Provided are a method and apparatus for processing a magnetic resonance (MR) image of an object including first and second materials on a magnetic resonance imaging (MRI) apparatus by using multi-parameter mapping including applying to the object a plurality of radio frequency (RF) pulses separated by a first repetition time and a second repetition time, the first repetition time and the second repetition time being determined based on the first material and the second material; undersampling first MR signals corresponding to the first material and second MR signals corresponding to the second material in a K-space; and performing matching between the undersampled first and the undersampled second MR signals and a signal model for the multi-parameter mapping to determine attribute values corresponding to the first and the second materials at at least one point in an MR image of the object.