A system and method for cardiac magnetic resonance imaging (MRI) is disclosed that facilitates the phase sensitive reconstruction of inversion recovery magnetization prepared data with minimal scan time penalty by acquiring the phase reference data with low spatial resolution. The technique can be applied for the investigation of myocardial tissue characterization by acquiring 2D and/or 3D late Gadolinium enhancement (LGE) scans after the injection of a Gadolinium contrast agent. Regional areas of contrast accumulation in scarred myocardial tissue appear bright on these T1-weighted images. As disclosed here the proposed technique for phase sensitive inversion recovery acquisition with low resolution phase reference is robust against changes in inversion time, change in T1 due to Gadolinium contrast washout, high signal-to-noise ratio, and low scan time penalty compared to magnitude LGE.