Joint effusion is a hallmark of osteoarthritis (OA) associated with stiffness, and may relate to pain, disability, and long-term outcomes. However, it is difficult to quantify accurately. We propose a new Deep Learning (DL) approach for automatic effusion assessment from Magnetic Resonance Imaging (MRI) using volumetric quantification measures (VQM). We developed a new multiplane ensemble convolutional neural network (CNN) approach for 1) localizing bony anatomy and 2) detecting effusion regions. CNNs were trained on femoral head and effusion regions manually segmented from 3856 images (63 patients). Upon validation on a non-overlapping set of 2040 images (34 patients) DL showed high agreement with ground-truth in terms of Dice score (0.85), sensitivity (0.86) and precision (0.83). Agreement of VQM per-patient was high for DL vs experts in term of Intraclass correlation coefficient (ICC)= 0.88[0.80,0.93]. We expect this technique to reduce inter-observer variability in effusion assessment, reducing expert time and potentially improving the quality of OA care.Clinical Relevance- Our technique for automatic assessment of hip MRI can be used for volumetric measurement of effusion. We expect this to reduce variability in OA biomarker assessment and provide more reliable indicators for disease progression.