Cardiac MR imaging is well established for assessment of cardiovascular structure and function, myocardial scar, quantitative flow, parametric mapping, and myocardial perfusion. Despite the clear evidence supporting the use of cardiac MRI for a wide range of indications, it is underutilized clinically. Recent developments in low‐field MRI technology, including modern data acquisition and image reconstruction methods, are enabling high‐quality low‐field imaging that may improve the cost–benefit ratio for cardiac MRI. Studies to‐date confirm that low‐field MRI offers high measurement concordance and consistent interpretation with clinical imaging for several routine sequences. Moreover, low‐field MRI may enable specific new clinical opportunities for cardiac imaging such as imaging near metal implants, MRI‐guided interventions, combined cardiopulmonary assessment, and imaging of patients with severe obesity. In this review, we discuss the recent progress in low‐field cardiac MRI with a focus on technical developments and early clinical validation studies.Evidence Level5Technical EfficacyStage 1