DCE-MRI was performed on 47 breast cancer patients (49 primary tumors) before, during, and after neoadjuvant chemotherapy (NACT). DCE-MRI data were subjected to Tofts model (TM) and Shutter-Speed model (SSM) pharmacokinetic (PK) analysis. Imaging metrics and the corresponding percent changes were correlated with binary pathologic complete response (pCR) and non-pCR endpoints, as well as residual cancer burden (RCB) index values. By NACT midpoint, several DCE-MRI PK parameters and percent changes are good early predictors of pCR vs. non-pCR, while tumor size is a poor predictor. Both PK parameters and tumor size after NACT completion are good markers of RCB. TM and SSM parameters perform equally well for prediction of NACT response and evaluation of RCB.