Multiparametric magnetic resonance imaging (mpMRI) has an indisputable advantage in diagnosis of local recurrences of prostate cancer (PCa). Even though mpMRI has been shown to be very informative for detection of local PCa recurrences, high variability in its application and interpretation remains. Experts from the European Society for Urogenital Radiology (ESUR), the Imaging Committee of the European Association of Urology (ESUI), and several members of the PI-RADS committee developed a unified report system called Prostate Imaging Recurrence Reporting (PI-RR) to measure the risk of local recurrence of PCa in men who have had radical prostatectomy and radiation therapy and are being followed up. The principles of mpMRI that form the basis of PI-RR are well known and are stated in the PI-RADS v.2.1 guidelines, which have proven their diagnostic efficiency. The PI-RR system has the potential to become an important tool for improving communication between specialists involved in the process of PCa diagnosis and treatment, for optimizing treatment strategy in patients with local PCa recurrence, and for improving survival rates in patients with PCa after specialized anticancer treatment.