Although cardiac MRI (CMR) provides accurate quantitative assessment of myocardial function, structure, and tissue characterization, there is growing evidence of the prognostic signifi cance of CMR in the clinical setting. This article aims to not only review the diagnostic utility of CMR but all the prognostic implications in different cardiac conditions. First, CMR can distinguish ischemic from nonischemic cardiomyopathies and is establishing an increasing role in risk stratifying patients with heart failure. Second, CMR perfusion with vasodilator and inotropic stress has high sensitivity and specifi city for prediction of cardiovascular events. Third, in addition to being an accurate tool for assessing myocardial viability and predicting the benefi ts of coronary revascularization, scar characterization by CMR late gadolinium enhancement imaging provides prognostic information beyond traditional markers of left ventricular function and volume. This article aims to explore the current evidence of each of these clinical settings.