The past few years have brought significant improvements in the field of cardiovascular magnetic resonance imaging (MRI), which evolved from an experimental technique to a clinically accepted method of coronary artery disease detection (stress MRI) and viability assessment. In this article, we describe current MRI technology for detection and functional assessment of ischemia, such as dobutamine/atropine MRI, perfusion techniques, viability, and flow reserve in native coronary arteries and grafts. With further refinement in the technology, wide acceptance of cardiovascular MRI is anticipated in clinical practice.