Objective <p>This study aimed to dynamically evaluate the attenuating effects of donafenib combined with carvedilol using intra-voxel incoherent motion (IVIM) MRI at different time points of disease course in a thioacetamide (TAA)-induced hepatic fibrosis rat model. </p> Methods <p>In this study, 40 male Sprague–Dawley rats received TAA for 6&#xa0;weeks to induce liver fibrosis and were divided into four groups randomly (<i>N</i> = 10). From week 3 to week 6 of modeling, each group of rats received daily gavage of vehicle, carvedilol (CARV), donafenib (DON), and donafenib plus carvedilol (DON + CARV), respectively. IVIM MRI was used to assess the degree of liver fibrosis in the above groups at 0, 2, 4, and 6&#xa0;weeks after modeling. Liver fibrosis was classified according to the METAVIR scoring system (F0–F4). IVIM parameters were calculated using a biexponential fitting model, and a least-squares fitting approach was applied for parameter estimation. </p> Results <p>The mean pathological collagen areas and the expression of α-SMA and collagen I in the CARV, DON, and DON + CARV groups were significantly less than that in the vehicle group (<i>P</i> &lt; 0.001). IVIM-derived parameters (D, D^*, and <i>f</i>) and ADC values were negatively correlated with the fibrosis levels (D: <i>r</i>² = 0.594, <i>P</i> &lt; 0.001; D^*: <i>r</i>² = 0.556, <i>P</i> &lt; 0.001; f: <i>r</i>² = 0.737, <i>P</i> &lt; 0.001; ADC: <i>r</i>² = 0.694, <i>P</i> &lt; 0.001). At 4 and 6&#xa0;weeks after modeling, the mean IVIM parameters and ADC values of the DON + CARV group were significantly higher than those of the vehicle group.</p> Conclusion <p>IVIM MRI is a noninvasive and valuable dynamic monitoring tool for liver fibrosis, and it was useful to monitor the dynamic inhibition process of donafenib and carvedilol on liver fibrosis in a TAA-induced rat model.</p>