Post-Prostate cancer is the second leading cause of cancer death in men. Prostate-specific antigen (PSA) testing has led to an over-diagnosis of relatively indolent disease, which has been further compounded by the limitations of traditional diagnosis by transrectal ultrasound-guided biopsy. Improvements in MRI technique and, in particular, functional imaging have enabled the radiologist to play a key role in the risk stratification and management of patients, with a drive to utilizing MRI early in the diagnostic pathway. However, the technique remains challenging both in the acquisition of images and in their interpretation, highlighting the need for the recent push towards greater standardisation. The benefits and limitations of MRI are discussed, along with future directions in the field.