Background: Multiple-gated acquisition scanning (MUGA) has traditionally been the preferred imaging modality for baseline and serial assessment of left ventricular systolic function in patients with cancer undergoing chemotherapy with potentially cardiotoxic therapy. In recent years, cardiac magnetic resonance imaging (CMR) has emerged as the preferred modality for the noninvasive assessment of left ventricular mass, volumes and systolic function, and is currently considered the gold standard for assessment of left ventricular ejection fraction (LVEF). However, it is not routinely used for the assessment of LVEF in patients with cancer undergoing chemotherapy with potentially cardiotoxic therapy. Comparisons between LVEFs measured by MUGA and CMR in cancer patients and their implications on therapeutic decisions have not previously been studied. The aim of our study was to assess the potential clinical impact of replacing MUGA with the current gold standard modality of CMR for the assessment of LVEF in patients with cancer. Methods: The study population consisted of patients with cancer who underwent cardiac evaluation from 2007 to 2014 at the University of Minnesota Medical Center with both MUGA and CMR within 30 days of each other. Patient records were reviewed for baseline demographic information, indication for imaging studies, co-morbidities and medications. Clinical MUGA LVEF assessments performed by experienced nuclear medicine technologists were used. To allow comparison to an ideal reference standard, a single experienced investigator performed all the CMR LVEF analyses blinded to MUGA and clinical data. Results: 50 patients formed the final study cohort (mean age 56 ± 12 years, 54% male). Using CMR as the reference standard, MUGA was found to systematically underestimate LVEF by a mean of 2.6 percentage points (48.3% vs. 50.9%, p = 0.001). The limits of agreement comparing MUGA and CMR LVEF were wide at -22.2 to 17.0 percentage points. Using the clinical practice guidelines of LVEF threshold for anthracycline (≥50%) therapy, CMR reclassified 21 of 50 (42%) patients – 16 patients that had MUGA LVEF <50% had a CMR LVEF ≥50% and 5 patients that had MUGA LVEF ≥50% had CMR LVEF <50%. Similarly, using the accepted LVEF threshold for trastuzumab (≥55%) therapy, CMR reclassified 12 of 50 (24%) patients – 10 patients that had MUGA LVEF <55% had a CMR LVEF ≥55% and 2 patients that had MUGA LVEF ≥55% had CMR LVEF <55%. On univariate analysis, the only significant predictor of reclassification was a CMR measure of smaller left ventricular size as indicated by lower left ventricular end-diastolic volume. Conclusion: Replacing MUGA with CMR would have resulted in significant reclassification for potential cancer therapy eligibility. Given the significant clinical impact of reclassification and the increasing availability of the current gold standard modality, routine use of CMR should be adopted for LVEF assessment in cancer patients.