Oxymetholone is primarily used in the medical field to treat certain types of anemia, particularly aplastic anemia, by stimulating the production of red blood cells. It also helps increase weight and muscle mass in patients with severe malnutrition or weight loss, such as those undergoing chemotherapy for cancer or living with HIV. It improves symptoms like fatigue and weakness by increasing hemoglobin levels.

In the bodybuilding and athletic communities, it is sometimes misused as a performance-enhancing drug due to its ability to promote muscle growth and strength. However, this use is illegal and poses significant health risks, including liver damage and cardiovascular issues.

Additionally, it has been explored in veterinary medicine to aid in the recovery of animals suffering from severe weight loss or muscle wasting conditions. Its anabolic properties help in rebuilding muscle mass and improving overall physical condition.

Despite its benefits, the use of this substance is tightly regulated due to its potential for serious side effects and misuse. It must be used under strict medical supervision.