Cerebral metabolic rate of oxygen (CMRO2) is an important biomarker for normal and pathological neonatal brain development. However, regional measurement of neonatal CMRO2 has been limited due to an inability to evaluate regional venous blood oxygenation (Yv). This study presented a rapid MRI technique, accelerated T2-relaxation-under-phase-contrast (aTRUPC), to measure vessel-specific Yv in neonates. We have improved the reliability and accuracy of aTRUPC by optimizing imaging parameters and calibrating T2-bias. A pilot study on healthy, non-sedated neonates demonstrated the feasibility of aTRUPC to measure vessel-specific Yv. Accuracy of aTRUPC-based Yv measurements was further validated with established whole-brain Yv measurement using T2-relaxation-under-spin-tagging.