Background-During coronary stenosis, flow reserve in the adjacent nonstenotic bed decreases, but the microvascular mechanisms are unknown. Because myocardial contrast echocardiography (MCE) assesses microvascular physiology, we used it to relate flow reserve to intramyocardial blood volume in the adjacent bed. Methods and Results-A noncritical left anterior descending (LAD) stenosis was created in 10 dogs. MCE was performed and myocardial blood flow was measured with neutron-activated microspheres and flow probes. Data were collected at baseline, hyperemia, and hyperemia and stenosis. Hyperemia was induced with an A 2A receptor agonist. MCE acoustic intensity in the LAD and left circumflex (LCx) regions were fit to the following: yϭA(1-e Ϫt ), where A, , and Aϫ reflect intramyocardial blood volume, red cell velocity, and flow, respectively. During hyperemia alone, LCx probe and microsphere flows and MCE-derived red cell velocity increased from baseline (30Ϯ14 versus 125Ϯ62 mL/min, PϽ0.0005; 1.5Ϯ0.5 versus 6.6Ϯ2.0 mL · min Ϫ1 · g Ϫ1 , PϽ0.0005; and 0.53Ϯ0.14 versus 0.96Ϯ0.45 second