A hypercoagulable state has been described in thalassemia patients, partly due to a deficiency of inhibitors, protein C (PC) in particular. Since a potential role of a new hemostatic factor named protein Z (PZ) has been reported in hypercoagulability, we evaluated plasma PZ and PC levels in thalassemia and their possible relation to the hypercoagulable state. Sixty subjects with thalassemia major and 10 with thalassemia intermedia (TI) followed at our Department were enrolled in the study. An age-matched control group of healthy subjects was considered. PZ, thrombin-antithrombin complexes, PC concentration (PC:Ag) and activity (PC:Act) were measured. PZ, PC:Ag and PC:Act were significantly lower in thalassemia major and thalassemia intermedia subjects than in 30 healthy controls (p < 0.001), while thrombin-antithrombin complex levels were significantly increased (p < 0.001) and related to PC levels but not to PZ levels (p < 0.05). PZ and PC levels are reduced in thalassemia but only PC has an effect on the thalassemia hypercoagulable state.