Contrast‐enhanced MR imaging (CE‐MRI) has become a widely accepted complementary method for diagnosing breast cancer. It has been suggested for evaluating patients with breast implants, patients at risk of tumour multifocality or recurrence, search for occult primary cancer in presence of axillary metastasis and monitoring the effect of preoperative chemotherapy. The clinical usefulness of MR imaging in patients with increased genetic risk of breast cancer is still under investigation. There is scientific evidence to support the hypothesis that CE‐MRI may carry the prognostic significance of angiogenesis, and one of the future indications of this method can be the prognostic evaluation of breast cancer patients by the functional mapping of the angiogenic activity of tumours. On the basis of the promising results of recent reports, further large‐scale studies are needed to evaluate the impact of MR parameters on long term overall survival of patients with breast cancer.