A system and method for correlated analysis of wasted space and capacity efficiency in complex storage infrastructures are provided. The system and method of the illustrative embodiments bring together wasted space data from all areas and components of the storage infrastructure into a single set of reports correlating information from these various sources in the storage infrastructure. In addition, correlated analysis of this collected information is performed with regard to wasted space. Logical storage devices of the storage infrastructure which are unused by host systems may be identified and appropriate corrective actions may be automatically taken. Moreover, automated recommendations and other automated corrective actions may be taken based upon the correlated analysis of the correlated data collected from the various components of the storage infrastructure.