The early diagnosis of thyroid cancer depends on the popularisation and development of diagnostic imaging techniques and the continuous improvement of physician diagnosis. To investigate the clinical value of multi-parameter magnetic resonance imaging (MRI) and colour B-ultrasound elastography in thyroid nodules. The clinical and imaging data of 252 patients with thyroid nodules who were admitted to our hospital were collected. All patients underwent preoperative colour B-ultrasound elastography and MRI. The postoperative pathological results were the gold standard for diagnosing benign and malignant thyroid nodules. The accuracy, sensitivity and specificity of MRI, colour B-ultrasound elastography and their combination for diagnosing benign and malignant thyroid nodules were compared. This study included 252 patients with 388 nodules. There were 169 patients with solitary nodules and 83 patients with multiple nodules. The maximum diameter of the thyroid nodules was 0.32-1.00 (0.75 ± 0.20) cm. The accuracy of MRI diagnosis (348/388) was 89.69%, the sensitivity was 92.98%, and the specificity was 65.22%. The diagnostic accuracy, sensitivity and specificity of colour B-ultrasound elastography (332/388) were 85.57%, 88.30% and 65.22%, respectively. The accuracy rate of combined diagnosis (376/388) was 96.91%, the sensitivity was 98.25%, and the specificity was 86.96%, which was significantly higher than MRI and colour B-ultrasound elastography alone. The area under the curve (AUC) of MRI, colour B-ultrasound elastography and combined diagnosis were 0.768, 0.791 and 0.926, respectively. The AUC of the three diagnostic methods was > 0.7, indicating that the three diagnostic methods had good diagnostic value. The AUC for combined diagnosis was significantly higher than that of MRI and colour B-mode ultrasound elastography alone. Combined ultrasound and MRI have high diagnostic accuracy and specificity for benign and malignant thyroid nodules. This diagnostic method can be applied in clinical practice.