Simultaneous deficiency of Vitamin $B_{12}$ and iron induces that the bone marrow erythroid megaloblastosis and peripheral blood macroovalocytosis are masked because of countervailing the tendency of iron deficiency to produce hypochromic microcytic erythrocytes. We report two cases of Vitamin $B_{12}$ deficiency anemia with low mean corpuscular volume (MCV) due to combined iron deficiency anemia with review of literature.