Background: Polycystic ovary syndrome (PCOS) is a heterogeneous androgen-excess disorder with varying degrees of reproductive and metabolic abnormalities, whose diagnosis is based on anthropometric, biochemical, and radiological abnormalities. This study was conducted to observe the frequency of different phenotypes of PCOS and to observe the pattern of clinical profile and hormonal changes among them. Methods: This cross-sectional observational study was conducted at the Endocrinology and Obstetrics and Gynecology Outpatient Department of Bangladesh Institute of Research and Rehabilitation in Diabetes, Endocrine, and Metabolic Disorders over the period of 13 months, dated from April 2016 to April 2017. Eighty patients clinically diagnosed as a case of PCOS were included in this study as per inclusion and exclusion criteria. Patients were categorized into four different phenotypes based on the presence of oligo-anovulation (O), hyperandrogenism (H), and polycystic ovarian morphology (P): (i) Phenotype A (O + H + P), (ii) Phenotype B (O + H), (iii) Phenotype C (H + P), and (iv) Phenotype D (O + P). Demographic, clinical, anthropometric, and hormonal profiles were recorded and compared among phenotypes of PCOS by ANOVA and Chi-square test. Results: Most prevalent phenotype in the study population was Phenotype A (55%), followed by Phenotype D (22.5%), Phenotype B (15%), and Phenotype C (7.5%). Hirsutism, acne, acanthosis nigricans, and family history of diabetes mellitus were more common in Phenotype A and Phenotype B than in Phenotype C and Phenotype D (P < 0.001, P = 0.029, P = 0.008, and P = 0.048, respectively). Relatively, higher body mass index, waist circumference, and waist–hip ratio were found in Phenotypes A and B than in other phenotypes (P < 0.001, P < 0.001, and P < 0.001, respectively). Phenotypes A and B had higher serum total testosterone, luteinizing hormone (LH), free androgen index, and lower sex hormone-binding globulin than other phenotypes (P = 0.003, P = 0.007, P = 0.001, and P < 0.001, respectively). Follicle-stimulating hormone (FSH), LH/FSH ratio, prolactin, and thyroid-stimulating hormone were comparable in all phenotypes (P 0.445, 0.204, 0.748, and 0.811, respectively). Conclusions: The PCOS in certain subgroups such as Phenotypes A and B had higher hyperandrogenism and was associated with adverse anthropometric and clinical parameters. Clinical and hormonal findings are different in different phenotypes.