A fast, spectrally-selective steady-state free precession (SSFP) imaging method is presented. Combining k-space data from SSFP sequences with certain phase schedules of radiofrequency excitation pulses permits manipulation of the spectral selectivity of the image. For example, lipid and water can be rapidly resolved. The contrast of each image depends on both T.sub.1 and T.sub.2, and the relative contribution of the two relaxation mechanisms to image contrast can be controlled by adjusting the flip angle. Several applications of the technique are presented, including fast musculoskeletal imaging, brain imaging, and angiography. The technique is referred to herein as linear combination steady-state free precession (LCSSFP) and fluctuating equilibrium magnetic resonance (FEMR).