Coronary artery disease (CAD) is one of the leading causes of death in the world. In the United States alone, it is estimated that approximately every 25 seconds, a new CAD event will occur, and approximately every minute, someone will die of one. The detection of CAD during in its early stages is very critical to reduce the mortality rates. Magnetic resonance imaging of myocardial perfusion (MR-MPI) has been receiving significant attention over the last decade due to its ability to provide a unique view of the microcirculation blood flow in the myocardial tissue through the coronary vascular network. The ability of MR-MPI to detect changes in microcirculation during early stages of ischemic events makes it a useful tool in identifying myocardial tissues that are alive but at the risk of dying. However this technique is not yet fully established clinically due to fundamental limitations imposed by the MRI device physics. The limitations of current MRI schemes often make it challenging to simultaneously achieve high spatio-temporal resolution, sufficient spatial coverage, and good image quality in myocardial perfusion MRI. Furthermore, the acquisitions are typically set up to acquire images during breath holding. This often results in motion artifacts due to improper breath hold patterns. This dissertation deals with developing novel image reconstruction methods in conjunction with non-Cartesian sampling for the reconstruction of dynamic MRI data from highly accelerated / under-sampled Fourier measurements. The reconstruction methods are based on adaptive signal models to represent the dynamic data using few model coefficients. Three novel adaptive reconstruction methods are developed and validated: (a) low rank and sparsity based modeling, (b) blind compressed sensing, and (c) motion compensated compressed sensing. The developed methods are applicable to a wide range of dynamic imaging problems. In the context of MR-MPI, this dissertation show feasibilities that the developed methods can enable free breathing myocardial perfusion MRI acquisitions with high spatio-temporal resolutions ( < 2mm x 2mm, 1 heart beat) and slice coverage (upto 8 slices).