We developed and tested a novel iron based contrast agent for imaging hypoxia using magnetic resonance imaging (MRI). After synthesis, the cytotoxicity data and the magnetic properties were studied to measure the relaxivity of the contrast agent. The ability of the contrast agent in targeting hypoxic was demonstrated in vitro by comparing cell cultures under hypoxia by T1 and T2 mapping. The cytotoxicity assay showed no significant changes to the cells’ viability over the period of 8h exposure to the contrast agent. The retention in the hypoxic condition is an indication of its performance under the proposed mechanism.