Hypoperfusion is frequently considered a cause of age-related white matter lesions (WML). However, reductions in oxygen availability to brain tissue may also be caused by impaired oxygen extraction fraction (OEF). Here, we tested the hypothesis that venous hyperintense signal (VHS) in arterial spin labeling (ASL) MRI is indicative of impaired OEF in typically aging older adults. In participants aged 60–80 years (n=40), we measured VHS with ASL and maximum OEF (OEFmax) with dynamic susceptibility contrast MRI. Lower OEFmax was uniquely associated with higher WML volume in participants with VHS, indicating a potentially distinct cerebrovascular aging pattern in these individuals.