Myocardial perfusion quantification by cardiovascular MR imaging has shown great promise in the detection of coronary artery disease. However, the lack of true standardization of methods across centers hinders the effective comparison and pooling of measurements. We sought to develop a novel cardiac phantom mimicking dynamic contrast exchange between two myocardial compartments and use it for the calibration of perfusion measured using three common quantification methods. Without calibration, perfusion measurements differed significantly between methods. Calibration led to accurate and non-significantly different measurements, suggesting that it could be an effective and reliable approach for the universal standardization of quantification methods.