Accurate diagnosis, characterization, and quantification of myocardial infarction (MI) is essential to assess the impact of therapy and to aid in predicting prognosis of patients with ischemic heart disease. Delayed contrast-enhanced magnetic resonance (DE-MR) imaging has the potential of being the gold standard for quantification of MI. It has also been useful in correlating electrocardiography abnormalities with the location and transmurality of infarction. The focus of this review is to address the strengths and limitations of DE-MR imaging in the detection and quantification of MI for clinicians and investigators in the field of electrocardiology. The biological rationale and technical background for detecting MI by DE-MR imaging were reviewed as well as the different approaches for quantification of the DE-MR images, exemplified by patient cases.