Three magnetic resonance (MR)/fluorescence imaging probes were tested for visualization, cellular distribution, and survival of labeled pancreatic islets in vitro and following transplantation. As T1 contrast agents (CAs), gadolinium(III) complexes linked to β‐cyclodextrin (Gd‐F‐βCD) or bound to titanium dioxide (TiO2@RhdGd) were tested. As a T2 CA, perovskite manganite nanoparticles (LSMO@siF@si) were examined. Fluorescein or rhodamine was incorporated as a fluorescent marker in all probes. Islets labeled with gadolinium(III) CAs were visible as hyperintense spots on MR in vitro, but detection in vivo was inconclusive. Islets labeled with LSMO@siF@si CA were clearly visible as hypointense spots or areas on MR scans in vitro as well as in vivo. All CAs were detected inside the islet cells by fluorescence. Although the vitality and function of the labeled islets was not impaired by any of the tested CAs, results indicate that LSMO@siF@si CA is a superior marker for islet labeling, as it provides better contrast enhancement within a shorter scan time. Seeing the light: We evaluated three novel magnetic resonance/fluorescence imaging probes for visualization, cellular distribution, and survival of labeled pancreatic islets in vitro and in vivo. One of these contrast agents, based on perovskite‐like manganite nanoparticles, was shown to provide better contrast enhancement within a shorter scan time than existing agents, indicating potential utility for future imaging of transplanted pancreatic islets.