To investigate the impact of a partial model-based iterative reconstruction (ASiR-V) on image quality in thoracic oncologic multidetector computed tomography (MDCT), using human and mathematical model observers. Twenty cancer patients examined with regular-dose thoracic-abdominal-pelvic MDCT were retrospectively included. Thoracic images reconstructed using a sharp kernel and filtered back-projection (reference) or ASiR-V (0-100%, 20% increments; follow-up) were analysed by three thoracic radiologists. Advanced quantitative physical metrics, including detectability indexes of simulated 4-mm-diameter solid non-calcified nodules and ground-glass opacities, were computed at regular and reduced doses using a custom-designed phantom. All three radiologists preferred higher ASiR-V levels (best = 80%). Increasing ASiR-V substantially decreased noise magnitude, with slight changes in noise texture. For high-contrast objects, changing the ASiR-V level had no major effect on spatial resolution; whereas for lower-contrast objects, increasing ASiR-V substantially decreased spatial resolution, more markedly at reduced dose. For both high- and lower-contrast pulmonary lesions, detectability remained excellent, regardless of ASiR-V and dose levels, and increased significantly with increasing ASiR-V levels (all p < 0.001). While high ASiR-V levels (80%) are recommended to detect solid non-calcified nodules and ground-glass opacities in regular-dose thoracic oncologic MDCT, care must be taken because, for lower-contrast pulmonary lesions, high ASiR-V levels slightly change noise texture and substantially decrease spatial resolution, more markedly at reduced dose.