Background Parenchymal Enhancement (BPE) on breast MRI holds promise as an imaging biomarker for breast cancer risk and prognosis. The ability to identify those at greatest risk can inform clinical decisions, promoting early diagnosis and potentially guiding strategies for prevention such as risk-reduction interventions with the use of selective estrogen receptor modulators and aromatase inhibitors. Currently, the standard method of assessing BPE is based on the Breast Imaging-Reporting and Data System (BI-RADS), which involves a radiologist’s qualitative categorization of BPE as minimal, mild, moderate, or marked on contrast-enhanced MRI. This approach can be subjective and prone to inter/intra-observer variability, and compromises accuracy and reproducibility. In addition, this approach limits qualitative assessment to 4 categories. More recently developed methods using machine learning/artificial intelligence (ML/AI) techniques have the potential to quantify BPE more accurately and objectively. This paper will review the current machine learning/AI methods to determine BPE, and the clinical applications of BPE as an imaging biomarker for breast cancer risk prediction and prognosis.