Tissue mimicking materials for elastography phantoms have elastic, ultrasound, and magnetic resonance characteristics that are characteristic of human soft tissues and well suited for the calibration and performance assessment of elastography imaging systems. In one embodiment, the material is formed from a base material containing an oil dispersed within a gel matrix and at least one inclusion formed from a gel. In another embodiment, the material is formed from a gel-forming material suffused throughout an open-cell reticulated mesh matrix.