Targeted biopsy validation is presented for characterization of peripheral zone (PZ) prostate cancer grades and differentiation of prostate cancer from prostatitis, using a quantitative MR protocol comprising of MRF-relaxometry and standard EPI based ADC mapping. Mean T1, T2 and ADC in prostate cancer were significantly lower than in NPZ. Mean T2 and ADC in low-grade cancer were significantly higher than intermediate and high-grade cancer with similar AUCs (0.80) for both for differentiating grades. Mean T2 and ADC in prostate cancer were significantly lower than prostatitis. T2 was a significant predictor for prostate cancer over prostatitis while ADC was not significant.