Viktualienmarkt — Famous market in the city centre, where you will find any imaginable sort of fruit, vegetables, meat, fish, spices, and so on. Also plenty of places to get a quick bite to eat as well as its own little biergarten when the weather's warm enough.
Elisabethmarkt— A smaller and less touristy (i.e. cheaper) market, it has cute stalls, a good selection of fruits, vegetables and delicacies, a quaint beergarten seasonally and an original feel. It is located at the tram stop Elisabethplatz of the tram 27. This is a good starting point to explore the less commercial parts of Schwabing, there are quite a few interesting boutiques and designers on Elisabethstrasse between Elisabethplatz and Leopoldstrasse.