In this study we determined the risk factors for infection and colonization by Candida spp. in our Neonatal Intensive Care Unit (NICU). We designed a cohort study in the NICU of the La Paz University Hospital. Over a one year period, 153 neonates admitted to the NICU were studied. In the bivariable analysis, hospitalization period, central catheterization, parenteral feeding, parenteral lipid feeding, respiratory support and premature rupture of the membranes (PRM) were statistically associated with infection and colonization; age was only associated with infection. Logistic regression was used to control the confusing factors. The hospitalization period was a risk factor for infection and colonization. PRMs were also colonization risk factors. We developed a statistical equation that predicts the probability of infection or colonization by Candida spp. that are related to a neonate's specific characteristics. The equation helps us to develop preventive procedures.