PS5 4K HDR but no 120Hz/VRR (TV + HDMI settings) — fixes

This symptom is actually a useful clue: 4K HDR works, but 120Hz and VRR are greyed out or missing. That tells you the link is carrying a 4K60 signal but not a 4K120 one — which means you're on a HDMI 2.0-class port or cable — HDMI 2.0 cannot carry 4K@120Hz. 4K@60Hz HDR fits inside its 18Gbps ceiling; 4K@120Hz needs the 48Gbps of an HDMI 2.1 port and a certified Ultra High Speed cable. So the fix is about the port and the cable, then a couple of settings.

Fix the link first

1. Use the TV's HDMI 2.1 port. Most TVs have only one or two — labeled for 4K120, "Game," or "8K." A 4K120 PS5 on a plain HDMI 2.0 input will do 4K60 only and grey out 120Hz. Move the cable to the 2.1 port.
2. Use a certified Ultra High Speed cable. A 4K60-rated cable physically can't carry 4K120. Swap in a certified Ultra High Speed (48Gbps) cable — this alone fixes a lot of "no 120Hz."
3. Skip the receiver to test. If the PS5 runs through an AV receiver, the receiver also has to be HDMI 2.1 / 4K120-capable. Connect the PS5 straight to the TV's 2.1 port; if 120Hz appears, the receiver is the bottleneck. This is a common stumbling block when 4K120 passthrough isn't working on an Onkyo receiver.

Then the settings

1. Turn on the TV's enhanced HDMI mode for that port. It's Input Signal Plus (Samsung), HDMI Ultra HD Deep Color (LG), Enhanced format (Sony), or HDMI Mode: Enhanced (TCL/Vizio). Without it, the port runs limited and won't negotiate 120Hz/VRR.
2. Enable VRR on the TV. It's often off by default — turn on VRR / Game Mode / FreeSync in the TV's game settings.
3. Check the PS5 output. Settings > Screen and Video > Video Output — confirm 120 Hz Output is Automatic, VRR is Automatic (or On), and Enable 120 Hz Output is on. Then check Settings > Screen and Video > Video Output > 4K Video Transfer Rate is set to allow the full rate.

Confirm it's working

On the PS5, the Video Output screen shows the negotiated signal — you should see 2160p, 120Hz, VRR listed as supported. In-game, only titles that support 120Hz/VRR will use it; a 60fps game won't suddenly run at 120. So test with a game that has a 120Hz or Performance mode.

FAQ

Why is 120Hz greyed out but 4K HDR works? You're on a HDMI 2.0 port or cable — HDMI 2.0 cannot carry 4K@120Hz. 4K@60Hz is its ceiling; 4K@120Hz needs an HDMI 2.1 port and a certified Ultra High Speed cable.

Do I need a special cable? Yes for 4K120 — a certified Ultra High Speed (48Gbps) cable. The cable that came with the PS5 is one; a generic 4K60 cable won't do it.

VRR still won't turn on. Enable VRR in the TV's game settings (it's often off), turn on the port's enhanced HDMI mode, and set the PS5's VRR to Automatic.

It works direct but not through my receiver. The receiver isn't passing 4K120 — it needs to be HDMI 2.1 capable. Run video direct to the TV and audio back over eARC. For the full direct-and-through-receiver walkthrough, see PS5 4K/120Hz and VRR not working on TV or receiver. On an LG OLED, the LG C2/C3 PS5 4K 120 VRR setup with no blackouts covers the panel-specific steps.