Severe endocrinopathies can lead to pancytopenia. Hypothyroidism can affect any organ system including hematopoietic, resulting mainly in a normochromic normocytic anemia. Rarely, in severe hypothyroidism, all hematopoietic cell lines can be affected, resulting in pancytopenia. We, hereby, would like to discuss a case of hypothyroidism with worsening pancytopenia, which gradually improved after repletion with levothyroxine. Although pancytopenia is not a common feature of hypothyroidism, this case highlights the importance of hypothyroidism being considered as one of the differentials.