Cardiovascular magnetic resonance (CMR) has been shown to provide high quality data on cardiac and valvular function, perfusion, viability, blood flow, and potentially, on cardiac metabolism as well. Several of these CMR applications (eg, function and viability assessment) matured during the past years and are now established components of a cardiac workup. Perfusion-CMR is close to this status and is already a major contributor to cardiac examinations in a growing number of expert centers. Large multicenter perfusion-CMR trials comparing the diagnostic performance of CMR with other techniques were recently reported yielding areas under the receiver-operator-characteristics curve as a high as 0.85 for coronary artery disease detection (MR-IMPACT). Anticipating a growing role for perfusion-CMR in cardiology in the near future, this article discusses the principles of perfusion-CMR and its integration into the workup of patient with coronary artery disease (CAD). In addition to a functional study, this integration is mainly composed of a perfusion-CMR part, followed by a viability assessment by late enhancement CMR techniques. The principal characteristics of these CMR techniques are compared with those of single photon emission computed tomography (SPECT) and positron emission tomography (PET). After introduction into principles and techniques of perfusion-CMR, some open questions in perfusion-CMR and challenges for the future are addressed. Finally, newer CMR applications are shortly mentioned utilizing hyperpolarized carbon-13 compounds in experimental models for quantification of myocardial perfusion and for real-time assessment of metabolic pathways in postischemic myocardium.