Background: Over the last decade, frequency of preterm births has increased in many countries and this has been mainly attributed to rise in late preterm births. In present scenario, late preterm neonates constitute more than half of all preterm births. Problems faced by these late preterm neonates have been given little importance due to the false notion that they are nearly mature. Whereas, late preterm neonates have a significant higher risk of complications, NICU admission rates, re-admission rates after initial hospital discharge and mortality as compared to their term counterparts. Aim and Objectives: To study the risk factors, morbidity and mortality of late preterm neonates. Methodology: We conducted a single centre prospective observational study at postnatal ward and NICU of NMCH, Patna over a period of 18 months from January 2019 to June 2020 including neonates born between 34-0/7 to 36-6/7 weeks of gestation. Results: Total number of neonates born preterm was 249 out of which 139 (55.8%) were late preterm and the rest 110 (44.2%) were born at <34 weeks of gestational age. Out of these 139 late preterm babies, 81 (58.3%) were males and 58 (41.7%) were females. The three commonest risk factors for late preterm birth were PIH (30.2%), PPROM (21.1%) and APH (19.4%) and together these three contributed to more than 70% of late preterm births. The most common co-morbidities in late preterm neonates were jaundice (22.3%), respiratory distress (19.4%) and feed intolerance (15.1%). As compared to their term counterparts, late preterm neonates were more likely to suffer from jaundice, respiratory distress, sepsis, hypoglycemia, feed intolerance, polycythemia and TTNB. Also, the late preterm neonates had a significantly higher rate of NICU admission as well as mortality as compared to the term neonates. They were also more likely to need oxygen support, CPAP support, surfactant therapy and phototherapy as compared to their term counterparts. Conclusions: Late preterm newborns form a vulnerable group who are at risk of a significantly higher morbidity and mortality as compared to their term counterparts.