Hemovigilance serves as a critical, continuous surveillance framework designed to safeguard the entire transfusion chain, from initial donor selection to post-transfusion recipient follow-up. This review evaluates current hemovigilance frameworks, clinical indications for specific blood components, and the systematic management of adverse events, with a particular focus on regional data provided by the Haemovigilance Programme of India (HvPI). Through a systematic analysis of donor screening protocols, strict storage requirements, and Root Cause Analysis (RCA) methodologies—including the "Five Whys" and fishbone diagrams—this study examines the factors that influence product integrity and patient safety. Clinical data synthesized from reports between 2013 and 2017 indicate that while surveillance systems effectively track thousands of incidents, preventable errors such as ABO incompatibility due to mislabeling and non-immunological hemolysis remain significant challenges. The review concludes that a comprehensive hemovigilance system, supported by proactive safety cultures and standardized digital reporting, is indispensable for minimizing transfusion-related morbidity and maintaining public trust in the healthcare system.