Purpose: To determine whether peritumoral hypointensity seen on hepatobiliary phase images of preoperative gadoxetate disodium‐enhanced magnetic resonance imaging (EOB‐MRI) is useful for predicting microvascular invasion of hepatocellular carcinoma (HCC).Materials and Methods: This study was approved by the Institutional Review Board. In all, 104 HCC masses in 104 patients who had undergone EOB‐MRI and liver surgery within 1 month after EOB‐MRI were evaluated. Two radiologists independently recorded the presence of a peritumoral hypointensity on hepatobiliary phase. Interobserver agreement was assessed and consensus records were used. Tumor size was measured. A chi‐square test and independent t‐test were used for univariate analysis. Multiple logistic regression was performed to determine factors for predicting microvascular invasion. Sensitivity, specificity, positive predictive value (PPV), and negative predictive value (NPV) of peritumoral hypointensity were calculated.Results: Sixty HCCs had microvascular invasion and 44 did not. Interobserver agreement in determining peritumoral hypointensity was excellent (κ = 0.83). By univariate analysis, peritumoral hypointensity and tumor size were significant for predicting microvascular invasion of HCC. On multiple logistic regression analysis, only peritumoral hypointensity was significant in predicting microvascular invasion of HCC (P = 0.013). The sensitivity, specificity, PPV, and NPV of peritumoral hypointensity were 38.3%, 93.2%, 88.5%, and 52.6%, respectively.Conclusion: Peritumoral hypointensity on the hepatobiliary phase of EOB‐MRI is not sensitive but has high specificity for predicting microvascular invasion of HCC. J. Magn. Reson. Imaging 2012;35:629‐634.