Breast cancer is the single most common malignancy affecting women worldwide, making it one of the major health care problems. Several well-established clinical imaging modalities have been developed during the past two decades to study the architecture, physiology, and function of breast cancer. Breast Magnetic Resonance imaging (MRI), especially with the use of contrast agents, is an important tool for the diagnosis of breast cancer. MR imaging has recently gained popularity for its use in preoperative local staging, the localization of multiple lesions, screening of high-risk patients, and in monitoring the assessment of therapy response. Diffusion MR imaging has the potential to increase the specificity of breast cancer diagnosis, as well as to monitor early response to therapy. Additionally, perfusion MRI and MR elastography provide information on the microvascular, angiogenesis, elasticity, and other tissue-related details, thus greatly improving our ability to diagnose breast cancer. This article reviews and highlights the role of MRI as an investigational and clinical tool to study breast cancer.