Blood transfusions are the oldest contemporary form of cell therapy and remain the standard treatment for anemia and thrombocytopenia. Due to the enucleate nature of the cells, patients that require erythrocyte or platelet transfusions must rely on a constant supply of blood donors. Aging populations and other demographic trends, however, make this dependency unsustainable. Consequently, investigators have sought other sources for these cell types. Despite only being discovered 10 years ago, induced pluripotent stem cells (iPSCs) have quickly gained the imagination of researchers seeking new clinical treatments for an assortment of diseases, including hematopathologies. The appeal of iPSCs is that they permit the conversion of any cell in the body to another type. This cell reprogramming makes it possible to conduct autologous transplantation by taking cells such as fibroblasts from the patient and converting them to erythrocytes or platelets before reintroduction. iPSCs also allow for investigations on hematopoiesis that were previously impossible, as they enable each intermediate step in the development of a blood cell to be controlled and therefore studied in greater detail. In this chapter, we review the basics about cell reprogramming to the iPSC state and the application of this technology to generating erythrocytes and platelets ex vivo.