Background Patients with heart failure (HF) and reduced ejection fraction (rEF) have a poor prognosis. Nevertheless, in the subgroup of patients with recovered ejection fraction (recEF) prognosis is unknown. Purpose To analyze characteristics and prognosis in patients with HFrEF (initial EF and at one year <40%) and HFrecEF (initial EF <40% and at one year ≥40% with ≥10% absolute improvement from the initial value). Methods Retrospective observational study of outpatients referred to the HF unit within March/2006 and November/2021. Baseline characteristics, ecocardiographic data and follow-up were collected, discerning between patients with HFrEF and HFrecEF. Results A total of 346 patients (76.0% men) were analyzed with a mean of age 66.3 (IQR 57.8–74.4) years, of which 50.6% remained with rEF and 49.4% recEF. Median follow-up was 4.6 (2.8–7.9) years. Both groups had a similar risk profile albeit less prevalence of dyslipidemia in the group with recEF (43.5% vs 56.7%, p=0.015). Ischemic etiology predominated in those with rEF (41.7% vs 25.7%, p=0.002) and enolic in recEF (10.5% vs 3.4%, p=0.009). The incidence of combined event (readmission for HF or death) was lower in HFrecEF (33.6% vs 66.4%, p<0.001), as well as death (33.9% vs 66.1%, p<0.001) and readmission for HF (24.4% vs 75.6%, p<0.001). Prevalence of cardiovascular death was lower in the group with recEF (37.8% vs 61.1%, p=0.021). In the multivariate analysis, rEF was an independent predictor for the combined event (HR 2.17; 95% IC [1.45–3.25], p<0.001), as well as for global mortality and readmission for HF. Conclusion Patients with HFrecEF have a similar risk profile than patients with HFrEF although with better long-term prognosis. Funding Acknowledgement Type of funding sources: None.