Over the past few decades, magnetic resonance imaging has been utilized as a powerful imaging modality to evaluate the structure and function of various organs in the human body, such as the brain. Additionally, diffusion and perfusion MR imaging have been increasingly used in neurovascular clinical applications. In diffusion weighted magnetic resonance imaging, the mobility of water molecules is explored in order to obtain information about the microscopic behaviour of the tissues. In contrast, perfusion weighted imaging uses tracers to exploit hemodynamic status, which enables researchers and clinicians to consider this imaging modality as an early biomarker of certain brain diseases. In this review, the fundamentals of physics for diffusion and perfusion MR imaging -both of which are highly sensitive to microenvironmental alterations at the cellular level -as well as their application in the treatment of aging, Alzheimer's disease, brain tumors and cerebral ischemic injury were discussed.