Magnetic resonance imaging (MRI) of the lung is highly effective for evaluating and characterizing solid lung lesions, as well as assessing infiltrative lung disorders. Being a radiation-free imaging method, MRI provides significant advantages over traditional computed tomography (CT), including superior soft tissue contrast, dynamic studies of respiratory mechanics, and the ability to visualize perfusion and ventilation. Additionally, MRI poses less risk from radiation exposure for patients requiring long-term or repeated follow-up scans. Despite its benefits, challenges such as motion artifacts and low signal have hindered the routine clinical use of lung MRI. However, advancements like radial imaging and new volumetric three-dimensional (3D) techniques, including ultrashort echo time (UTE) and zero echo time (ZTE), are improving motion robustness and enabling high-resolution anatomical imaging of the lungs. Furthermore, innovations such as hyperpolarized gas imaging and the Fourier-decomposition (FD) technique have introduced new possibilities for functional lung imaging with MRI. A thorough understanding of both established and emerging lung MRI techniques—along with their strengths and limitations—can help practitioners choose the most effective approaches, apply them in clinical settings, and ultimately enhance early diagnostic accuracy and patient care.