Conventional chemical shift magnetic resonance (MR) imaging with the phase contrast technique has a number of limitations with respect to quantitative accuracy. The hypothesis of this study is that the accuracy of phase contrast chemical shift MR may be improved by increasing the number of basis images from two to three. Water and fat images were obtained from phantoms and volunteers with a 1.5 T MR system using double and triple acquisition phase contrast chemical shift methods. Longitudinal relaxation time and relative water and fat content were calculated from these basis images. The T1 relaxation times of the aqueous component of composite phantoms were determined more accurately using the triple acquisition method than with the double acquisition method. In vivo studies demonstrate that the triple acquisition method separated fat and water signals more accurately and showed less field inhomogeneity dependence than the modified double acquisition method. The new method also provided a map of static field magnetic inhomogeneity and tissue magnetic susceptibility. The triple acquisition phase contrast chemical shift imaging technique should improve the prospect for quantitative tissue characterization in clinical MR.