Purpose: To study the effectiveness of exogenous erythropoietin (EPO) against chronic heart failure (CHF) with anemia, and its effect on serum hypersensitive C reaction protein (hs-CRP), homocysteic acid (Hcy) and B-type natriuretic peptide (BNP). Methods: A total of 136 patients suffering from CHF with anemia from June 2015 to June 2017 were randomly divided into observation group (n = 68) and control group (n = 68). On the basis of conventional anti-heart failure therapy, the control group received oral ferrous sulfate tablets, while the observation group received oral ferrous sulfate tablets combined with EPO subcutaneous injection. Blood indices, cardiac function and serology were determined and tested in all patients before treatment, and at 4 months after treatment. Results: After treatment, hemoglobin (Hb), hematocrit (HCT), red blood cell (RBC), blood platelet count (PLT) and serum iron were significantly higher than those before treatment in the two groups; the levels in the observation group were significantly higher than those in control group (p <0.05). Following treatment, left ventricular ejection fraction (LVEF), and 6-minute walking distance in the observation group were significantly higher than those in the control group, while end-diastolic dimension (LVEDD), end-systolic dimension (LVESD) and cardiac functional grading in the observation group were significantly lower than those in the control group (p < 0.05). After treatment, hs-CRP, Hcy and BNP were significantly lower than pre-treatment values in the two groups, while the values for the observation group were significantly lower than those of control group (p <0.05). Correlation analysis showed that LVEF and Hb were negatively correlated with hs-CRP, Hcy and BNP (p <0.05). Conclusion: Serum hs-CRP, Hcy and BNP are involved in the occurrence and progression of CHF with anemia. Exogenous EPO can effectively improve anemia and cardiac function in these patients.