Objectives: Hip MRI using standard multiplanar sequences requires long scan times. Accelerating MRI is accompanied by reduced image quality. This study aimed to compare standard two-dimensional (2D) turbo spin echo (TSE) sequences with accelerated 2D TSE sequences with deep learning (DL) reconstruction (TSEDL) for routine clinical hip MRI at 1.5 and 3 T in terms of feasibility, image quality, and diagnostic performance. Material and Methods: In this prospective, monocentric study, TSEDL was implemented clinically and evaluated in 14 prospectively enrolled patients undergoing a clinically indicated hip MRI at 1.5 and 3T between October 2020 and May 2021. Each patient underwent two examinations: For the first exam, we used standard sequences with generalized autocalibrating partial parallel acquisition reconstruction (TSES). For the second exam, we implemented prospectively undersampled TSE sequences with DL reconstruction (TSEDL). Two radiologists assessed the TSEDL and TSES regarding image quality, artifacts, noise, edge sharpness, diagnostic confidence, and delineation of anatomical structures using an ordinal five-point Likert scale (1 = non-diagnostic; 2 = poor; 3 = moderate; 4 = good; 5 = excellent). Both sequences were compared regarding the detection of common pathologies of the hip. Comparative analyses were conducted to assess the differences between TSEDL and TSES. Results: Compared with TSES, TSEDL was rated to be significantly superior in terms of image quality (p ≤ 0.020) with significantly reduced noise (p ≤ 0.001) and significantly improved edge sharpness (p = 0.003). No difference was found between TSES and TSEDL concerning the extent of artifacts, diagnostic confidence, or the delineation of anatomical structures (p > 0.05). Example acquisition time reductions for the TSE sequences of 52% at 3 Tesla and 70% at 1.5 Tesla were achieved. Conclusion: TSEDL of the hip is clinically feasible, showing excellent image quality and equivalent diagnostic performance compared with TSES, reducing the acquisition time significantly.