We propose and demonstrate the feasibility of using a highly sensitive microbend multimode fiber optic sensor for simultaneous measurement of breathing rate (BR) and heart rate (HR). The sensing system consists of a transceiver, microbend multimode fiber, and a computer. The transceiver is comprised of an optical transmitter, an optical receiver, and circuits for data communication with the computer via Bluetooth. Comparative experiments conducted between the sensor and predicate commercial physiologic devices showed an accuracy of for both BR and HR measurement. Our preliminary study of simultaneous measurement of BR and HR in a clinical trial conducted on 11 healthy subjects during magnetic resonance imaging (MRI) also showed very good agreement with measurements obtained from conventional MR-compatible devices.