More than a decade has passed since the clinical deployment of the first commercial whole-body hybrid PET/MR scanner in the clinic. The major advantages and limitations of this technology have been investigated from technical and medical perspectives. Despite the remarkable advantages associated with hybrid PET/MR imaging, such as reduced radiation dose and fully simultaneous functional and structural imaging, this technology faced major challenges in terms of mutual interference between MRI and PET components, in addition to the complexity of achieving quantitative imaging owing to the intricate MRI-guided attenuation correction in PET/MRI. In this review, the latest technical developments in PET/MRI technology as well as the state-of-the-art solutions to the major challenges of quantitative PET/MR imaging are discussed.