A continuous wave near infrared three-wavelength laser diode spectroscopic (NIRS) system designed for use in magnetic resonance imaging (MRI) scanners is described. This system measures in vivo changes in the concentrations of oxyhemoglobin (HbO) and deoxyhemoglobin (Hb) in humans. An algorithm is implemented to map changes in light intensity to changes in the concentrations of Hb and HbO. The system’s signal to noise ratio is 3.4×103 per wavelength on an intralipid phantom with 10 Hz resolution. To demonstrate the system’s performance in vivo, data taken on the human forearm during arterial occlusion, as well as data taken on the forehead during extended breath holds, are presented. The results show that the instrument is an extremely sensitive detector of hemodynamic changes in human tissue at high temporal resolution. NIRS directly measures changes in the concentrations of hemoglobin species. For this reason, NIRS will be useful in determining the sources of MRI signal changes in the body due to hemodynamic causes, while the precise anatomic information provided by MRI will aid in localizing NIRS contrast and improving the accuracy of models of light transport through tissue.