Diagnosis of cardiovascular disease requires precise assessment of both morphology and function. Nearly all aspects of cardiovascular function can be quantified with fast magnetic resonance (MR) imaging techniques. Conventional and breath-hold cine MR imaging can provide precise and highly reproducible measurements of global and regional function of the left and right ventricles. Velocity-encoded cine (VEC) MR imaging provides measurements of blood flow in the heart and great vessels. Contrast-prepared fast gradient-echo sequences can be used to monitor the first-pass dynamics of contrast media, thus defining selective regional myocardial perfusion. Recently, the feasibility of using breath-hold VEC MR imaging to measure flow velocity in native coronary arteries and coronary revascularization conduits has been shown. This will most likely provide a noninvasive method for testing coronary vasodilator reserve and may emerge as a new method for detecting asymptomatic coronary artery disease.