The new hybrid PET/MR systems permit optimal spatial and temporal coregistration of structural, functional, and molecular data. The real-time high-resolution multiparametric imaging improves the clinical evaluation of disorders of the brain and offers new options for research in the central nervous system. This review discusses the advantages of integrated PET/MR for brain imaging and indicates possible applications in dementia, degenerative disorders, epilepsy, brain tumors, cerebrovascular disease, and inflammatory diseases. The integrated assessment of various parameters additionally will improve partial volume correction of metabolic and functional values and facilitate the modeling of dynamic data. PET/MR may also help to understand complex metabolic processes and permit insight into functional and structural connectivity in the brain. The multiple noninvasive investigative approaches offered simultaneously by PET/MR might gain a special impact in translational brain research.