ObjectivesTo describe real‐world clinical and functional outcomes in an Australian cohort of men with localised prostate cancer according to treatment type and risk category.Subjects and methodsMen diagnosed from 2008 to 2018 who were enrolled in South Australian Prostate Cancer Clinical Outcomes Collaborative registry—a multi‐institutional prospective clinical registry—were studied. The main outcome measures were overall survival, cancer‐specific survival, decline in functional outcomes, biochemical recurrence and transition to active treatment following active surveillance. Multivariable adjusted models were applied to estimate outcomes.ResultsOf the 8513 eligible men, majority of men (46%) underwent radical prostatectomy (RP) followed by external beam radiation therapy with or without androgen deprivation therapy (EBRT +/− ADT) in 22% of the cohort. Five‐year overall survival was above 91%, and 5‐year prostate cancer‐specific survival was above 97% in the low‐ and intermediate‐risk categories across all treatments. Five‐year prostate cancer‐specific survival in the active surveillance group was 100%. About 37% of men with high‐risk disease treated with RP and 17% of men treated with EBRT +/− ADT experienced biochemical recurrence within 5 years of treatment. Of men on active surveillance, 15% of those with low risk and 20% with intermediate risk converted to active treatment within 2 years. The decline in urinary continence and sexual function 12 months after treatment was greatest among men who underwent RP while the decline in bowel function was greatest for men who received EBRT +/− ADT.ConclusionThis contemporary real‐world evidence on risk‐appropriate treatment outcomes helps inform treatment decision‐making for clinicians and patients.