Oral submucous fibrosis (OSMF) is an insidious, chronic disease affecting any part of the oral cavity and rarely pharynx. It has a high malignant transformation rate. Juxta epithelial inflammatory reaction with subsequent fibroelastic changes of lamina propria can be seen frequently with OSMF. It may cause significant abnormalities of blood such as anemia and a decline in serum iron levels. Therefore, various studies have been conducted which correlate the hemoglobin and iron serum levels in a patient suffering from OSMF. This article discusses the association between iron deficiency anemia and OSMF and how it can act as a marker for early diagnosis and prognosis of this condition.