This document summarizes anemia and polycythemia in newborns. It discusses physiologic anemia of infancy, anemia of prematurity, and the pathophysiology of hemorrhagic anemia, hemolytic anemia, and hypoplastic anemia. Clinical presentations are described based on the type of anemia. Diagnosis involves initial studies and other tests. Management includes transfusion, replacement of nutrients, and erythropoietin administration. Polycythemia is also covered, including causes, presentation, diagnosis involving central venous hematocrit, and management through observation or partial exchange transfusion for symptomatic infants.