Most Lipizzans measure between 14.2 and 15.2 hands (58 to 62 inches, 147 to 157 cm) However, horses bred that are closer to the original carriage-horse type are taller, approaching 16.1 hands. Lipizzans have a long head, with a straight or slightly convex profile. The jaw is deep, the ears small, the eyes large and expressive and the nostrils flared. They have a neck that is sturdy, yet arched and withers that are low, muscular and broad. They are a Baroque-type horse, with a wide, deep chest, broad croup and muscular shoulder. The tail is carried high and well set. The legs are well-muscled and strong, with broad joints and well-defined tendons. The feet tend to be small, but are tough.

Lipizzan horses tend to mature slowly. However, they live and are active longer than many other breeds, with horses performing the difficult exercises of the Spanish Riding School well into their 20s and living into their 30s.