Hip fractures in elderly patients are the most severe form of fragility fractures. They can lead to significant morbidity and mortality; additionally, they have an enormous economic and social burden. Treatment of hip fractures in elderly patients should be based on a prompt initial evaluation, followed by surgical treatment without unnecessary delays under a collaborative effort of a multidisciplinary team. Postoperative care should be started immediately after surgery, and it must include an intensive rehabilitation, as well as treatment of osteoporosis and any other metabolic imbalance. This review incorporates current literature on initial evaluation and definitive management of hip fractures in the elderly and is intended to assist practitioners of different specialties treating these patients.