Magnetic resonance (MR) imaging is gaining importance in cardiology as the newest, most complex, and rapidly emerging noninvasive test of choice for patients with a multitude of cardiovascular problems. It has long been recognized to provide an accurate and reliable means of assessing the function and anatomy of the heart and great vessels, but its emerging role as one of the dominant imaging modalities in other aspects of cardiology such as perfusion imaging, atherosclerosis imaging, and coronary artery imaging cannot be understated. As MR technology evolves, newer therapeutic applications are also being developed, including specific MR-compatible catheters for electrophysiology studies/ablation as well as interventional cardiology related procedures, which may alter the way we practice cardiology in the future. Also, MR is entering an important phase in its evolution, with an anticipated exponential growth in its current applications and through the development of newer molecular imaging applications. It is anticipated that such developments will be coupled to the utilization of molecular markers to index biologic processes to allow for their in vivo visualization. This combination of biochemical markers and imaging methodology will also usher in an era of molecular imaging during which much progress in the diagnosis and treatment of cardiovascular disease is anticipated.