Purpose: To evaluate the diagnostic effect of umbilical cord blood procalcitonin (PCT) on fetal inflammatory response syndrome (FIRS). Methods: This prospective study assessed preterm infants (100 with FIRS and 124 controls) with gestational age <32 weeks. The groups were compared in terms of the incidence of complications associated with preterm birth. To identify whether FIRS was an independent risk factor for complications of preterm birth, odds ratios (ORs) and 95% confidence intervals (CIs) were calculated by multivariable logistic regression models. Finally, we clarified the diagnostic efficiency by receiver operating characteristic curves. Results: Univariate analysis showed that the incidence of natural delivery, premature rupture of membranes (PROM) > 18h, antenatal antibiotic usage, chorioamnionitis, umbilical cord blood PCT, gestational age (GA), small for gestational age (SGA), bronchopulmonary dysplasia (BPD), early-onset sepsis (EOS), necrotizing enterocolitis (NEC), white matter injury (WMI), retinopathy of prematurity (ROP), and mortality were higher in the case group than the control group (p < 0.05). Multivariable analysis confirmed a significant association between FIRS and complications of preterm birth. The level of umbilical cord blood PCT of preterm infants could be used as a noninvasive diagnostic index for FIRS (cut-off value: 0.276 ng/ml). Conclusions: Umbilical cord blood PCT may be a reliable noninvasive diagnostic biomarker for FIRS. Chorioamnionitis, natural delivery, and the level of umbilical cord blood PCT are independent risk factors for FIRS in preterm infants, while GA was a protective factor for FIRS. FIRS is an independent risk factor for BPD, EOS, NEC, WMI and ROP.