Lipinski left the field clutching his shoulder, which was already heavily strapped, after completing a tackle in the fourth quarter in Launceston on Thursday night.
The 24-year-old has previously had issues with the shoulder, and underwent a reconstruction last year after carrying the injury in the latter part of the season.
The club confirmed post-match Lipinski suffered a dislocation and will undergo an MRI.
"He's a great young man, so we cross our fingers it is on the lighter side," Collingwood assistant coach Brendon Bolton said.
Collingwood, last year's preliminary finalists, meet reigning premiers Geelong in a huge round-one clash on March 17.
Lipinski had earlier booted two goals for the Magpies, who held on for a 15.16 (106) to 14.16 (100) victory against a plucky young Hawks outfit.
Jordan De Goey dominated with a game-high 31 disposals and three goal assists, but could face match review officer scrutiny for a throw tackle in the last quarter.
De Goey linked with ex-Hawk Tom Mitchell nicely through the midfield, while former Brisbane Lions ruck-forward Daniel McStay kicked two first-quarter goals.
Another off-season addition, former Giant Bobby Hill, provided some good touches, including a sprint down the wing to set up Brody Mihocek in the second quarter.
Hawthorn draftee Cam Mackenzie had an eye-catching performance, picking up 24 disposals, one goal and two assists.
"He's a great kid. Provides a lot of energy. Can use the ball really well. He shows real poise and is able to scan and find targets," Hawthorn assistant coach Chris Newman said.
The 19-year-old - pick No.7 in the 2022 draft - provided a pinpoint kick inside 50 in the third term for Fergus Greene, who topped the goal count with three.
Greene hasn't played in the AFL since 2018 but could be a valuable addition for the Hawks, who meet Essendon in round one.
Changkuoth Jiath had some solid moments in defence for Hawthorn in his first pre-season appearance.
Collingwood came flying out of the blocks with three straight goals but couldn't shake a dogged Hawthorn, who are entering a new era without the likes of Mitchell, Jaeger O'Meara and Jack Gunston.
The Hawks were behind 37-30 at the first break despite trailing inside 50s 20-10.
