The purpose of this study was to examine the feasibility of quantifying myocardial blood flow (MBF) and rate of myocardial oxygen consumption (MVO(2)) during pharmacologically induced stress without using a contrast agent. The former was measured by the arterial spin labeling (ASL) method and the latter was obtained by measuring the oxygen extraction fraction (OEF) with the magnetic resonance imaging (MRI) blood oxygenation level-dependent effect and Fick's law. The MRI results were compared with the established positron emission tomography (PET) methods. Six mongrel dogs with induced acute moderate left coronary artery stenosis were scanned using a clinical PET and a 1.5-T MRI system, in the same day. Regional MBF, myocardial OEF and MVO(2) were measured with both imaging modalities. Correlation coefficients (R(2)) of the three myocardial indexes (MBF, OEF and MVO(2)) between MRI and PET methods ranged from 0.70 to 0.93. Bland-Altman statistics demonstrated that the estimated precision of the limits of agreement between MRI and PET measurements varied from 18% (OEF) to 37% (MBF) and 45% (MVO(2)). The detected changes in these indexes, at rest and during dobutamine stress, were similar between two image modalities. The proposed noncontrast MRI technique is a promising method to quantitatively assess myocardial perfusion and oxygenation.