Purpose To investigate the diagnostic performance of a dual-parameter approach by combining either volumetric interpolated breath-hold examination (VIBE)- or golden-angle radial sparse parallel (GRASP)-derived dynamic contrast agent-enhanced (DCE) MRI with established diffusion-weighted imaging (DWI) compared with traditional single-parameter evaluations on the basis of DWI alone. Materials and Methods Ninety-four male participants (66 years ± 7 [standard deviation]) were prospectively evaluated at 3.0-T MRI for clinical suspicion of prostate cancer. Included were 101 peripheral zone prostate cancer lesions. Histopathologic confirmation at MRI transrectal US fusion biopsy was matched with normal contralateral prostate parenchyma. MRI was performed with diffusion weighting and DCE by using GRASP (temporal resolution, 2.5 seconds) or VIBE (temporal resolution, 10 seconds). Perfusion (influx forward volume transfer constant [Ktrans] and rate constant [Kep]) and apparent diffusion coefficient (ADC) parameters were determined by tumor volume analysis. Areas under the receiver operating characteristic curve were compared for both sequences. Results Evaluated were 101 prostate cancer lesions (GRASP, 61 lesions; VIBE, 40 lesions). In a combined analysis, diffusion and perfusion parameters ADC with Ktrans or Kep acquired with GRASP had higher diagnostic performance compared with diffusion characteristics alone (area under the curve, 0.97 ± 0.02 [standard error] vs 0.93 ± 0.03; P < .006 and .021, respectively), whereas ADC with perfusion parameters acquired with VIBE had no additional benefit (area under the curve, 0.94 ± 0.03 vs 0.93 ± 0.04; P = .18and .50, respectively, for combination of ADC with Ktrans and Kep). Conclusion If used in a dual-parameter model, incorporating diffusion and perfusion characteristics, the golden-angle radial sparse parallel acquisition technique improves the diagnostic performance of multiparametric MRI examinations of the prostate. This effect could not be observed combining diffusing with perfusion parameters acquired with volumetric interpolated breath-hold examination. © RSNA, 2018.