Breast cancer (BC) patients who achieve a favorable residual cancer burden (RCB) after neoadjuvant chemotherapy (NACT) have an improved recurrence-free survival. Those who have an unfavorable RCB will have gone through months of ineffective chemotherapy. No ideal method exists to predict a favorable RCB early during NACT. Diffuse optical tomography (DOT) is a novel imaging modality that uses near-infrared light to assess hemoglobin concentrations within breast tumors. We hypothesized that the 2-week percent change in DOT-measured hemoglobin concentrations would associate with RCB. We conducted an observational study of 40 women with stage II-IIIC BC who received standard NACT. DOT imaging was performed at baseline and 2weeks after treatment initiation. We evaluated the associations between the RCB index (continuous measure), class (categorical 0, I, II, III), and response (RCB class 0/I=favorable, RCB class II/III=unfavorable) with changes in DOT-measured hemoglobin concentrations. The RCB index correlated significantly with the 2-week percent change in oxyhemoglobin [HbO2] (r=0.5, p=0.003), deoxyhemoglobin [Hb] (r=0.37, p=0.03), and total hemoglobin concentrations [HbT] (r=0.5, p=0.003). The RCB class and response significantly associated with the 2-week percent change in [HbO2] (p≤0.01) and [HbT] (p≤0.02). [HbT] 2-week percent change had sensitivity, specificity, positive, and negative predictive values for a favorable RCB response of 86.7, 68.4, 68.4, and 86.7%, respectively. The 2-week percent change in DOT-measured hemoglobin concentrations was associated with the RCB index, class, and response. DOT may help guide NACT for women with BC.