Abstract: The incidence of prostate cancer (PCa) ranks second among male malignancies worldwide. With the quickening growth of population aging, the incidence and case fatality rate of PCa are also increasing year by year. Failure to detect, test, and diagnose PCa early will seriously harm the health of elderly men. Since the new specification of multiparameter magnetic resonance imaging (mpMRI) sequence and score were updated in the prostate imaging reporting and data system V2.1, the application prospect of mpMRI in PCa has became more extensive. A number of studies have reported the application value of mpMRI in PCa before biopsy and in guiding prostate-targeted biopsy, active surveillance, local recurrence, and metastasis after radical prostatectomy. However, mpMRI still has limitations in the evaluation of PCa. This article mainly focuses on the new criteria of mpMRI key sequences and scores as well as the application progress of mpMRI in the evaluation of PCa and its current limitations and potential solutions.