We present a dual-modality imaging system combining laser speckle contrast imaging and oxygen-dependent quenching of phosphorescence to simultaneously map cortical blood flow and oxygen tension (pO2) in mice. Phosphorescence signal localization is achieved through the use of a digital micromirror device (DMD) that allows for selective excitation of arbitrary regions of interest. By targeting both excitation maxima of the oxygen-sensitive Oxyphor PtG4, we are able to examine the effects of excitation wavelength on the measured phosphorescence lifetime. We demonstrate the ability to measure the differences in pO2 between arteries and veins and large changes during a hyperoxic challenge. We dynamically monitor blood flow and pO2 during DMD-targeted photothrombotic occlusion of an arteriole and highlight the presence of an ischemia-induced depolarization. Chronic tracking of the ischemic lesion over eight days revealed a rapid recovery, with the targeted vessel fully reperfusing and pO2 returning to baseline values within five days. This system has broad applications for studying the acute and chronic pathophysiology of ischemic stroke and other vascular diseases of the brain.