Maternal Hb and fetal growth change dynamically throughout pregnancy. We examined the associations of time-specific Hb levels and Hb trajectories with fetal biometrics and adverse birth outcomes. This prospective study included 6844 pregnant women (mean age 26·6 (sd 3·7) years) from the Tongji-Huaxi-Shuangliu Birth Cohort. Hb levels were measured at four periods: early (6–12 gestational weeks), middle (13–27), middle-late (28–32) and late pregnancy (33–37). Fetal biometrics were assessed by ultrasound from middle to late pregnancy. Birth outcomes were obtained from medical records, including small for gestational age (SGA), low birth weight (LBW) and preterm birth. Three Hb trajectories were identified: consistent decline (Trajectory 1), consistently low (Trajectory 2) and increase from middle-late pregnancy (Trajectory 3). Compared with Trajectory 1, Trajectory 3 was associated with lower estimated fetal weight (β, −0·54; 95 % CI −0·99, −0·09) and abdominal circumference (β, −0·21; 95 % CI −0·40, −0·01) in late pregnancy and higher umbilical artery resistance index across pregnancy (β, 0·65; 95 % CI 0·31, 1·00). Trajectory 3 was also associated with higher risk of LBW (OR, 1·57; 95 % CI 1·09, 2·26). In middle-late pregnancy, higher Hb (≥ 130 g/l) was associated with higher risks of LBW (OR, 2·26; 95 % CI 1·08, 4·25) and preterm birth (OR, 2·03; 95 % CI 1·12, 3·44) compared with the reference (110–129 g/l). Elevated maternal Hb from middle-late pregnancy onwards may be associated with lower fetal weight and increased risk of LBW. Dynamic monitoring of maternal Hb may facilitate targeted nutritional management in pregnant women.