Delayed contrast-enhanced cardiovascular magnetic resonance (DE-CMR) allows assessment of reversibility of myocardial dysfunction. Comparative data to other modalities is scarce. Purpose of this study was to compare DE-CMR and (201)Thallium single photon emission computed tomography (SPECT) for prediction of reversible left ventricular (LV) dysfunction in patients with chronic ischaemic heart disease. Fifty-four patients with LV dysfunction (mean ejection fraction (EF) 35 ± 8%) scheduled to undergo myocardial revascularization underwent DE-CMR and SPECT. Cine CMR was performed at baseline and at 8 months follow-up for assessment of regional and global myocardial function. Myocardial viability was determined by the segmental extent of delayed enhancement for DE-CMR, and by quantitative analysis of tracer uptake for SPECT, and was correlated to functional recovery after revascularization. After revascularization, 172 (49%) of 350 dysfunctional segments improved at follow-up cine CMR. Sensitivity and specificity for the prediction of functional recovery was 92 and 88%, respectively, for DE-CMR as compared to 86% (P = 0.4) and 56% (P = 0.001) for SPECT. Global LV function showed an increase of EF > 5% in 22 (41%) patients. The DE-CMR derived viability ratio (dysfunctional but viable myocardium) of 0.46 (sensitivity 91%, specificity 91%) was identified as predictor of increase in EF > 5% (P = 0.02), whereas the corresponding SPECT parameters were not predictive. DE-CMR compares favorably to SPECT for the prediction of regional and global improvement in LV function in the setting of chronic myocardial ischemia.