Fluorescence angiography (FA) is widely used for studying and diagnosing abnormalities in the retinal blood circulation, but has associated risks of nausea, skin irritation, and even death. We describe a new non-invasive angiography technique: Blood Oxygenation Modulation Angiography, in which multispectral imaging of a transient perturbation in blood-oxygen saturation, yields angiography sequences similar to FA, including key features such as sequential filling of choroidal and retinal-vessels, which underpin assessment of circulation health. This is the first non-invasive angiography technique capable of visualizing these circulation features.