-RAO group. Patient characteristics and laboratory data were collected. Univariate conditional logistic regression was applied by estimating crude matched odds ratios to determine the relevant factors for the occurrence of RAO. Furthermore, a narrative review of the relevant study was conducted to explore the association between Hct levels and embolism. Between January 2011 to March 2020, 82 RAO patients and 328 non-RAO patients matched with age, gender, index date, comorbidities of hypertension, diabetes mellitus, dyslipidemia, chronic kidney disease, stroke, and atrial fibrillation were enrolled after excluding ineligible individuals. Conditional logistic regression analysis showed that Hct level ≥40% was associated with developing RAO. A forest plot showed a trend of a non-linear dose-response association between Hct levels and ischemic vascular events in male patients. Hct levels ≥40% in patients older than 65 years with at least six comorbidities could be associated with RAO. We suggest that older patients who have multiple comorbidities, combined with elevated Hct levels, should be informed of the possible occurrence of RAO.