There is an increasing opportunity to perform multifunctional imaging at a variety of organ sites with relatively short examination times. Each technique yields quantitative parameters that reflect specific aspects of the underlying tumor or tissue biology. Many biomarkers have emerged that provide unique information on tumor behavior, including response to treatment. The multiparametric approach combines the information from different functional imaging techniques; this goes beyond what can be achieved by using any single functional technique, thus allowing an improved understanding of biologic processes and of responses to therapeutic interventions. Multiparametric imaging has many potential clinical roles; it is useful for pharmaceutical drug development and for predicting therapeutic efficacy.