MRI of the prostate can aid in many aspects of prostate cancer management, from initial detection to treatment planning and follow-up. This review describes the current strengths and limitations of conventional anatomic and molecular MR imaging techniques (including MR spectroscopic imaging and dynamic contrast-enhanced imaging) for aiding prostate cancer management. It also describes promising emerging approaches for acquiring, analyzing, and applying MR imaging data, and the major research and educational efforts that will be required to realize the potential of prostate MR imaging in routine clinical practice. J. Magn. Reson. Imaging 2011;33:258–274. © 2011 Wiley-Liss, Inc.