Objective: Bone marrow examination performed in cases of pancytopenia detected on peripheral blood smears to find out cause of it. Place & duration: The study was carried out at Integral Institute of Medical Sciences & Research, Lucknow from Jan 2017-June 2018. Material & Methods: We report 43 cases of pancytopenia.Bone marrow aspiration was done by 16 gauze salah needle and obtained smears then stained with leishman and MGG stain. Results: Out of 43 cases, 28 were males and 15 were females. 29 smears shows of hypercellular marrow, hypocellular smears in 8 cases & 6 cases were of normocellular marrow. Conclusion: This study conclude that the megaloblastic anemia was the common etiology. Other causes are acute leukemias, nutritional anemia with dual deficiency & multiple myeloma.