Prostate cancer remains a major health concern for the male population. During the past decade, a dramatic increase in prostate-specific antigen and transurethral resection of the prostate has resulted in increased detection rate of small lesions and increased incidence of this disease. Needle biopsies in asymptomatic men have also contributed to the increased incidence of prostate cancer, leading to an increasing incidence-to-mortality ratio. Magnetic resonance imaging (MRI) is the modality of choice in prostate cancer patients with increased prostate-specific antigen levels before or after prostate cancer diagnosis confirmed by biopsy and T2-weighted imaging (T2W) has been used as a standard technique in detection. During the last decade, dynamic contrast-enhanced MRI has emerged as one of the main techniques used in multiparametric MRI of the prostate gland in cancer patients. Dynamic contrast-enhanced MRI has been routinely used for detection and diagnosis of the tumor, for staging and monitoring the therapeutic response, as well as for guiding targeted biopsies in patients with suspected prostate cancer or with a negative biopsy result. In this article, we are going to review the analysis techniques of dynamic contrast-enhanced MRI and its various clinical applications in prostate cancer patients.