A femoral neck fixation prosthesis and method of using same which reduces bone loss and the avoids the other shortcomings of the prior art by allowing the fixation of a stable femoral head replacement while reducing the amount of the femur which must be reamed for the insertion of the prosthesis. The preferred embodiment provides that the femoral head is attached to a fixation prosthesis, which extends coaxially through the canal of the femoral neck, into the femur, and is then attached to the opposite lateral wall of the femur. In this manner, the prosthesis serves to imitate the original structure of the femoral neck. No other support members, either crosspins or arms extending into the length of the femur, are required.