Background: Frail inpatients often receive multiple interventions and care processes, yet it remains unclear which outcomes matter most to patients and caregivers. We aimed to identify the outcomes most important to frail hospitalised patients and their caregivers, and to describe the reasons for their priorities. Methods: Focus groups were conducted with frail adults who had been hospitalised, and their caregivers. Participants generated, discussed, and prioritised important outcomes based on their hospital experiences. Prioritised outcomes were analysed descriptively, and qualitative data were analysed using inductive thematic analysis. Results: Thirty participants (13 patients, 10 caregivers, and 7 who identified as both patient and caregiver) participated in nine focus groups and identified 100 outcomes. Participants prioritised both clinical and care delivery and experience outcomes, with the highest-ranked being quality of life (mean priority score [MPS] = 60%), pain control (MPS = 40.2%), mobility (MPS = 30%), and discharge preparedness (MPS = 28.4%). Nine themes reflected the reasons for their priorities: three relating to life impacts: three relating to life impacts (‘Threats to quality of life’, ‘Regaining and maintaining independence’ and ‘Increased financial strain with limited support’); five relating to hospital care experiences (‘Person-centred goals of care and shared decision-making in hospital’, ‘Importance of communication and relationship with healthcare providers’, ‘Being ready to get discharged’, ‘Follow-up and support at home’ and ‘Barriers to coordination of care’); and one on caregiver perspectives (‘Caregiver pressure’). Conclusion: Outcomes prioritised by frail hospitalised patients and caregivers extend beyond traditional clinical indicators to include care delivery and transition-related priorities.