Increased combined free light chains (cFLCs) are strongly prognostic of death in general populations and in patients with chronic kidney disease, but scarce data are available on cFLC in heart failure (HF). The aim of this study was to assess the dynamics and prognostic significance of cFLC levels in patients after admission with acute HF (AHF). cFLC measurements were compared in 49 patients with AHF, 37 patients with stable HF, 43 patients with stable coronary artery disease and without HF (“disease controls”), and 37 healthy controls. The association of cFLC with death and/or rehospitalization was assessed. Patients with AHF had significantly elevated cFLC levels, compared with other groups (p <0.001). Patients with stable HF showed higher levels of cFLCs than healthy controls. In patients with AHF, cFLC levels were correlated with cystatin C (Spearman's r = 0.63, p <0.001) and creatinine (Spearman's r = 0.47, p = 0.002). During 3-month follow-up, brain natriuretic peptide was reduced significantly (p = 0.017), but cFLCs did not change significantly. In a multivariate Cox regression analysis, the higher quartiles of cFLCs were significantly associated with death or readmission (hazard ratio 8.34, 95% confidence interval 2.38 to 29.22, p = 0.0009) after adjustment for age, gender, brain natriuretic peptide and cystatin C levels. Higher quartiles of cFLCs were prognostic for death alone (hazard ratio 14.0, 95% confidence interval 1.72 to 113.8, p = 0.014). In conclusion, increased serum cFLC concentrations in patients with AHF were independently associated with prognosis. In patients with AHF, elevated cFLC levels persist long after clinical stabilization, which may reflect immune disturbances and/or the reduced capacity of (perhaps functionally impaired) kidneys and the endothelium to eliminate them.