For decades, the extent to which visual imagery relies on similar neural mechanisms as visual perception has been a topic of debate. Here, we review recent neuroimaging studies comparing these two forms of visual experience. Their results suggest that there is large overlap in neural processing during perception and imagery: neural representations of imagined and perceived stimuli are similar in visual, parietal and frontal cortex. Furthermore, perception and imagery seem to rely on similar top-down connectivity. The most prominent difference is the absence of bottom-up processing during imagery. These findings fit well with the idea that imagery and perception rely on similar emulation or prediction processes.