The potential ability of statin medications to prevent cancer has recently received considerable attention. Of all cancers studied, data for prostate cancer are the most promising. Results from studies examining the association between statin use and reduced risk of prostate cancer have been encouraging, particularly in terms of advanced prostate cancer risk. These findings are supported by a strong foundation of scientific evidence demonstrating the potential cholesterol and non-cholesterol-mediated mechanisms through which statins may prevent prostate cancer. In this article, we analyze recent human data regarding the association between statins and prostate cancer, and the basic scientific data supporting the possible antineoplastic mechanisms of statins. We also address the issue of where to best direct future funding and research energies. There is currently insufficient evidence to recommend all men to initiate therapy with a statin medication regardless of cholesterol profile, but the rationale to move forward with research is clear.