Background and ObjectivesBlood services manage the increasingly tight balance between the supply and demand of blood products, and their role in health research is expanding. This review explores the themes that may define the future of blood banking.Materials and MethodsWe reviewed the PubMed database for articles on emerging/new blood‐derived products and the utilization of blood donors in health research.ResultsIn high‐income countries (HICs), blood services may consider offering these products: whole blood, cold‐stored platelets, synthetic blood components, convalescent plasma, lyophilized plasma and cryopreserved/lyophilized platelets. Many low‐ and middle‐income countries (LMICs) aim to establish a pool of volunteer, non‐remunerated blood donors and wean themselves off family replacement donors; and many HICs are relaxing the deferral criteria targeting racial and sexual minorities. Blood services in HICs could achieve plasma self‐sufficiency by building plasma‐dedicated centres, in collaboration with the private sector. Lastly, blood services should expand their involvement in health research by establishing donor cohorts, conducting serosurveys, studying non‐infectious diseases and participating in clinical trials.ConclusionThis article provides a vision of the future for blood services. The introduction of some of these changes will be slower in LMICs, where addressing key operational challenges will likely be prioritized.