Anemia is a frequent co-morbidity in patients with heart failure, associated with an increased risk of hospitalization, morbidities, and mortality, making its correction an important factor in improving the quality of life and clinical data, in patients who have both of these pathologies. This article reviews the multifactorial etiology of anemia in heart failure patients, including iron deficiency, chronic inflammation, abnormal levels of erythropoietin, and the abnormal activation of the Renin-Angiotensin-Aldosterone (SRAA) system, as the main cause of this pathology. The diagnostic guidelines, therapeutic alternatives based on different studies, are also discussed in this review article, especially iron preparations and erythropoietin stimulating preparations.