To determine the diagnostic performance of ¹²³I-metaiodobenzylguanidine (mIBG) SPECT/MRI fusion, ¹²³I-mIBG SPECT/CT and adrenal MRI for the detection of pheochromocytoma in patients with elevated urine or plasma catecholamines. Twenty-two consecutive patients underwent both a whole-body ¹²³I-mIBG scan with SPECT/CT of the adrenal region and MRI of the adrenal glands. Fused SPECT/MRI, SPECT/CT, and MRI scans were evaluated. Imaging results were analyzed both on a per-patient and on a per-lesion basis. Histopathology and/or clinical and radiological follow-up served as the reference standard. Sixteen adrenal tumors were found in thirteen patients. On a per-lesion basis, SPECT/CT had a sensitivity of 87.5%, a specificity of 93.8%, and an overall accuracy of 92.5%. MRI had a sensitivity of 87.5%, a specificity of 96.9%, and an overall accuracy of 95.0%. On a per-patient basis, both SPECT/CT and MRI had a sensitivity of 85.7%, a specificity of 93.3%, and an overall accuracy of 90.9%. SPECT/CT was concordant with MRI in 81.8% of cases. SPECT/MRI fusion was superior to both SPECT/CT and MRI and had a sensitivity of 100% on both a per-lesion and a per-patient basis. ¹²³I-mIBG SPECT/MRI has the highest sensitivity and accuracy for the detection and localization of pheochromocytomas. SPECT/CT and MRI of the adrenal glands are equivalent diagnostic procedures. However, MRI offers the advantage of fully diagnostic assessment of adrenal lesions other than pheochromocytoma undetectable by ¹²³I-mIBG.