An object-based approach is used to initialize the magnetic field inhomogeneity estimation for chemical species separation, such as water-fat separation, and other imaging applications. For example, a susceptibility distribution in the subject being imaged is estimated from images reconstructed from single-echo or multi-echo k-space data and used to initialize the magnetic field inhomogeneity estimation. This approach can be applied to any complex-based chemical shift encoded chemical species separation technique and to other imaging applications, such as susceptibility-weighted imaging and quantitative susceptibility mapping. The field map can also be used to correct for image distortions and to generate magnetic field shimming values.