Magnetic Resonance Imaging (MRI) is one of the newer diagnostic imaging modalities growing rapidly over the past 50 years. With its ability to create high contrast imaging between bone, muscle, and soft tissue, it has become the gold standard for diagnosing and monitoring various diseases. However, a gap that still exists in MRI is pulmonary imaging. Computed Tomography (CT) has been the leading modality for lung imaging thus far. Although with new advancements in pulmonary MRI, MRI may soon become a viable option over CT depending on patient conditions. The combination of ultrashort echo times, breath hold sequences, and the ventilation of Helium-3 gas make pulmonary MRI possible. Comparing the quality of lung imaging between MRI and CT, studies show that MRI has been able to detect lung disease similarly to CT. Though exact size measurements of pathologies may differ due to the decreased resolution of MRI, MRI is a safer option for specific patient populations. Due to the ionizing radiation and Iodine-based contrast agents utilized in CT, these practices are not favorable for pediatrics, pregnant women, and patients that require routine imaging. Given the increased health risks that patients may endure with CT, it is necessary to consider the advancements in pulmonary MRI to be used in the clinical setting.