The 2021 U.S. National Seismic Hazard Model (NSHM) for the State of Hawaii updates the two-decades-old former model by incorporating new data and modeling techniques to improve the underlying ground shaking forecasts of tectonic-fault, tectonic-flexure, volcanic, and caldera collapse earthquakes. Two earthquake ground shaking hazard models (public policy and research) are produced that differ in how they account for declustered catalogs. The earthquake source model is based on (1) declustered earthquake catalogs smoothed with adaptive smoothing methods, (2) earthquake rate forecasts based on three temporally varying 60-year time periods, (3) maximum magnitude models that extend to larger earthquakes than previously considered, (4) a separate Kīlauea-specific seismogenic caldera collapse model which accounts for clustered event behavior observed during the 2018 eruption, and (5) fault ruptures that consider historic seismicity, GPS-based strain rates, and a new Quaternary fault database. Two new Hawaii-specific ground motion models (GMMs) and five additional global models consistent with Hawaii shaking data are used to forecast ground shaking at 23 spectral periods and peak parameters. Site effects are modeled using western U.S. and Hawaii specific empirical equations and provide shaking forecasts for eight site classes. For most sites the new model results in similar spectral accelerations as those in the 2001 NSHM, with a few exceptions caused mostly by GMM changes. Ground motions are highest in the southern portion of the Island of Hawai‘i due to high rates of forecasted earthquakes on décollement faults. Shaking decays to the northwest where lower earthquake rates result from flexure of the tectonic plate. Large epistemic uncertainties in source characterizations and GMMs lead to an overall high uncertainty (more than a factor of 3) in ground shaking at Honolulu and Hilo. The new shaking model indicates significant chances of slight or greater damaging ground motions across most of the island chain.