This study examined modulation of corticospinal excitability during both actual and imagined movements. Seven young healthy subjects performed actual (3% to 50% maximal voluntary contraction) and imagined index finger force production, and rest. Individual responses to focal transcranial magnetic stimulation (TMS) in four fingers (index, middle, ring, and little) were recorded for all three tested conditions. The force increments at the threshold of activation were derived from regression analysis, representing the TMS-induced response at the threshold activation of the corticospinal pathways. The increment in the index finger during motor imagery was larger than that at rest, but smaller than that at the threshold of activation. On the other hand, the increment in the uninstructed (middle, ring and little), slave fingers during motor imagery was larger than that at rest, but not different from that at the threshold of activation. These contrasting results suggest that the degree of imagery-induced enhancement in corticospinal excitability was significantly less than what could be predicted for threshold levels from regression analysis, but only for the index finger, and not the adjacent slave fingers. It is concluded that corticospinal excitability for the explicitly instructed index finger is specifically enhanced at subthreshold levels during motor imagery.