The physical health of Māori and non-Māori with a diagnosis of bipolar disorder was compared to investigate the relationship between severe mental illness and the physical health of Māori. Patients with a diagnosis of bipolar disorder in 2010 were identified from mental health services data. Follow-up over 5 years for non-psychiatric hospital admissions and deaths showed that Māori with bipolar disorder had a higher level of morbidity and a higher risk of death from natural causes compared to non-Māori with bipolar disorder. The lack of difference in hospitalisation rates between Māori and non-Māori indicated that under-treatment of physical health conditions may have contributed to the higher risk of death from natural causes in Māori.