Background & AimsLiver stiffness measurement (LSM) by vibration‐controlled transient elastography (VCTE) is a non‐invasive diagnostic biomarker of liver fibrosis. It is uncertain if LSM can predict risk for future liver‐related outcomes in large, heterogenous populations.MethodsThis Swedish multi‐centre cohort study included patients (n = 14 414) from 16 sites who underwent LSM by VCTE between 2008 and 2020. Outcomes were ascertained from national registers. We investigated progression to cirrhosis with portal hypertension or hepatocellular carcinoma (HCC), separately. Cox regression was used to obtain hazard ratios (HRs). Harrel's C‐index was used to measure discrimination of VCTE.ResultsIncluded patients had a median age of 46 (interquartile range 34–57), median LSM of 5.9 kPa (4.6–8.0), 59% were male, and the majority had hepatitis C (50.1%). During a median follow‐up of 5.9 (4.3–8.0) years, 402 patients (2.7%) developed cirrhosis with portal hypertension. In patients with an LSM ≥25 kPa, 28.7% developed cirrhosis with portal hypertension within 5 years of follow‐up, while only .6% of patients with an LSM <10 kPa did. This translated to a HR of 48.3 (95% confidence interval = 37.6–62.0). VCTE had a high discriminative ability, with C‐indices above .80 for most liver diseases, including .82 for MASLD. Similar findings were seen for incident HCC.ConclusionsIncreased LSM by VCTE was associated with an increased risk of progression to both cirrhosis with portal hypertension, and to HCC, and had a high discriminative ability across different aetiologies of chronic liver diseases. These results support the use of VCTE to guide follow‐up and treatment decisions.