An imaging system and method are disclosed. An MR image and measured B0 field map of a target volume in a subject are reconstructed, where the MR image includes one or more bright and/or dark regions. One or more distinctive constituent materials corresponding to the bright regions are identified. Each dark region is iteratively labeled as one or more ambiguous constituent materials. Susceptibility values corresponding to each distinctive and iteratively labeled ambiguous constituent material is assigned. A simulated B0 field map is iteratively generated based on the assigned susceptibility values. A similarity metric is determined between the measured and simulated B0 field maps. Constituent materials are identified in the dark regions based on the similarity metric to ascertain corresponding susceptibility values. The MRI data is corrected based on the assigned and ascertained susceptibility values. A diagnostic assessment of the target volume is determined based on the corrected MRI data.