Anemia, defined as a hemoglobin level two standard deviations below the mean for age, is prevalent among infants and children as well as adults worldwide. The evaluation of an individual with anemia should begin with a thorough history and risk assessment. Characterizing the anemia as microcytic, normocytic, or macrocytic based on the mean corpuscular volume (MCV) will aid in the work-up and management. Microcytic anemia due to iron deficiency is the most common type of anemia in children. Iron deficiency anemia, which can be associated with cognitive issues, is prevented and treated with iron supplements or increased intake of dietary iron. This review article discusses the clinical evaluation of different types of anemias based on the findings of clinical examination (i.e., pallor, pedal edema, nail changes, and epithelial changes) as well as the results of various investigations such as routine blood investigations (hemoglobin, mean cell hemoglobin concentration [MCHC], packed cell volume, etc.), peripheral smear examination, bone marrow examination, etc. Management options for various types of anemia are different and have been briefly discussed in this article.