As prostate cancer is a biologically heterogeneous disease for which a variety of treatment options are available, the major objective of prostate cancer imaging is to achieve more precise disease characterization. Magnetic resonance imaging (MRI) may enhance the staging of prostate cancer compared with clinical evaluation, transrectal ultrasound, or computed tomography (CT), and allows concurrent evaluation of prostatic, periprostatic, and pelvic anatomy. In clinical practice, the fusion of MRI or dynamic contrast-enhanced MRI (DCE-MRI) with MR spectroscopic imaging (MRSI) is improving the evaluation of cancer location, size, and extent, while providing an indication of tumor aggressiveness. Pretreatment knowledge of these prognostic variables is essential for achieving minimally invasive, patient-specific therapy.