Few-layer and thin film forms of layered black phosphorus (BP) have recently emerged as a promising material for applications in high performance nanoelectronics and infrared optoelectronics. Layered BP thin films offer a moderate bandgap of around 0.3 eV and high carrier mobility, which lead to transistors with decent on-off ratios and high on-state current densities. Here, we demonstrate the gigahertz frequency operation of BP field-effect transistors for the first time. The BP transistors demonstrated here show respectable current saturation with an on-off ratio that exceeds 2 × 103. We achieved a current density in excess of 270 mA/mm and DC transconductance above 180 mS/mm for hole conduction. Using standard high frequency characterization techniques, we measured a short-circuit current-gain cutoff frequency fT of 12 GHz and a maximum oscillation frequency fmax of 20 GHz in 300 nm channel length devices. BP devices may offer advantages over graphene transistors for high frequency electronics in terms of voltage and power gain due to the good current saturation properties arising from their finite bandgap, thus can be considered as a promising candidate for the future high performance thin film electronics technology for operation in the multi-GHz frequency range and beyond.