Thalassemia is a hereditary blood disorder characterized by a reduction in hemoglobin synthesis. It is classified as thalassemia major, intermediate, or minor depending on severity. Thalassemia major requires lifelong blood transfusions and chelation therapy for iron overload. Symptoms include anemia, jaundice, hepatosplenomegaly, bone deformities, and risk of infection. Management involves blood transfusions, chelation therapy, splenectomy, and supportive care. Prognosis is poor for thalassemia major but better for intermediate and minor forms with treatment.