Systems and methods for performing fast multi-contrast magnetic resonance imaging (“MRI”) are provided. In general, data are acquired from both multiple echo times (“TEs”) and at multiple effective inversion times (“TIs”). Following the application of a magnetization preparation radio frequency (“RF”) pulse, a plurality of different multi-echo acquisitions are performed, thereby acquiring data from multiple different TEs during different portions of the longitudinal magnetization recovery curve. Data acquisition in these inner encoding loops (i.e., during each multi-echo acquisition) can be accelerated to efficiently provide for the acquisition of multiple contrasts in the time normally required to acquire a single contrast.