The incidence of prostate cancer ranks the second in malignant tumors among elderly males. Multi-parametric MRI (Mp-MRI) is an important mean for detection, staging, and grading of prostate cancer. In order to standardize the collection, interpretation, and reporting of prostate MRI data, the European Urogenital Radiology Society launched the Prostate Imaging Reporting and Data System (PI-RADS) in 2012. Due to some limitations in the application process, the Joint Committee of the American Society of Radiology and the European Society of Radiology issued an updated version of PI-PADS V2 in 2014. In recent years, some studies have been carried out on the effectiveness, accuracy, and consistency of the diagnosis of prostate cancer. This article will review the application and research status of PI-RADS V2 system in the diagnosis of Mp-MRI for prostate cancer.