Following the introduction of rapid, high-quality scan techniques and the development of new, tissue-specific contrast agents, the applications of magnetic resonance imaging (MRI) for liver imaging continue to grow. MRI using a T1-weighted sequence, T2-weighted sequence, and serial gadolinium-enhanced gradient echo sequences is very effective at both detecting and characterizing various hepatic lesions. The use of a growing number of contrast agents has the potential to increase the sensitivity and specificity of liver MRI in numerous pathological conditions by improving morphological and functional information. This article examines the current status of liver MRI, highlighting technical and methodological approaches, contrast agents, and main clinical applications. MRI appears to be an ideal diagnostic tool for the detection and characterization of liver disease.