Cardiovascular disease (CVD) is the leading cause of death and a major health care challenge globally. Coronary artery disease (CAD) is a primary underlying pathological process in the majority of cardiovascular disease cases. Magnetic resonance imaging (MRI) can play a potentially important role in the management of CAD as a noninvasive imaging modality without ionizing radiation, although its early promise has not been delivered because of several crucial technical limitations. However, recent innovations in MRI have reopened the door, with tremendous opportunities for multiparametric assessment of CAD including luminal stenosis, plaque burden and composition, and disease activities such as inflammation and hemorrhage. Novel MRI acquisition and reconstruction strategies now offer much increased spatial resolution and image quality and shortened examination times compared with conventional approaches. Recent clinical experiences of coronary MRI indicated the potential to improve the current management of coronary atherosclerosis, such as identifying the patients at the highest risk and evaluating therapeutic responses. In this review we discuss the latest technical advances and clinical insights in coronary MRI.