Objective To analyze the correlation between hemoglobin (Hb), anemia, and sarcopenia in the elderly population in Chongqing communities. Methods A cross-sectional study was conducted on elderly individuals who underwent healthy examinations at 5 community health service centers in Chongqing from March to August 2023. Demographic characteristics, social factors, body composition measurement, grip strength, 6-meter gait speed and blood tests were assessed. Receiver operating characteristic (ROC) curve was utilized to evaluate the accuracy of Hb in predicting sarcopenia, and the Youden index was employed to determine the optimal Hb cut-off value for diagnosing sarcopenia and its components. Both unadjusted and adjusted logistic regression analyses were performed to examine the relationship between Hb and anemia with sarcopenia and its components. Results A total of 531 elderly populations were included, with an average age of (71.1±6.5) years. The overall prevalence of sarcopenia was 13.6% (72/531), including 29 males (40.3%) and 43 females (59.7%). Unadjusted analyses showed that Hb was correlated with sarcopenia, decreased muscle mass, slower gait speed, and reduced grip strength (P<0.05). After adjusting for all potential risk factors, Hb was still significantly associated with sarcopenia and reduced grip strength (P<0.05). For every 10 g/L increase in Hb, the risk of sarcopenia decreased by 2.3%, and the risk of reduced grip strength decreased by 1.7% (P<0.05). Anemia was correlated with sarcopenia, reduced muscle mass, and decreased grip strength in unadjusted analyses (P<0.05), while the correlation between anemia and reduced grip strength remained significant after adjustment for all potential risk factors (P<0.05). The optimal Hb cut-off value for diagnosing sarcopenia in males and females were 148 g/L and 128 g/L, respectively. Conclusions Hb is an independent risk factor for sarcopenia and reduced grip strength. Anemia is associated with sarcopenia, but is not an independent risk factor for sarcopenia.