Background: This study aimed to compare deep learning with radiologists’ assessments for diagnosing ovarian carcinoma using MRI. Methods: This retrospective study included 194 patients with pathologically confirmed ovarian carcinomas or borderline tumors and 271 patients with non-malignant lesions who underwent MRI between January 2015 and December 2020. T2WI, DWI, ADC map, and fat-saturated contrast-enhanced T1WI were used for the analysis. A deep learning model based on a convolutional neural network (CNN) was trained using 1798 images from 146 patients with malignant tumors and 1865 images from 219 patients with non-malignant lesions for each sequence, and we tested with 48 and 52 images of patients with malignant and non-malignant lesions, respectively. The sensitivity, specificity, accuracy, and AUC were compared between the CNN and interpretations of three experienced radiologists. Results: The CNN of each sequence had a sensitivity of 0.77–0.85, specificity of 0.77–0.92, accuracy of 0.81–0.87, and an AUC of 0.83–0.89, and it achieved a diagnostic performance equivalent to the radiologists. The CNN showed the highest diagnostic performance on the ADC map among all sequences (specificity = 0.85; sensitivity = 0.77; accuracy = 0.81; AUC = 0.89). Conclusion: The CNNs provided a diagnostic performance that was non-inferior to the radiologists for diagnosing ovarian carcinomas on MRI.