Objectives-The aim of this study was to compare the diagnostic performance of multiparametric transrectal ultrasound (TRUS), including grayscale imaging, color Doppler imaging, shear wave elastography, and contrast-enhanced ultrasound, to that of multiparametric magnetic resonance imaging (MRI), including T2-weighted, diffusion-weighted, and dynamic contrast-enhanced MRI, in the diagnosis of localized prostate cancer (PCa; lesions at stage T2 or lower).Methods-Seventy-eight patients were prospectively enrolled, including 40 in a benign prostate group and 38 in a localized PCa group (≤T2). The diagnostic performance of multiparametric TRUS and multiparametric MRI in detecting localized PCa was analyzed with surgical and biopsy pathologic results as the references.Results-Multiparametric TRUS had higher sensitivity, negative predictive value, and accuracy than multiparametric MRI (97.4% versus 94.7%, 96.9% versus 92.3%, and 87.2% versus 76.9%, respectively) for detecting localized PCa. The mean area under the receiver operating characteristic curve AE SD for multiparametric TRUS was 0.874 AE 0.043 (95% confidence interval, 0.790-0.959), and it was 0.774 AE 0.055 (95% confidence interval, 0.666-0.881) for multiparametric MRI.Conclusions-Our results suggest that multiparametric TRUS has high diagnostic performance in the diagnosis of localized PCa. Multiparametric TRUS is compatible with multiparametric MRI in the detection of localized PCa (≤T2).