Objective To explore the application effect of remimazolam combined with propofol in manual reduction of hip dislocation in elderly patients under bispectral index (BIS) monitoring. Methods A total of 75 elderly patients with hip dislocation who underwent manual reduction in Shangluo Traditional Chinese Medicine Hospital from January 2021 to December 2022 were prospectively selected as the study objects. There were 44 males and 31 females, aged 60-85 years, the American Society of Anesthesiologists (ASA) grade was grade I to II, and the body mass index (BMI) was 18.2-25.1 kg/m2. The patients were divided into group A (25 cases), group B (25 cases), and group C (25 cases) by the random number table method. All the three groups were given intravenous general anesthesia. Group A was given propofol (intravenous injection), group B was given remimazolam (intravenous injection), and group C was given remimazolam combined with propofol during manual reduction anesthesia (intravenous injection). The anesthetic effect (anesthetic induction time, anesthetic awakening time, anesthetic recovery time, and reduction time), hemodynamic indexes [mean arterial pressure (MAP) and heart rate (HR)], stress indexes [cortisol (Cor), adrenaline, and neuropeptide Y (NPY)], and adverse reactions (hypotension, bradycardia, respiratory depression, nausea and vomiting, and injection pain) were compared among the 3 groups. Analysis of variance, LSD-t test, χ2 test, and Fisher exact probability method were used. Results There was no statistically significant difference in the reduction time among the three groups (P>0.05). The anesthetic induction time [(62.31±4.15) s], awakening time [(17.26±3.45) min], and recovery time [(6.25±1.56) min] in group C were shorter than those in group A [(68.47±4.56) s, (21.47±4.29) min, and (9.48±1.89) min] and group B [(69.85±4.66) s, (22.36±4.47) min, and (9.24±1.85) min] (all P<0.05); there was no statistically significant difference in the anesthetic induction time, awakening time, or recovery time between group A and group B (all P>0.05). During and after reduction, the levels of MAP [(85.77±4.29) mmHg (1 mmHg=0.133 kPa) and (85.36±4.27) mmHg] and HR [(75.21±3.76) beats/min and (75.68±3.78) beats/min] in group C were lower than those in group A [(89.29±4.46) mmHg, (88.73±4.44) mmHg, (79.24±3.96) beats/min, and (80.15±4.02) beats/min] and group B [(90.21±4.51) mmHg, (89.56±4.47) mmHg, (78.33±3.93) beats/min, and (79.66±3.98) beats/min] (all P<0.05); there was no statistically significant difference in the level of MAP or HR between group A and group B (both P>0.05). After reduction, the levels of Cor [(291.42±32.38) nmol/L], epinephrine [(211.47±14.11) μg/L], and NPY [(118.41±14.81) μg/L] in group C were lower than those in group A [(326.85±36.32) nmol/L, (231.46±15.43) μg/L, and (137.65±17.21) μg/L] and group B [(321.54±34.73) nmol/L, (228.75±15.25) μg/L, and (135.24±16.91) μg/L] (all P<0.05); there was no statistically significant difference in the level of Cor, epinephrine, or NPY between group A and group B (all P>0.05). The total incidence of adverse reactions in group A [56.00% (14/25)] was higher than that in group B [16.00% (4/25)] and group C [12.00% (3/25)] (both P<0.05); there was no statistically significant difference in the total incidence of adverse reactions between group B and group C (P>0.05). Conclusion Remimazolam combined with propofol for manual reduction anesthesia in elderly patients with hip dislocation under BIS monitoring can effectively improve the anesthetic effect, reduce the respective dosage, promote the analgesia, and is safe.