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Hingis reached her fifth consecutive Australian Open final in [[2001]], where she lost to [[Jennifer Capriati]] 6-4, 6-3. She briefly ended her coaching relationships with her mother Melanie early in the year but had a change of heart two months later just before the [[French Open]]. Hingis underwent surgery on her right ankle in October 2001.
Coming back from injury, Hingis won the Australian Open doubles final at the start of [[2002]] (again teaming with Kournikova) and reached a sixth straight Australian Open final in singles, again facing Capriati. But having led by a set and 4-0 (and even having a few match points), Hingis went on to lose 4-6, 7-6, 6-2. In May 2002, she needed another ankle ligament operation, this time on her left ankle. After that, she continued to struggle with injuries and was never able to recapture her best form. Her doctors thought that she was able to play, and some believed that her losses were more a result of the new power game (as played by Kim Clijsters, Venus Williams, Serena Williams, Jennifer Capriati, etc.) passing her by than any debilitating physical ailments. This oft repeated misconception is not supported by the statistics however, since in head to heads against the aforementioned ''power players'' Hingis has more career wins than losses (W26 - L25).
In 2003, at the age of 22, Hingis announced her retirement from tennis. In several interviews, she indicated she was attending an advanced English course at AKAD in Zürich to broaden her career opportunities.
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