Structures in the medial temporal lobe (MTL) like the hippocampus play a critical role in memory. Functional disruptions of the MTL (typically studied with BOLD fMRI) are present in a range of disorders and diseases. The relative and indirect nature of BOLD makes it difficult to interpret findings such as the hippocampal “hyperactivity” that has been tied to age-related cognitive decline and the progression to Alzheimer’s Disease. In this work, “functional” MR spectroscopy is combined with simultaneous BOLD during memory tasks to investigate the relationship between the two. While task-related activity is observed in both, there are points of departure.