Purpose: To non-invasively assess bone marrow microcirculation before and after therapy in patients with newly diagnosed multiple myeloma (MM) with dynamic contrast-enhanced magnetic resonance imaging (DCE-MRI). Experimental Design: 96 patients received DCE-MRI before and after primary treatment for newly diagnosed MM. For the 91 evaluable patients, treatment consisted of high-dose therapy (HDT) with autologous stem cell transplantation (ASCT) in 82 patients and chemotherapy without ASCT in 9 patients. Additionally, 33 healthy volunteers were imaged as control group. Analysis of DCE-MRI was performed according to the two-compartment model by Brix to quantify amplitude A (associated with blood volume) and exchange rate constant kep (reflecting vessel permeability and perfusion). Results: Non-responders showed significantly higher A-values before the start of therapy compared to responders (p=0.02). In both, responders and non-responders to therapy, A-values dropped significantly (p=0.004 and <0.001, respectively) after primary therapy while lower values for kep were only found in responders (p<0.001). Depth of remission was significantly correlated to decreased bone marrow microcirculation: Patients in near complete (nCR) or complete remission (CR) after treatment showed significantly lower values for A compared to patients not achieving nCR+CR. The application of HDT or novel agents had no significant effect on DCE-MRI parameters after therapy, although patients treated with novel agents achieved more often nCR+CR (42%/12.5%;p<0.002). Higher kep-values at 2nd MRI were positively correlated to shorter overall survival (HR 3.53; 95% CI 1.21,10.33; p=0.02). Conclusions: Parameters from DCE-MRI are correlated to remission after primary therapy and outcome in newly diagnosed MM.