Background: Primary hypothyroidism, a prevalent endocrine disorder, is characterized by insufficient synthesis of thyroid hormones. Anemia frequently coexists with hypothyroidism, often arising from deficiencies in nutrients such as iron or vitamin B12 or as a consequence of chronic disease. Consequently, identifying the underlying cause of anemia in individuals with hypothyroidism is essential. This study aimed to assess the prevalence of anemia and its various subtypes in patients diagnosed with primary hypothyroidism. Materials and Methods: A prospective cross-sectional observational study recruited 198 adult participants aged 18–65 years, irrespective of gender. These participants were either newly diagnosed with primary hypothyroidism or presented with its symptoms. Patients on anti-thyroid medications or with hypothyroidism due to post-thyroidectomy were excluded. Demographic details and results from complete blood count parameters, including hemoglobin (Hb) and mean corpuscular volume (MCV), were documented on a structured proforma to determine the presence and type of anemia. Statistical analysis was performed using the chi-square test, with significance set at p < 0.05. Results: The study population had a mean age of 43.21 ± 8.54 years, comprising 59.09% (n = 117) females and 40.91% (n = 81) males. Anemia was identified in 67.68% (n = 134) of participants, with 38.38% (n = 76) exhibiting normocytic anemia, 19.70% (n = 39) presenting with microcytic anemia, and 9.60% (n = 19) displaying macrocytic anemia. Anemia prevalence was significantly higher in females (88.78%, n = 87) compared to males (46.94%, n = 46) (p < 0.01). Conclusion: The study revealed a high prevalence of anemia among patients with primary hypothyroidism, with normocytic anemia being the most frequently observed subtype. Identifying and addressing the root cause of anemia in hypothyroid patients is crucial for optimal management.