In its first public statement about the matter, the league has asked the Blues for a report once the club works out what happened during the MCG loss to Collingwood.
Hollands was credited with just one possession despite playing 75 per cent of the first three quarters.
It has raised questions about how he was allowed to play, and then for him to stay on the ground for so long.
"The health and wellbeing of every player is the AFL's highest priority," the league said in a statement late on Saturday afternoon.
"The AFL has today requested Carlton to, once concluded, provide the outcome of its review of the circumstances relating to Elijah Holland's fitness to play in Thursday night's match.
"The AFL will continue to make inquiries with the club in relation to the matter."
After failing to impact the match, Hollands was benched for most of the last quarter.
The Blues said in a Friday statement that they would "provide close and ongoing care" after Hollands suffered a mental health episode during the game.
"He is continuing to receive the appropriate level of medical and wellbeing support, with Hollands' welfare remaining the number one priority," the Carlton statement read.
"The club also remains in contact with the AFL and the AFLPA, given the complicated nature of what occurred on Thursday night.
"While the club acknowledges the public interest, it asks that Hollands' privacy be respected, with the primary focus on ensuring he receives the level of care he needs, before a further update can be provided at an appropriate time."
The AFL Players Association was concerned by how the situation evolved and has been in contact with the AFL and Hollands' manager to better understand what happened.
Carlton coach Michael Voss described Hollands as being "pretty shattered".
"I spoke to him after the game and he was really disappointed with how he started," Voss said on Thursday night.
"He was really upset and feels like he's let me down.
"He was pretty emotional after the game.
"He didn't play a great game and he struggled to get his way into it."
Voss said he was in "constant conversations" with Hollands during the match.
Several videos circulated online after the match appearing to show Hollands confused and exhibiting erratic behaviour.
"He was disappointed with how he was playing, so when it comes to the last quarter, you obviously have to work out what mix you've got with five minutes to go and what you want on the field," Voss said.
"He wasn't having a great night. We obviously thought the best mix was to not have him out there.
"He feels really disappointed with his performance. With the importance of the night, he feels like he's let people down.
"But we just have to keep supporting people through those situations."
Last year, Hollands twice took personal leave from Carlton, later revealing he had been battling mental ill-health and issues with alcohol.
The former Gold Coast player was delisted by the Blues at the end of last season, despite having a year to run on his contract.
But Hollands was invited to Carlton training over summer, impressing enough to win his spot back on the list.
He has played all six games this season, averaging 18.4 possessions before his concerning night against the Magpies.
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