Background: Intraductal papillary mucinous neoplasms (IPMN) have an adenoma-carcinoma sequence but to date the impact of the different dysplastic grades on survival is not thoroughly explored. Studies often tend to classify high-grade dysplastic lesions as malignant together with invasive lesions when performing comparative subgroup analyses. Methods: A retrospective review of prospectively collected data was performed using a nationwide register on histologically diagnosed IPMNs resected in Sweden during 2011 - 2016. Patients with a histological staging of the dysplastic grade, from low-grade to invasive carcinoma were included. Results: A total of 238 patients were included (211 noninvasive and 27 invasive). There was no difference in survival between low-grade, intermediate-grade and high-grade dysplastic lesions (p=0.722) and they had similar 3-year survival 83%, 89% and 92%, respectively. However, once invasive the prognosis was severely impacted (p<0.001). One-year survival was 41% for invasive IPMN and 94% for noninvasive IPMN. Survival was slightly better but still worse in lymph node negative invasive IPMNs compared to noninvasive lesions (p=0.026). There was no age difference between the different dysplastic grades. Diabetes mellitus and a CA19-9 ≥37 U/ml were more often seen in patients with invasive IPMN. Conclusion: High-grade dysplastic IPMN should not be considered a malignant disease, a finding that is consisting with previous work. Invasive IPMN has a poor prognosis even when lymph node negative.