Cognitive impairment in the form of dementia is a hallmark of Alzheimer’s disease (AD), an aging-related neurodegenerative disorder that is characterized by increasing deficits in memory and cognition. To allow for targeted, early intervention, it is necessary to develop reliable prognostic tools that can identify individuals at risk of developing AD. Studies suggest that several neuroimaging markers may be predictive of cognitive decline; these include atrophy of medial temporal lobe structures, reduced cerebral blood flow to the hippocampus, reduced functional connectivity between memory-related structures, and lower density of cholinergic cells within the nucleus basalis. In this study, we modeled the relationship between episodic memory test scores from Wechsler’s Adult Intelligence Scale using both established and novel neuroimaging markers while controlling for age, sex and education. Standard neuropsychological battery test scores and structural, diffusion and resting-state functional MRI data were collected from 54 participants (n = 29 women) aged 65 and above (mean = 78.6 years) recruited from Group Health Research Institute’s Adult Changes in Thought study. We found left hippocampal and left entorhinal cortex (LEC) volumes to be significantly smaller in cognitively impaired subjects as compared to healthy controls (p <0.05), and episodic memory scores were most positively correlated with LEC volumes (r = 0.45, p < 0.05) as compared to other MRI measures. Stepwise regression analysis also showed that LEC volume explained a significant portion of variance in memory scores (R2 = 0.31, F = 6.88, p <0.05). In comparison to structural MRI markers, functional connectivity measures did not add predictive value, suggesting that physiological measures play a more mediating role in the relationship between cortical structure and performance. Overall, volumetric MRI measures served as better predictors of cognitive performance than other examined MRI measures, and the inclusion of these measures in future AD risk assessments may help to predict cognitive decline with greater sensitivity.