Responses to exchange transfusion using red blood cells (RBCs) with modified hemoglobin (Hb) oxygen (O 2 ) affinity were studied in the hamster window chamber model during acute anemia to determine its role on microvascular perfusion and tissue oxygenation. Allosteric effectors were introduced in the RBCs by electroporation. Inositol hexaphosphate (IHP) and 5-hydroxymethyl-2-furfural (5HMF) were used to decrease and increase Hb-O 2 affinity. In vitro P50s (partial pressure of O 2 at 50% Hb saturation) were modified to 10, 25, 45, and 50 mm Hg (normal P50 is 32 mm Hg). Allosteric effectors also decreased the Hill coefficient. Anemic condition was induced by isovolemic hemodilution exchanges using 6% dextran 70 kD to 18% hematocrit (Hct). Modified RBCs (at 18% Hct in 5% albumin solution) were infused by exchange transfusion of 35% of blood volume. Systemic parameters, microvascular perfusion, capillary perfusion (functional capillary density, FCD), and microvascular PO 2 levels were measured. RBcs with P50 of 45 mm Hg increased tissue PO 2 and decreased O 2 delivery (DO 2 ) and extraction (VO 2 ) and RBCs with P50 of 60 mmHg reduced FCD, microvascular flow, tissue PO 2 , DO 2 and VO 2 . Erythrocytes with increased Hb-O 2 affinity maintained hemodynamic conditions, DO 2 and decreased tissue PO 2 . This study shows that in an anemic condition, maximal tissue PO 2 does not correspond to maximal DO 2 and VO 2 .