An increased risk of cancer in various organs has been related to oxidative stress and several studies have revealed the mechanism by which continued oxidative stress can lead to chronic inflammation, which in turn could mediate most chronic diseases including cancer. A variety of transcription factors may be activated in consequence of oxidative stress, leading to the expression of over 500 different genes, including those for growth factors, inflammatory cytokines, chemokines, cell cycle regulatory molecules and anti-inflammatory molecules. In this review, the data related to the action of oxidative stress on the onset of various oncohematologic diseases are summarized, thus bringing together some of the latest information available on the pathogenetic role of oxidative stress in cancer. The authors evaluate the most recent publications on this topic, and, in particular, show the newest evidence of a relationship between oxidative stress and hematological malignancies, such as chronic lymphocytic leukemia, Hodgkin's lymphoma, multiple myeloma and chronic Ph-negative myeloproliferative diseases. A separate section is devoted to the implications of a change of oxidative stress in patients undergoing bone marrow transplantation. Finally, particular attention is given to the new markers of oxidative stress, such as carbonyl groups, advanced glycation end products, advanced oxidation protein products and S-nitrosylated proteins, which are certainly more stable, reliable, cheaper and more easily identifiable than those already used in clinical practice. New approaches that aim to evaluate subcellular and microenvironment redox potential may be useful in developing cancer diagnostics and therapeutics.