Lots and lots of bad stuff. Pick a piece on the bow and put it in the list of things that can be broken or cracked. Cams, limbs, limb pockets, string, riser. You name it it can break. The reason is is that there is nowhere to transfer the stored energy so it all go back in the bow very quickly and violently breaking and stressing stuff in the process. Will it happen every time? No. But its never a good idea. Always draw with either an arrow on or the release that has that big hook on it so the string can't come off. Can't think of what that is called.
As frantic29 stated above there are lists upon lists of things that can be damaged when dry fired as well as the company's warranty being voided and they will no longer cover any damages.
when I was young I once dry fired a bow showing off in front of some girls with my friends...and lets just say the slap on my foreman can still be felt today and I'm 32.......it didn't feel good ....as stated by many, damage to the bow and to yourself as well......not highly recommended
Aside from trashing a bow remember that it is very possible that you will cause yourself or others around you some serious injury's too! Once saw a video of one blowing up and sent chuncks of limbs into the dudes forehead.
i did this today with my bear. wasnt a full dry fire. it slipped from my fingers as i was letting the string back. checked the limbs with a q-tip. pulled it back a couple times. no weird sounds. just got done shooting it and i was tacking the 'O' in the word "BLOCK" on my target at 20 yards. my prognosis: the bow is fine. but i will be extra careful always now. u can replace a bow with a couple hundred bucks...but you cant replace an eye
From what I read it will "explode". When in fact it may do nothing (unlikely) or you may get a catastrophic failure (broken riser, limbs, sting/cable and/or bent cams). I plan to explode a bow some day...but I will use dynamite. Alway draw a bow with an arrow in it, pointed in a safe direction. Slim chance of a dry fire then.
If you're lucky not to blow it up when you dry fire one then you'll just be standing there with an "Oh S***." look on your face and your heart pounding. I've experienced it personally.
Get a Hoyt haven't seen one damaged yet by a dry fire other then the strings. But in my apinion if you dry fire a bow you deserve what ever you get for being dumb enough to let it happen in the first place Sent from my hand held hunting device
Best advice. Don't do it. I make it a rule for myself and anyone handling my bows to use a release and also an arrow, regardless. I'd sooner loose an arrow than destroy a $800+ dollar bow.
It has the potential to damage just about any part of the bow, yourself, and the people around you. Or it could do nothing at all, but I would rather not risk it. Any time I draw my bow I have an arrow nocked, even inside. I would rather send an arrow through my living room wall than have to buy another bow.
When a bow is at full draw, there is a lot of stored energy. That energy must be released into something...preferably an arrow. Otherwise all that stored energy goes back into the bow...and that "usually" results in messed up strings, cams and axles...and in worse cases...cracked limbs. Not to mention the potential of hurting yourself or those around you. Don't ever draw a bow without an arrow in it...and you'll never have to find out.