Diffuse liver disease is a widespread global healthcare burden, and the abnormal accumulation of lipid and/or iron is common to important disease processes. Developing the improved methods for detecting and quantifying liver lipid and iron is an important clinical need. The inherent risk, invasiveness, and sampling error of liver biopsy have prompted the development of noninvasive imaging methods for lipid and iron assessment. Ultrasonography and computed tomography have the ability to detect diffuse liver disease, but with limited accuracy. The purpose of this review is to describe the current state-of-the-art methods for quantifying liver lipid and iron using magnetic resonance imaging and spectroscopy, including their implementation, benefits, and potential pitfalls. Imaging-and spectroscopy-based methods are naturally suited for lipid and iron quantification. Lipid can be detected and decomposed from the inherent chemical shift between lipid and water signals, whereas iron imparts significant paramagnetic susceptibility to tissue, which accelerates proton relaxation. However, measurements of these biomarkers are confounded by technical and biological effects. Current methods must address these factors to allow a precise correlation between the lipid fraction and iron concentration. Although this correlation becomes increasingly challenging in the presence of combined lipid and iron accumulation, advanced techniques show promise for delineating these quantities through multi-lipid peak analysis, T2 water mapping, and fast single-voxel water-lipid spectroscopy.F or over three decades, magnetic resonance imaging (MRI) has been an invaluable tool for noninvasively diagnosing and monitoring disease progression of the liver. Technological advancements have pushed MRI to new frontiers of medical application that range from the macroscopic functional analysis of organs and flow dynamics to detailing microscopic processes, such as diffusion and metabolic activity. An evolving consensus is establishing MRI as the diagnostic modality for the characterization of focal and diffuse liver disease.Apart from the qualitative assessment of disease, recent progress includes the development of quantitative methods. Abnormal levels of liver lipid or iron are two important contributors to diffuse liver disease. The presence of lipid within an imaging voxel can be uniquely separated from the more abundant water species due to the very specific resonant frequency offset that is imparted by the main magnetic field. Metabolic iron manifests differently in magnetic resonance (MR) images. The elevated paramagnetic nature of this metal, even in small quantities, imparts an observable disturbance to the local magnetic field of nearby protons. This disturbance exacerbates proton spin dephasing, which accelerates T2 and T2* relaxation.The focus of this review is to outline the current state-of-the-art methods that are used to quantify liver lipid and iron using MRI. Current quantitative methods, implementation, benefits, and poten...