Introduction: Abnormal myocardial perfusion and MI are each associated with cardiovascular events in individuals with diabetes mellitus (DM).Hypothesis: We hypothesised that, in patients with T2DM, CMR determined quantitative myocardial perfusion and MI are independent predictors of major adverse cardiovascular and cerebrovascular events (MACCE) and that the presence of both offers incremental prognostic value.Methods: A prospective multicentre cohort of individuals with T2DM and healthy controls underwent stress CMR with inline quantitative myocardial perfusion and late gadolinium enhancement (LGE). Adjusted cox proportional hazard models (adjusted for age, sex, LVEF, LV end diastolic volume (LVEDV) and LV mass quantified associations between quantitative myocardial perfusion and MI with MACCE (composite of all-cause death, MI, stroke, heart failure hospitalisation and coronary revascularisation).Results: A total of 572 participants with T2DM from four centres and 52 healthy controls were followed for a median of 851 (IQR 765-935) days, during which 82 (14%) participants accrued at least one MACCE, including 25 (4%) deaths. Presence of either CMR pathology was associated with increased MACCE (normal quantitative myocardial perfusion and no MI: 7% MACCE; abnormal quantitative myocardial perfusion or MI: 13% MACCE (adjusted HR compared with normal 2.06 (95% CI 1.07-3.97, p=0.03)); and both abnormal quantitative myocardial perfusion and MI was associated with the highest event rate: 28% MACCE (adjusted HR compared with normal quantitative myocardial perfusion and no MI 4.55 (95% CI 2.32-8.90, p<0.001)).Conclusion: In individuals with T2DM, the presence of either abnormal quantitative myocardial perfusion or MI is associated with MACCE and the presence of both offers strong incremental prognostic value.