Articular cartilage is a vital component of the joint, as it is frequently exposed to trauma and is affected by a number of conditions and diseases such as osteoarthritis and hemophilic arthropathy. Therefore, its evaluation and assessment are crucial. Magnetic resonance imaging (MRI) plays a critical role in its evaluation. With the recent advances in MRI imaging, multiple techniques and modalities allow both morphological and physiological evaluation of articular cartilage. Morphological methods allow the evaluation of articular cartilage structural integrity, and physiological methods allow the evaluation of chemical changes in its components even prior to degeneration. This aids in the early detection and improved assessment of articular cartilage pathology. Therefore, it permits a more accurate evaluation of patients with articular cartilage issues and defects, allowing for prompt treatment and high better quality of life. This article reviews recent and innovative MRI techniques and sequences for morphological and functional evaluation of the cartilage.