Arterial spin labeling (ASL)-based non-contrast enhanced dynamic MR angiography (NCE-dMRA) can provide not only dynamic flow depiction but also quantitative hemodynamics. According to the indicator dilution theory, we proposed a novel analytical solution for arterial blood flow (aBF) quantification in NCE-dMRA. Compared to the previous truncated singular value decomposition (t-SVD), reliable aBF measures were obtained using the proposed method from both simulation and experimental data. Hemodynamic maps including aBF, arterial blood volume and arterial transit time were successfully generated. Our preliminary patient data suggest that the dynamic flow patterns in conjunction with quantitative hemodynamic may provide complementary information for clinical diagnosis.