Background: Pancytopenia is defined by reduction of all the three formed elements of blood below the normal reference. 1It represents wide variety of disorders affecting the marrow components. Materials and Methods: The present Bone marrow study was carried out over a period of eight months from June 2013 to Jan 2014. A total of fifty cases with a hematological diagnosis of pancytopenia on peripheral smear were included for the study. Results: Out of 50 cases, 34 were males and 16 were females. Most of the patients were in the age group of 41-60 years (54%). The commonest cause of pancytopenia was megaloblastic anaemia (44%) followed by mixed nutritional anemia(20%), hypersplenism(12%), aplastic anemia(10%), Acute Leukaemia(6%), myelodysplastic syndrome(2%) and uncommon causes like Dengue fever(4%) and Hemolytic anemia(2%). Conclusion: Pancyopenia is a commotn entity and it reflects the underlying pathology. Bone marrow study is an important tool in the diagnosis of cause of pancytopenia to implement appropriate management and therapy