Objective: To externally evaluate the QFracture risk prediction tool for predicting the risk of major osteoporotic fracture and hip fracture., Design: External validation cohort study., Setting: UK primary care population. Linked general practice (Clinical Practice Research Datalink (CPRD) Gold), mortality registration (Office of National Statistics), and hospital inpatient (Hospital Episode Statistics) data, from 1 January 2004 to 31 March 2016., Participants: 2 747 409 women and 2 684 730 men, aged 30-99 years, with up-to-standard linked data that had passed CPRD checks for at least one year., Main Outcome Measures: Two outcomes were modelled based on the QFracture: major osteoporotic fracture and hip fracture. Major osteoporotic fracture was defined as any hip, distal forearm, proximal humerus, or vertebral crush fracture, from general practice, hospital discharge, and mortality data. The QFracture 10 year predicted risk of major osteoporotic fracture and hip fracture was calculated, and performance evaluated versus observed 10 year risk of fracture in the whole population, and in subgroups based on age and comorbidity. QFracture calibration was examined accounting for, and not accounting for, competing risk of mortality from causes other than the major osteoporotic fracture., Results: 2 747 409 women with 95 598 major osteoporotic fractures and 36 400 hip fractures, and 2 684 730 men with 34 321 major osteoporotic fractures and 13 379 hip fractures were included in the analysis. The incidence of all fractures was higher than in the QFracture internal derivation. Competing risk of mortality was more common than fracture from middle age onwards. QFracture discrimination in the whole population was excellent or good for major osteoporotic fracture and hip fracture (Harrell's C statistic in women 0.813 and 0.918, and 0.738 and 0.888 in men, respectively), but was poor to moderate in age subgroups (eg, Harrell's C statistic in women and men aged 85-99 years was 0.576 and 0.624 for major osteoporotic fractures, and 0.601 and 0.637 for hip fractures, respectively). Without accounting for competing risks, QFracture systematically under-predicted the risk of fracture in all models, and more so for major osteoporotic fracture than for hip fracture, and more so in older people. Accounting for competing risks, QFracture still under-predicted the risk of fracture in the whole population, but over-prediction was considerable in older age groups and in people with high comorbidities at high risk of fracture., Conclusions: The QFracture risk prediction tool systematically under-predicted the risk of fracture (because of incomplete determination of fracture rates) and over-predicted the risk in older people and in those with more comorbidities (because of competing mortality). The use of QFracture in its current form needs to be reviewed, particularly in people at high risk of death from other causes., Competing Interests: Competing interests: All authors have completed the ICMJE uniform disclosure form at www.icmje.org/disclosure-of-interest/ and declare: support from the National Institute for Health Research (NIHR) Health Services and Delivery Research Programme for the submitted work; BG reports funding from NIHR, Legal and General, Medical Research Council, and Chief Scientist Office unrelated to this study; CE is supported by a research grant from Legal and General (Advanced Care Research Centre) unrelated to this study; DRM is supported by a Wellcome Trust Clinical Research Development Fellowship (grant 214588/Z/18/Z) and reports funding from NIHR, Chief Scientist Office, and Tenovus, unrelated to this study; PTD reports funding from EU Health FP7 and Chief Scientist Office unrelated to this study; no financial relationships with any organisations that might have an interest in the submitted work in the previous three years; no other relationships or activities that could appear to have influenced the submitted work., (© Author(s) (or their employer(s)) 2022. Re-use permitted under CC BY. Published by BMJ.)