Dynamic contrast enhanced magnetic resonance imaging (DCE-MRI) involves the acquisition of images before, during and after the injection of a contrast agent. In order to perform quantitative modeling on the resulting signal intensity time course, data must be acquired rapidly, which compromises spatial resolution, signal to noise and/or field of view. One approach that may allow for gains in temporal or spatial resolution or signal to noise of an individual image is to use compressed sensing (CS) MRI. In this study, we demonstrate the accuracy of extracted pharmacokinetic parameters from DCE-MRI data obtained as part of pre-clinical and clinical studies in which fully sampled acquisitions have been retrospectively undersampled by factors of 2, 3 and 4 in Fourier space and then reconstructed with CS. The mean voxel-level concordance correlation coefficient for K(trans) (i.e. the volume transfer constant) obtained from the 2× accelerated and the fully sampled data is 0.92 and 0.90 for mouse and human data, respectively; for 3×, the results are 0.79 and 0.79, respectively; for 4×, the results are 0.64 and 0.70, respectively. The mean error in the tumor mean K(trans) for the mouse and human data at 2× acceleration is 1.8% and -4.2%, respectively; at 3×, 3.6% and -10%, respectively; at 4×, 7.8% and -12%, respectively. These results suggest that CS combined with appropriate reduced acquisitions may be an effective approach to improving image quality in DCE-MRI.