Hyperpolarized (HP) imaging agents such as [1-13C]-pyruvate can provide unique insight into metabolic processes in vivo. The pharmacokinetics of HP imaging agents are affected by metabolic and other characteristics of the biological system. Signal evolution is also modified by spin-lattice relaxation and by excitation pulses that are necessary for sampling data. Pharmacokinetic (PK) models offer a framework for explaining signal evolution, quantifying metabolic characteristics, and optimizing data acquisition and analysis strategies. In this lecture, we will derive extensible PK models for HP imaging agents, review simplifying assumptions, and demonstrate their utility for optimizing acquisitions and reducing errors in quantification.