Commercial MR imaging/magnetic resonance spectroscopic imaging (MRSI) packages for staging prostate cancer on 1.5-T MR scanners are now available. The technology is becoming mature enough to begin assessing its clinical utility in selecting, planning, and following prostate cancer therapy. Before therapy, 1.5-T MR imaging/MRSI has the potential to improve the local evaluation of prostate cancer presence and volume and has a significant incremental benefit in the prediction of pathologic stage when added to clinical nomograms. After therapy, two metabolic biomarkers of effective and ineffective therapy have been identified and are being validated with 10-year outcomes. Accuracy can be improved by performing MR imaging/MRSI at higher magnetic field strengths, using more sensitive hyperpolarized (13)C MRSI techniques and through the addition of other functional MR techniques.