PET/MRI is a new hybrid modality which is increasingly being used in clinical settings, although both clinical evaluation and technical optimization are still an ongoing process. Initial experience with this new imaging device proves promising for oncologic applications. Other clinical indications in the field of cardiac imaging and neuroimaging are also being explored. This article aims to review the current status of PET/MRI and its value in oncologic applications, and summarizes our own preliminary experience in this field.