Objective: To investigate the associations between nutrition risk status, body composition and physical performance among community‐dwelling older New Zealanders. Methods: This cross‐sectional study enrolled 257 community‐dwelling older adults (median age 79 years). Assessments included the Mini Nutritional Assessment‐Short Form (MNA®‐SF) for nutrition risk; the Eating Assessment Tool‐10 for dysphagia risk; bioimpedance analysis for body composition (free fat mass (FFM) and percentage body fat) and gait speed for physical performance. A multiple logistics regression analysis was conducted, to determine factors associated with lower odds [OR (95% CI)] for nutrition risk. Results: Every yearly increase in age was associated with higher odds 1.09 (1.01–1.17) for nutrition risk. Additionally, nutrition risk was less likely to occur among participants of age <85 years 0.30 (0.11–0.79), with no dysphagia 0.29 (0.09–0.97) and those with a healthy gait speed 0.29 (0.09–0.97). Lower odds for nutrition risk were also found with increasing values of FFM index 0.51 (0.34–0.77), and percentage body fat 0.81 (0.72–0.90). Gait speed was positively correlated with FFM index (r=0.19 p<0.022), percentage body fat (r=0.23, p=0.006) and BMI (r=0.29, p<0.001). Conclusion: Among these participants, associations between nutrition risk, body composition and physical performance were found. Implications for public health: Routine screening of nutrition risk and/or physical performance among vulnerable older adults is key towards identifying those in need of assessment and dietary intervention. Alongside strategies to encourage physical activity, this may help to slow losses of FFM and protect physical performance.