Rationale and Objective To determine the diagnostic performance of transvaginal ultrasound (TVUS) performed by an US specialist and MRI based on the O-RADS scoring system. Materials and methods Between March 5th 2013 and December 31st 2021, 227 patients, referred to our center, underwent TVUS and pelvic MRI for characterization of an adnexal lesion proven by surgery or two years of negative follow-up. All lesions were classified according to O-RADS US and O-RADS MRI risk scoring systems. Imaging data were then correlated with histopathological diagnosis or negative follow-up for 2 years. Results The prevalence of malignancy was 11.1%. Sensitivity of O-RADS US / O-RADS MRI were respectively of 83.3%/83.3% and specificity was 73.2%/92.9% (p < 0.001). O-RADS MRI was more accurate than O-RADS US even when performed by an US specialist (p < 0.001). When MRI was used after US, 51 lesions were reclassified correctly by MRI and only 4 lesions incorrectly reclassified. Most of the lesions (49/51) rated O-RADS US 4 or 5 and reclassified correctly by MRI were benign, mainly including cystadenomas or cystadenofibromas. Only 4 lesions were misclassified by MRI but correctly classified by ultrasound. Conclusion Our study suggests that MR imaging has equally high sensitivity but higher specificity than TVUS for the characterization of adnexal lesions based on O-RADS scoring system. MRI should be the recommended second-line technique when a mass is discovered during TVUS and is rated O-RADS 4 and 5 over than TVUS by an US specialist.