Neuroimaging techniques assessing oxygenation of cerebral blood (such as near-infrared spectroscopy, NIRS) may reflect general cerebrovascular health, a factor not always considered in studies comparing younger and older adults. We examined whether baseline dorsolateral prefrontal cerebral oxygenation (measured by NIRS) was related to cardiovascular risk factors and cognitive test performance in healthy older adults. We found that cardiovascular risk factors are associated with both baseline dorsolateral prefrontal cortex cerebral oxygenation and memory performance. In addition, cardiovascular health factors were associated with memory performance, and the relationship between cerebral oxygenation and memory performance was explained by these cardiovascular health factors, supporting our contention that NIRS can reflect general cerebrovascular health in older adults. Results suggest that studies examining differences in cortical activation in older and younger adults should consider the potential confound of cardiovascular and cerebrovascular health when interpreting data from imaging methods based on oxygenated cerebral blood flow.