A method for characterizing the risk associated with atherosclerosis is disclosed. The method uses one or more images of cross-sections of the artery or other vessel of interest to identify and locate components of the atherosclerotic deposit, including any hemorrhage, necrotic core, and calcification, and to determine the status and composition of the fibrous cap. In one embodiment, high resolution MRI images are utilized, although other imaging modalities may alternatively be used. A simple scoring system is applied that accounts for the presence of these components and more heavily weights the presence of these components in the juxtaluminal portion of the deposit. The status of the fibrous cap (intact or ruptured) and the composition of the fibrous cap (collagen or mixed tissue) are also incorporated into a final atherosclerosis risk score.