A quantitative myocardial first-pass perfusion approach is proposed using multi-echo Dixon acquisition. The fat images (unaffected by contrast bolus) are used to estimate respiratory motion and the transformations are applied to the corresponding diagnostic water images. The three echo images are also used to perform T2* correction of the arterial input function. Evaluation was performed in 8 patients during free-breathing rest perfusion. Motion correction reduced quantiation variability, while T2* correction of the arterial input function reduced the myocardial blood flow by 0.7ml/g/min across all patients.