A system and method for MRI are provided. An initial spatial factor may be based on first MRI signals collected in a first imaging stage of an MRI scan of a subject. Second MRI signals collected during a second imaging stage of the MRI scan after the first imaging stage may be obtained. Temporal factors or/and updated spatial factors may be determined. Each of the temporal factors may be determined based on the second MRI signals collected before the determination of the temporal factor. Each of the updated spatial factors may be determined based on the second MRI signals collected before the determination of the updated spatial factor. Real-time MRI images within the second imaging stage may be generated. Each of the real-time MRI images may be generated based on the latest determined temporal factor and one of the initial spatial factor or the latest determined spatial factor.