MR imaging has emerged as a major new research and diagnostic tool for various pulmonary diseases, especially lung cancer. State-of-the art thoracic MR imaging now has the potential to be used as a substitute for traditional imaging techniques and/or to play a complementary role in patient management. This article focuses on these recent advances in MR imaging for lung cancer imaging, especially for pulmonary nodule assessment, lung cancer staging, postoperative lung function prediction, and prediction and evaluation of therapeutic response and recurrence. The potential and limitations of routine clinical application of these advances are discussed and compared with those of other modalities.