The accurate differentiation of viable and nonviable myocardium is crucial for therapy planning in patients with coronary artery disease and left ventricular dysfunction. Traditional techniques such as echocardiography, positron emission tomography, single photon emission computed tomography, and dobutamine echocardiography have established roles. Cardiac MRI (CMR) is a rapidly emerging new modality that is used at an increasing number of medical centers in Europe and the United States. This review describes the role of CMR for the assessment of myocardial viability in the setting of acute and chronic ischemic ventricular dysfunction.