Magnetic resonance cholangiopancreatography (MRCP) represents an important addition to conventional imaging of the pancreaticobiliary system. The main advantages of MR imaging of the biliary tract are that it combines the benefits of a cross-sectional imaging technique, providing the same type of information as ultrasonography and computed tomography, and the benefits of a projectional modality similar to endoscopic retrograde cholangiopancreatography. This article critically reviews the recent developments of this exciting technology and discusses the potential clinical role of MRCP in the evaluation of hepatobiliary and pancreatic diseases.