Multi-slice perfusion-based functional magnetic resonance imaging (p-fMRI) is demonstrated with a color-word Stroop task as an established cognitive paradigm. Continuous arterial spin labeling (CASL) of the blood in the left common carotid artery was applied for all repetitions of the functional run in a quasi-continuous fashion, i.e., it was interrupted only during image acquisition. For comparison, blood oxygen level dependent (BOLD) contrast was detected using conventional gradient-recalled echo (GE) echo planar imaging (EPI). Positive activations in BOLD imaging appeared in p-fMRI as negative signal changes corresponding to an enhanced transport of inverted water spins into the region of interest, i.e., increased cerebral blood flow (CBF). Regional differences between the localization of activations and the sensitivity of p-fMRI and BOLD-fMRI were observed as, for example, in the inferior frontal sulcus and in the intraparietal sulcus. Quantification of CBF changes during cognitive task activation was performed on a multi-subject basis and yielded CBF increases of the order of 20-30%.