Multiparametric ultrasound (mpUS) enhances prostate cancer (PCa) diagnosis by using multiple imaging modalities. Tissue-mimicking materials (TMM) phantoms, favoured over animal models for ethical and consistency reasons, were created using polyvinyl alcohol (PVA) with varying molecular weights (Mw). Methods: Four PVA samples, varying in Mw with constant concertation, were mixed with glycerol, silicon carbide (SiC), and aluminium oxide (Al2O3). Phantoms with varying depth and inclusion sizes were created and tested using shear-wave elastography (SWE). An mpUS phantom was developed to mimic prostate tissue, including isoechoic and hypoechoic inclusions and vessels. The phantom was scanned using supersonic ultrasound, strain elastography, and Doppler ultrasound. Validation was performed using radical prostatectomy data and shear-wave elastography. Results: The acoustic properties varied with enhancers like glycerol and Al2O3. Low Mw PVA samples had a speed of sound ranging from 1547.50 ± 2 to 1553.70 ± 2.2 m/s and attenuation of 0.61 ± 0.062 to 0.63 ± 0.05 dB/cm/MHz. High Mw PVA samples ranged from 1555 ± 2.82 to 1566 ± 4.5 m/s and 0.71 ± 0.02 to 0.73 ± 0.046 dB/cm/MHz. Young’s modulus ranged from 11 ± 2 to 82.3 ± 0.5 kPa across 1 to 10 freeze-thaw cycles. Inclusion size, depth, and interaction statistically affect the SWE measurements with p-value = 0.056327, p-value = 8.0039 × 10−8, and p-value = 0.057089, respectively. SWE showed isoechoic inclusions, prostate tissue, and surrounding tissue only. The Doppler velocity was measured in three different inner diameters. Conclusion: PVA mixed with enhancer materials creates an mpUS phantom with properties that mimic normal and abnormal prostate tissue, blood vessels, and soft tissue, facilitating advanced diagnostic training and validation.