Background The Liver Imaging Reporting and Data System (LI‐RADS) is being adapted by many clinical practices. To support continuation of its use, LI‐RADS (LR) is in need of multicenter validation studies of recent LI‐RADS iterations. Furthermore, while both gadoxetate and extracellular agents have been incorporated into LI‐RADS, comparison of the diagnostic performance between the two has yet to be determined. Purpose/Hypothesis To evaluate the rate, diagnostic performance, and interreader reliability (IRR) of LI‐RADS 2017 for hepatocellular carcinoma, including LR major and ancillary features, with both gadoxetate and extracellular agent‐enhanced MRI against a reference standard of histopathology or imaging follow‐up. Study Type Retrospective. Population In all, 114 patients with 144 observations were included who met LR 2017 criteria for at risk and had at least one hepatic observation on liver MRI performed with either gadoxetate (n = 52) or an extracellular agent (n = 92) between 2010–2016, with histopathology (n = 103) or follow‐up imaging (n = 41). Field Strength/Sequence 1.5 and 3.0T/T1‐T2WI, diffusion‐weighted imaging. Assessment Three radiologists independently assessed major/ancillary features and assigned overall LI‐RADS category for every observation. Statistical Tests Diagnostic performance of LR5/TIV+LR5 for identifying hepatocellular carcinoma (HCC) was compared between contrast agents with a generalized estimating equation. Weighted kappa was performed for interrater reliability. Results The frequency of HCCs among LR1, LR2, LR3, L4, LR5, LRTIV+LR5, and LRM observations were: 0% (all readers), 0–12.5%, 11.4–26.9%, 50–76%, 83.0–95.1%, 83.3–100.0%, and 45.0–65.0%, respectively. Sensitivity of LR5/LRTIV+LR5 for HCC was 59.7–71.4% and specificity 85.0–96.8%. LI‐RADS specificity and positive predictive value for observations imaged with gadoxetate was higher than extracellular agent for the most inexperienced reader (R3) (P = 0.009–0.034). IRR for LI‐RADS categorization was substantial (k = 0.661). Data Conclusion Increasing numerical LI‐RADS 2017 categories demonstrate a greater percentage of HCCs. LR5/TIV+LR5 demonstrates excellent specificity and fair sensitivity for HCC. MRI with gadoxetate in liver transplant candidates may be beneficial for less experienced readers, although further large‐scale prospective studies are needed. Level of Evidence: 4 Technical Efficacy: Stage 3 J. Magn. Reson. Imaging 2019;49:e205–e215.