A method for functional magnetic resonance imaging (fMRI) uses steady-state free precession (SSFP) to image changes in blood oxygenation between two time periods. A center frequency of the SSFP sequence is placed between the different resonant frequencies for oxyhemoglobin and deoxyhemoglobin whereby the signals have a phase difference of 180.degree. and tend to cancel. By repeating the SSFP imaging sequence at different times, the difference in the measured signals provides a measure of change in oxyhemoglobin. RF flip angle of the SSFP sequence is chosen to maximize signal level in the frequency range from that of water in the presence of oxyhemoglobin and that of water in the presence of deoxyhemoglobin.