This work conceives novel target detection and parameter estimation schemes in millimeterwave (mmWave) multiple-input multiple-output (MIMO) radar (mMR) systems for both stationary and mobile targets/radar platform. Initially, the orthogonal matching pursuit (OMP)-based mmR (OmMR) algorithm is proposed for stationary targets to estimate their radar cross-section (RCS) coefficients, angle, range locations together with the number of targets. Next, mMR systems with mobile targets and platform are considered, followed by development of the simultaneous OMP (SOMP)-based mMR (SmMR) algorithm for RCS, angle/range estimation together with their Doppler velocities. The proposed algorithms lead to a significant improvement in performance since they exploit the inherent sparsity of the mMR scattering scene in contrast to the conventional schemes. Two-dimensional (2D) mMR imaging procedures are also presented for both scenarios in the angle, range, and Doppler dimensions. Analytical expressions are derived for the Cramér-Rao bounds (CRBs) for the mean-squared error (MSE) of joint estimation of the RCS coefficients and Doppler velocities. Simulation results demonstrate that proposed schemes perform well even in low signal-to-noise ratio (SNR) scenarios with a few snapshots of the scattering environment and yield improved performance in comparison to existing sparse as well as non-sparse schemes.