Magnetic resonance imaging (MRI) can provide accurate and non‐invasive diagnoses of lower extremity injuries in athletes. Sport‐related injuries commonly occur in and around the knee and can affect the articular cartilage, patellar tendon, hamstring muscles, and bone. Sports medicine physicians utilize MRI to evaluate and diagnose injury, track recovery, estimate return to sport timelines, and assess the risk of recurrent injury. This article reviews the current literature and describes novel developments of quantitative MRI tools that can further advance our understanding of sports injury diagnosis, prevention, and treatment while minimizing injury risk and rehabilitation time. Innovative approaches for enhancing the early diagnosis and treatment of musculoskeletal injuries in basketball players span a spectrum of techniques. These encompass the utilization of T2, T1ρ, and T2* quantitative MRI, along with dGEMRIC and Na‐MRI to assess articular cartilage injuries, 3D‐Ultrashort echo time MRI for patellar tendon injuries, diffusion tensor imaging for acute myotendinous injuries, and sagittal short tau inversion recovery and axial long‐axis T1‐weighted, and 3D Cube sequences for bone stress imaging. Future studies should further refine and validate these MR‐based quantitative techniques while exploring the lifelong cumulative impact of basketball on players' knees.Level of Evidence5Technical EfficacyStage 2