The complexity of modern multi-parametric MRI has increasingly challenged conventional interpretations of such images. Machine learning has emerged as a powerful approach to integrating diverse and complex imaging data into signatures of diagnostic and predictive value. It has also allowed us to progress from group comparisons to imaging biomarkers that offer value on an individual basis. We review several directions of research around this topic, emphasizing the use of machine learning in personalized predictions of clinical outcome, in breaking down broad umbrella diagnostic categories into more detailed and precise subtypes, and in non-invasively estimating cancer molecular characteristics. These methods and studies contribute to the field of precision medicine, by introducing more specific diagnostic and predictive biomarkers of clinical outcome, therefore pointing to better matching of treatments to patients.