A new technique for assessing tissue blood flow using hyperpolarized tracers, based on the fact that the magnetization of a hyperpolarized substance can be destroyed permanently, is described. Assessments of blood flow with this technique are inherently insensitive to arterial delay and dispersion, and allow for quantification of the transit time and dispersion in the arteries that supply the investigated tissue. Renal cortical blood flow was studied in six rabbits using a 13C-labeled compound (2-hydroxyethylacrylate) that was polarized by the parahydrogen-induced polarization (PHIP) technique. The renal cortical blood flow was estimated to be 5.7/5.4 ± 1.6/1.3 ml/min per milliliter of tissue (mean ± SD, right/left kidney), and the mean transit time and dispersion in the renal arteries were determined to be 1.47/1.42 ± 0.07/0.07 s and 1.78/1.93 ± 0.40/0.42 s2, respectively. Magn Reson Med 52:1043–1051, 2004. © 2004 Wiley-Liss, Inc.