Recently introduced stationary dedicated cardiac SPECT scanners provide new opportunities to quantify myocardial blood flow (MBF) using dynamic SPECT. However, comparing to PET, the low sensitivity of SPECT scanners affects MBF quantification due to the high noise level, especially for 201 Thallium (201Tl) due to its typically low injected dose. The conventional indirect method for generating parametric images typically starts by reconstructing a time series of frame images followed by fitting the time-activity curve (TAC) for each voxel or segment with an appropriate kinetic model. The indirect method is simple and easy to implement; however, it usually suffers from substantial image noise that could also lead to bias. In this paper, we developed a list mode direct parametric image reconstruction algorithm to substantially reduce noise in MBF quantification using dynamic SPECT and allow for patient radiation dose reduction. GPU-based parallel computing was used to achieve more than 2000-fold acceleration. The proposed method was evaluated in both simulation and in vivo canine studies. Compared with the indirect method, the proposed direct method achieved substantially lower image noise and variability, particularly at large number of iterations and at low-count levels.