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Although blood blisters will heal on their own, and should be left to do this in most cases, there are times when draining them might be the best option. For example, if it is collecting a lot of blood and causing a lot of pain. Or if it is getting so big it is likely to tear anyway. Think about if you really need to drain it, and err on the side of caution. This is especially the case with blood blisters, which require more careful treatment than normal blisters. If you do decide to drain it, you have to be careful and methodical in order to limit the chances of infection. Due to the risk of infection, you should never drain a blood blister if you have a condition such as HIV, diabetes, heart disease or cancer. If you have decided that you need to drain the blood blister you need to ensure you do not infect it. Wash your hands, and the area where the blister is, thoroughly with soap and water before you begin. Next sterilize a needle with rubbing alcohol. You are going to use this needle to lance the blister. (Never use a straight pin - they are less sharp than a needle, and sometimes have bur on the end.) Carefully and gently puncture the edge of the blister with the needle. The fluid will begin to drain out of the hole you have made. You can apply very gentle pressure to help it on its way if necessary. Now apply an antiseptic (assuming you have no allergies) such as betadine, to the blister. Clean around the blister and dress it with a sterile dressing. Once you have done this you should avoid pressure or friction on the blister as much as possible. To ward off potential infection you should observe it closely and regularly change the dressing.
Decide if it is best to drain the blood blister. Prepare to lance the blood blister. Lance and drain the blood blister. Clean up and dress the drained blood blister.