Risk-based patient selection for systematic biopsy in prostate cancer diagnosis has been adopted in daily clinical practice, either by clinical judgment and PSA testing, or using multivariate risk prediction tools. The use of multivariable risk prediction tools can significantly reduce unnecessary systematic biopsies, without compromising the detection of clinically significant disease. Increasingly multi-parametric magnetic resonance imaging (MRI) is performed, not only in men with a persistent suspicion of prostate cancer after prior negative systematic biopsy, but also at initial screening before the first biopsy. The combination of MRI and multivariate risk prediction tools could potentially enhance prostate cancer diagnosis using multivariate MRI incorporated risk-based models to decide on the need for prostate MRI, but also using MRI results to adjusted risk-based models, and to guide MRI-directed biopsies. In this review, we discuss the diagnostic work-up for clinically significant prostate cancer, where the combination of MRI and multivariate risk prediction tools is integrated, and how together they can contribute to personalized diagnosis.Keywords Prostate cancer · Biopsy · Magnetic resonance imaging (MRI) · Risk stratification · Multivariate risk prediction · Risk calculator · NomogramThe following relevant activities related to the submitted work: Ivo G. Schoots is a full panel member of the EAU-ESTRO-ESUR-SIOG Guidelines on Prostate Cancer, and a full panel member of the PI-RADS Steering committee. Anwar R. Padhani is Co-Chair of the PI-RADS Steering committee.Publisher's Note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.