In a group of 26 524 control pregnancies and a group of 3728 pregnancies affected by one or more of the pregnancy complications of low birthweight, intra‐uterine growth restriction (IUGR), preterm delivery and stillbirth, I have compared the relative risk of occurrence of these complications in pregnancies which had a raised maternal serum AFP (>2.0 MoM), raised maternal serum free β‐hCG (>2.0 MoM), low AFP (<0.5 MoM), low free β‐hCG (<0.5 MoM), combined raised AFP and free β‐hCG (>2.0 MoM), and in those with an increased Down syndrome risk (1 in 250 or greater). In the low birthweight group, only an increased AFP and decreased free β‐hCG showed significance with relative risks of 1.6 and 2.1. In the IUGR group, also only an increased AFP and decreased free β‐hCG showed significance with relative risks of 1.6 and 2.3. In the preterm delivery group, raised AFP, reduced free β‐hCG, and combined elevated AFP and free β‐hCG showed significance with relative risks of 3.8, 1.8 and 6.2. In the stillbirth group, raised AFP, reduced free β‐hCG, and combined elevated AFP and free β‐hCG showed significance with relative risks of 4.5, 2,4 and 7.2. An isolated raised free β‐hCG or an increased Down syndrome risk were not associated with an increased relative risk for any of the pregnancy complications investigated. However, apart from the six to seven‐fold increased risk when both AFP and free β‐hCG are above 2.0 MoM, suggesting increased risk of preterm delivery or impending fetal death, the clinical utility of such significant differences is probably poor. Copyright © 2000 John Wiley & Sons, Ltd.