Prostate cancer (PCa) remains one of the most prevalent malignancies worldwide and is thought to be associated with excessive intake of so-called Western-style diets in the region. Therefore, there is a need to understand the role of lifestyle and dietary factors in the development and progression of PCa. In this paper, we summarize the published literature to assess the relevance of dietary macronutrients and micronutrients to the development and progression of PCa. The literature related to the following seven main dietary nutrients is reviewed: carbohydrates, proteins, fats and cholesterol, vegetables, vitamins/minerals, and phytochemicals. Published data showed a tendency to increase the risk of PCa onset and its progression when consuming carbohydrates, saturated/ω-6 fatty acids, and certain vitamin supplements. In contrast, the intake of multiple phytochemicals and omega-3 fatty acids appears to reduce the risk of PCa development and progression. Other nutrients appear to have no effect on PCa, or the data are inconclusive. The clinical implications of the impact of dietary interventions on PCa prevention, treatment and survival are summarized in the paper.