A method of image reconstruction for a magnetic resonance imaging (MRI) system includes obtaining k-space scan data captured by the MRI system, the k-space scan data being representative of an undersampled region over time, iteratively reconstructing preliminary dynamic images for the undersampled region from the k-space scan data via optimization of a first instance of a minimization problem, the minimization problem including a regularization term weighted by a weighting parameter array, generating a motion determination indicative of an extent to which each location of the undersampled region exhibits motion over time based on the preliminary dynamic images, and iteratively reconstructing motion-compensated dynamic images for the region from the k-space scan data via optimization of a second instance of the minimization problem, the second instance having the weighting parameter array altered as a function of the motion determination.