In some embodiments, the present application discloses systems and methods for cardiac MRI that allow for continuous un-interrupted acquisition without any ECG/cardiac gating or synchronization that achieves the required image contrast for imaging perfusion defects. The invention also teaches an accelerated image reconstruction technique that is tailored to the data acquisition scheme and minimizes or eliminates dark-rim image artifacts. The invention further enables concurrent imaging of perfusion and myocardial wall motion (cardiac function), which can eliminate the need for separate assessment of cardiac function (hence shortening exam time), and/or provide complementary diagnostic information in CAD patients.