Vector-quantized (VQ) generative models have shown promising results in real-world image super-resolution (Real-ISR). However, existing methods typically rely on a monolithic latent space that entangles low-frequency structures with high-frequency textures. This entanglement forces a single codebook to capture a combinatorially complex set of structure-texture pairings, which constrains representational capacity and limits codebook utilization. To address this issue, we present HiTokSR, a hierarchical token prediction framework. Instead of using a single codebook, HiTokSR partitions the latent space along the channel dimension into frequency-aware groups, quantizing each with an independent sub-codebook. This coarse-to-fine design disentangles global structures from fine details, enhancing combinatorial expressiveness while circumventing the optimization instability of high-dimensional nearest-neighbor lookups. To further improve semantic consistency, our generator integrates priors from a vision foundation model via adaptive feature modulation, multi-scale class tokens, and a representation alignment loss. Additionally, we introduce an index-level perturbation strategy during decoder fine-tuning to bridge the train-test discrepancy in discrete token prediction. Extensive experiments on real-world benchmarks demonstrate that HiTokSR achieves state-of-the-art performance in both perceptual quality and reconstruction fidelity.