OBJECTIVES: Introducing SPINEPS, a deep learning method for semantic and instance segmentation of 14 spinal structures (ten vertebra substructures, intervertebral discs, spinal cord, spinal canal, and sacrum) in whole-body sagittal T2-weighted turbo spin echo images. MATERIAL AND METHODS: This local ethics committee-approved study utilized a public dataset (train/test 179/39 subjects, 137 female), a German National Cohort (NAKO) subset (train/test 1412/65 subjects, mean age 53, 694 female), and an in-house dataset (test 10 subjects, mean age 70, 5 female). SPINEPS is a semantic segmentation model, followed by a sliding window approach utilizing a second model to create instance masks from the semantic ones. Segmentation evaluation metrics included the Dice score and average symmetrical surface distance (ASSD). Statistical significance was assessed using the Wilcoxon signed-rank test. RESULTS: On the public dataset, SPINEPS outperformed a nnUNet baseline on every structure and metric (e.g., an average over vertebra instances: dice 0.933 vs 0.911, p < 0.001, ASSD 0.21 vs 0.435, p < 0.001). SPINEPS trained on automated annotations of the NAKO achieves an average global Dice score of 0.918 on the combined NAKO and in-house test split. Adding the training data from the public dataset outperforms this (average instance-wise Dice score over the vertebra substructures 0.803 vs 0.778, average global Dice score 0.931 vs 0.918). CONCLUSION: SPINEPS offers segmentation of 14 spinal structures in T2w sagittal images. It provides a semantic mask and an instance mask separating the vertebrae and intervertebral discs. This is the first publicly available algorithm to enable this segmentation. KEY POINTS: Question No publicly available automatic approach can yield semantic and instance segmentation masks for the whole spine (including posterior elements) in T2-weighted sagittal TSE images. Findings Segmenting semantically first and then instance-wise outperforms a baseline trained directly on instance segmentation. The developed model produces high-resolution MRI segmentations for the whole spine. Clinical relevance This study introduces an automatic approach to whole spine segmentation, including posterior elements, in arbitrary fields of view T2w sagittal MR images, enabling easy biomarker extraction, automatic localization of pathologies and degenerative diseases, and quantifying analyses as downstream research.