A breast biopsy system utilizing a needle biopsy device configured for guidance by a robotic guidance device into a treatment position wherein the needle tip is positioned adjacent target tissue in patient. The system including an MRI compatible device localization system adapted to track one or more points on the needle biopsy device and generate real-time device localization data. A Magnetic Resonance Imaging (MRI) system provides a multi-planar reference image data from the patient being treated. The MRI system is connected to the MRI compatible device localization system and operable to display an overlay image, reconstructed from the real-time device localization data, on the multi-planar reference image data which depicts the location of the needle biopsy device relative to the target tissue in the patient. A method of performing a breast biopsy utilizing the disclosed breast biopsy system is also provided
