A system and method for combining parallel imaging and compressed sensing techniques to reconstruct an MR image includes a computer programmed to acquire undersampled MR data for a plurality of k-space locations that is less than an entirety of a k-space grid. The computer is further programmed to synthesize unacquired MR data by way of a parallel imaging technique for a portion of k-space location at which MR data was not acquired and apply a compressed sensing reconstruction technique to generate a reconstructed image from the acquired undersampled MR data and the synthesized unacquired data.