Multiparametric magnetic resonance imaging (mpMRI) has played an increasing role in the detection and local staging of prostate cancer over the last 15 years. Prostate mpMRI, due to various factors, is prone to high inter-reader variability necessitating standardized reporting guidelines that provide accurate and actionable information to the ordering clinician. The Prostate Imaging-Reporting and Data System version 2.1 (PI-RADSv2.1) was released in March 2019 as an update to PI-RADSv2.0 with the hope of further standardizing the reporting process of prostate mpMRI, improving the detection of clinically significant cancer, reducing the biopsy rate of indolent tumors, and decreasing inter-reader variability. Early data show an improved performance of PI-RADSv2.1 over PI-RADSv2.0. Updates included in PI-RADSv2.1 and its current experience in clinic will be reviewed in this review.