Hollow fiber modules are commonly used to conveniently and efficiently remove cryoprotective agents (CPAs) from cryopreserved cell suspensions. In this paper, a steady-state model coupling mass transfers across cell and hollow fiber membranes is theoretically developed to evaluate the removal of CPAs from cryopreserved blood using hollow fiber modules. This steady-state model complements the unsteady-state model, which was presented in our previous study. The steady-state model, unlike the unsteady-state model, can be used to evaluate the effect of ultrafiltration flow rates on the clearance of CPAs. The steady-state model is validated by experimental results, and then is compared with the unsteady-state model. Using the steady-state model, the effects of ultrafiltration flow rates, NaCl concentrations in dialysate, blood flow rates and dialysate flow rates on CPA concentration variation and cell volume response are investigated in detail. According to the simulative results, the osmotic damage of red blood cells can easily be reduced by increasing ultrafiltration flow rates, increasing NaCl concentrations in dialysate, increasing blood flow rates, or decreasing dialysate flow rates.