Neuroimaging comprises a set of tools, which include different types of magnetic resonance imaging such as functional magnetic resonance imaging (fMRI), Magnetic Resonance Spectroscopy (MRS), Arterial Spin Labeling (ASL), and radiotracer imaging such as positron emission tomography and single photon emission computed tomography. The focus of this review is to address the question whether fMRI can contribute to the diagnosis and treatment of anxiety disorders. Key anxiety processes and neural substrates are reviewed. The main findings and shortcomings of fMRI in the context of anxiety are briefly summarized. Finally, the next stages of developing fMRI for diagnosis and treatment are highlighted. The main conclusion of this review is that fMRI could become a clinical tool for the diagnosis and treatment of anxiety disorders, but neuroimaging groups will need to better develop its specificity and sensitivity so that fMRI results can be meaningful for an individual patient not just for groups of individuals. Depression and Anxiety 25:348–356, 2008. © 2008 Wiley‐Liss, Inc.