Purpose: To investigate the performance of a newly built Electron Multiplying Charged Coupled Device (EMCCD) based Micro-CT system, with variable detector gain, using a phantom containing contrast agent of different concentrations. Methods: We built a micro- CT system with an EMCCD having 8 microns pixels and on-chip variable gain. We tested the system using a phantom containing five tubes filled with different iodine contrast solutions (30% to 70%). First, we scanned the phantom using various x-ray exposures values at 40 kVp and constant detector gain. Next, for the same tube currents, the detector gain was increased to maintain the air value of the projection image constant. A standard FDK algorithm was used to reconstruct the data. Performance was analyzed by comparing the signal-to-noise ratio (SNR) measurements for increased gain with those for the low constant gain at each exposure. Results: The high detector gain reconstructed data SNR was always greater than the low gain data SNR for all x-ray settings and for all iodine features. The largest increases were observed for low contrast features, 30% iodine concentration, where the SNR improvement approached 2. Conclusion: One of the first implementations of an EMCCD based micro- CT system was presented and used to image a phantom with various iodine solution concentrations. The analysis of the reconstructed volumes showed a significant improvement of the SNR especially for low contrast features. The unique on-chip gain feature is a substantial benefit allowing the use of the system at very low x-ray exposures per frame.Partial support: NIH grant R01EB002873 and Toshiba Medical Systems Corp. Partial support: NIH grant R01EB002873 and Toshiba Medical Systems Corp.