Rationale and Objectives: This study aimed to determine the correlation between intravoxel incoherent motion (IVIM) and multiphase dynamic contrast-enhanced magnetic resonance imaging (DCE-MRI) quantitative parameters in patients with rectal cancer. Materials and Methods: Ninety-seven patients with rectal cancer were included in this study. All pelvic MRI examinations were performed in a 3.0 T MR unit, including diffusion-weighted imaging with 16 b values, DCE-MRI with two different flip angles (5 degrees and 10 degrees, respectively), and T1-fast field echo sequences as the reference. The IVIM perfusion-related parameters (f, perfusion fraction; D*, pseudo-diffusion coefficient; f.D*, the multiplication of the two parameters) were calculated by biexponential analysis. Quantitative DCE-MRI parameters were transfer constant (K-trans) between blood plasma and extravascular extracellular space), K-ep (rate between extravascular extracellular space and blood plasma), V-e (extravascular volume fraction), V-p (plasma volume fraction), and area under the gadolinium concentration curve. Interobserver agreements were evaluated using the intraclass correlation coefficient and Bland-Altman analysis. A p value <0.05 indicated a statistically significant difference. Results: The study included 75 males and 22 females with a median age of 58.8 years (range, 26-85years). Interobserver reproducibility for IVIM perfusion-related parameters and DCE-MRI quantitative parameters was good to excellent (intraclass correlation coefficient = 0.8618-0.9181, intraclass correlation coefficient = 0.7826-0.9088, respectively). Moderate correlations were found between f.D* and K-trans (r = 0.533; p < 0.001), and relatively weak correlations between D* and K-trans (r = 0.389; p < 0.001), D* and V-p (r = 0.442; p < 0.001), f.D* and Vp (r = 0.466; p < 0.001), and f and V-p (r = -0.234; p = 0.021). Conclusion: IVIM perfusion-related parameters, especially f.D*, demonstrated moderate correlations with DCE-MRI quantitative parameters in rectal cancer.