Objective This study aimed to explore the potential of prostate-specific antigen density (PSAD) as a supplementary tool for defining high-risk Prostate Imaging Reporting and Data System (PI-RADS) 3 lesions in the peripheral zone on non-contrast-enhanced MRI. This additional stratification tool could supplement the decision-making process for biopsy, potentially helping in identifying higher-risk patients more accurately, minimizing unnecessary procedures in lower-risk patients, and limiting the need for dynamic contrast-enhanced (DCE) scans. Materials and methods Between January 2019 and April 2023, 30 patients with PI-RADS 3 lesions underwent MRI-ultrasound fusion biopsies at our institution. Age and PSAD values were investigated using logistic regression and chi-square automatic interaction detection (CHAID) analysis to discern their predictive value for malignancy. Results The mean patient age was 64.7 years, and the mean PSAD was 0.13 ng/mL2. Logistic regression demonstrated PSAD to be a significant predictor of cancer (p=0.012), but not age (p=0.855). CHAID analysis further identified a PSAD cut-off value of 0.12, below which the cancer detection rate was 23.1% and above which the rate increased to 76.5%. Conclusions This exploratory study suggests that PSAD might be utilized to enhance the stratification of high-risk PI-RADS 3 lesions in the peripheral zone on non-contrast-enhanced MRI, aiding in decision-making for biopsy. While biopsy remains the gold standard for definitive diagnosis, a high PSAD value may suggest a greater need for biopsy in this specific group. Although further validation in larger cohorts is required, our findings contribute to the ongoing discourse on optimizing PI-RADS 3 lesion management. Limitations include a small sample size, the retrospective nature of the study, and the single-center setting, which may impact the generalizability of our results.