AIMS: The risk of mortality after a hip fracture has been extensively investigated, but there is little high-quality information available dealing with the overall risk of complications. The aim of this study was to report the risk of complications in the first 120 days after a hip fracture. METHODS: This was a multicentre, prospective cohort study of patients aged > 60 years with a hip fracture, involving 77 hospitals in England, Wales, and Northern Ireland, between January 2015 and 2022. The primary outcomes of interest were mortality and surgery-specific and general complications, at 120 days postoperatively. RESULTS: A total of 24,523 patients with a hip fracture were enrolled. The 120-day risk of mortality was 12.4% (95% CI 12.0 to 12.8). The 120-day risks of surgery-specific complications were: for dislocation, 1.5% (95% CI 1.3 to 1.7); failure of fixation, 1.0% (95% CI 0.8 to 1.2); for peri-implant or periprosthetic fracture, 0.3% (95% CI 0.3 to 0.4); for reoperation for any indication, 2.7% (95% CI 2.5 to 2.9); and for surgical site infection, 3.4% (95% CI 3.2 to 3.6). The 120-day risks of general complications were: for acute kidney injury, 3.4% (95% CI 3.1 to 3.6); for the requirement of a blood transfusion, 7.0% (95% CI 6.7 to 7.3); for lower respiratory tract infection, 9.1% (95% CI 8.7 to 9.4); for urinary tract infection, 7.0% (95% CI 6.7 to 7.3); for cerebrovascular accident, 0.7% (95% CI 0.6 to 0.8); for myocardial infarction, 0.7% (95% CI 0.6 to 0.9); and for venous thromboembolism, 1.8% (95% CI 1.6 to 2.0). CONCLUSIONS: Although the risk of mortality has declined in recent years, older patients with a hip fracture remain at a high risk of surgery-specific and general complications.