The myelodysplastic syndromes (MDS) are a group of diseases characterized by bone marrow failure and abnormalities in the appearance of blood cells. MDS results from mutations in bone marrow stem cells that impair differentiation and increase cell death. While some patients with MDS develop acute leukemia, most do not. MDS is diagnosed based on peripheral blood cytopenias and characteristic dysplastic changes seen in the bone marrow, including ring sideroblasts, hypogranular neutrophils, and micromegakaryocytes. Cytogenetic abnormalities are also important for diagnosis and prognosis. Morphologic evaluation remains key for diagnosis of MDS.