Acute myeloid leukemia (AML) and multiple myeloma (MM) harm the bone marrow and lower normal blood cell production, which leads to anemia. Chemotherapy and targeted treatments kill cancer cells but also increase oxidative stress and reduce red blood cell (RBC) formation. Herbal compounds like curcumin, resveratrol, quercetin, EGCG, and withanolides show strong anti-leukemia and anti-myeloma effects by influencing NF-κB, STAT3, and PI3K/Akt pathways. Extracts from plants such as green tea, Withania somnifera, and Tinospora cordifolia help support RBC production and protect bone marrow cells. Combining herbal polyphenols with drugs like bortezomib improves treatment outcomes and lessens side effects. Plant-based compounds may also boost immunotherapy with monoclonal antibodies such as elotuzumab and daratumumab. These herbs activate pathways like Nrf2/HO-1 and JAK2/STAT5 to enhance antioxidant defenses and increase erythropoiesis. Research indicates that mixing herbal medicine with standard treatments may improve patient survival and tolerance while aiding bone marrow recovery.