Hyperpolarized 129Xe MRI (Xe-MRI) can be used to acquire images of pulmonary ventilation and gas exchange. These ventilation and gas exchange images are typically acquired in separate breath-holds, which lengthens scan time, increases cost, and requires more of patients. We have combined 3D spiral (FLORET) ventilation imaging with radial 1-point Dixon gas exchange imaging within a single-breath-hold scan. This single-breath-hold scan produces both a gas exchange and a “high-resolution” (4x4x4 mm3 voxels) ventilation image that are qualitatively and quantitatively similar to images acquired in dedicated breath-holds. This increase in efficiency improves the clinical feasibility of hyperpolarized 129Xe MRI.