Knee MRI protocols containing morphologic and quantitative pulse sequences allow comprehensive evaluation of multiple tissues. However, separate quantitative and qualitative image acquisitions are time consuming. We demonstrated excellent native and error-calibrated accuracy of synthetic MRI of the knee for T1, T2 and proton density quantification with use of an ISMRM/NIST phantom, and show excellent intra-day and inter-day repeatability in living human subjects. Synthetic MRI improves contrast-to-noise ratios of cartilage and menisci and yields improvements in artifact reduction and fat suppression. We demonstrate equivalent subjective ratings and diagnostic performance for internal derangement between conventional and synthetic MRI.