Previous studies in neurophysiology have shown that neurons exhibit trial-by-trial correlated activity and that such noise correlations (NCs) greatly impact the accuracy of population codes. Meanwhile, multivariate pattern analysis (MVPA) has become a mainstream approach in functional magnetic resonance imaging (fMRI), but it remains unclear how NCs between voxels influence MVPA performance. Here, we tackle this issue by combining voxel-encoding modeling and MVPA. We focus on a well-established form of NC, tuning-compatible noise correlation (TCNC), whose sign and magnitude are systematically related to the tuning similarity between two units. We show that this form of voxelwise NCs can improve MVPA performance if NCs are sufficiently strong. We also confirm these results using standard information-theoretic analyses in computational neuroscience. In the same theoretical framework, we further demonstrate that the effects of noise correlations at both the neuronal level and the voxel level may manifest differently in typical fMRI data, and their effects are modulated by tuning heterogeneity. Our results provide a theoretical foundation to understand the effect of correlated activity on population codes in macroscopic fMRI data. Our results also suggest that future fMRI research could benefit from a closer examination of the correlational structure of multivariate responses, which is not directly revealed by conventional MVPA approaches.