The recent emergence of “molecular imaging” as an academic discipline has set the stage for an evolutionary leap in diagnostic imaging. Recent advances in nuclear, ultrasound, optical, and magnetic resonance imaging have generated interest in molecular imaging across all modalities and across various academic, industrial, and governmental agencies. In this perspective, examples of the progress and the prospects for the future of molecular imaging and linked targeted therapeutics are reviewed. J. Cell. Biochem. Suppl. 39: 90–97, 2002. © 2002 Wiley‐Liss, Inc.