Conventional anatomic MR imaging has evolved to a superior modality in the evaluation of prostate carcinoma and is now a widely established technique in the detection and staging of this disease, aiding in clinical decision making on treatment and therapy evaluation. Recent improvements in functional MR techniques, such as diffusion-weighted MR imaging and dynamic contrast-enhanced MR imaging, have greatly increased the impact of MR imaging in prostate cancer. The combination of T2-weighted imaging, diffusion-weighted MR imaging, and dynamic contrast-enhanced MR imaging may overcome the limitations of conventional T2-weighted MR imaging of the prostate and may be able accurately to detect, localize, stage, and grade prostate carcinoma and guide biopsies.