Background: Rapid knee MRI using combined simultaneous multislice (SMS) technique and parallel imaging (PI) acceleration can add value through reduced acquisition time but requires validation of clinical efficacy. Purpose: To evaluate the performance of clinical fourfold SMS-PI-accelerated, 5-minute, five-sequence, multicontrast knee MRI protocols compared with standard twofold PI-accelerated, 10-minute knee MRI protocols. Materials and Methods: Adults with painful knee conditions were prospectively enrolled from April 2018 to October 2019. Participants underwent fourfold SMS-PI-accelerated, 5-minute, turbo spin-echo (TSE) knee MRI and standard-of-care twofold PI-accelerated, 10-minute, TSE knee MRI at either 1.5 T or 3.0 T. Three radiologists independently evaluated the knee MRI studies for meniscal, tendinous, ligamentous, and osseocartilaginous injuries. Statistical analyses included k-based intermethod agreements and diagnostic performance testing. P,.05 was considered indicative of a statistically significant difference. Results: A total of 252 adults were evaluated (mean age 6 standard deviation, 47 years ± 17; 134 men). Among the participants, 104 (mean age, 42 years ± 18; 57 women) were in the 1.5-T arm and 148 (mean age, 46 years ± 17; 87 men) were in the 3.0-T arm. Twenty-nine participants (mean age, 38 years ± 12; 15 men) in the 1.5-T arm and 42 (mean age, 41 years ± 16; 24 men) in the 3.0-T arm underwent arthroscopy a mean of 45 days ± 31 and 45 days ± 22 after MRI, respectively. Intermethod agreements were good at 1.5 T (κ >0.71 [95% CI: 0.56, 0.83]) and very good at 3.0 T (κ >0.85 [95% CI: 0.69, 0.96]). The diagnostic performances of corresponding 5-minute and 10-minute MRI protocols were similar for 1.5 T, with areas under the receiver operating characteristic curve (AUCs) greater than 0.78 (95% CI: 0.71, 0.84) (P >.32), and 3.0 T, with AUCs greater than 0.83 (95% CI: 0.78, 0.88) (P >.32). Conclusion: Comparisons of 5-minute five-sequence simultaneous multislice- and parallel imaging (PI)-accelerated and 10-minute five-sequence PI-accelerated turbo spin-echo MRI of the knee suggest similar performances at 1.5 and 3.0 T.