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The average cost for a knee MRI, which stands for magnetic resonance imaging, is about $770, as of 2014, according to Healthcare Bluebook. This is the price for an MRI with no contrast.
Highlights. 1  A knee MRI uses magnets and radio waves to capture images inside your body. 2  Unlike X-rays and CT scans, an MRI does not use radiation. 3  The MRI procedure typically takes between 30 minutes to an hour. 1  An MRI test uses magnets and radio waves to capture images inside your body without making a surgical incision. It can be performed on any part of your body, but a knee MRI looks specifically at your knee and its surrounding areas.