Magnetic resonance imaging (MRI) is a commonly used tool in clinical medicine, but it suffers from the disadvantage of slow imaging speed. To address this, we propose a novel MRI reconstruction algorithm based on image decomposition to realize accurate image reconstruction with undersampled k-space data. In our algorithm, the MR images to be recovered are split into cartoon and texture components utilizing image decomposition theory. Different sparse transform constraints are applied to each component based on their morphological structure characteristics. The total variation transform constraint is used for the smooth cartoon component, while the L0 norm constraint of tight frame redundant transform is used for the oscillatory texture component. Finally, an alternating iterative minimization approach is adopted to complete the reconstruction. Numerous numerical experiments are conducted on several MR images and the results consistently show that, compared with the existing classical compressed sensing algorithm, our algorithm significantly improves the peak signal-to-noise ratio of the reconstructed images and preserves more image details. Our algorithm harnesses the sparse characteristics of different image components to reconstruct MR images accurately with highly undersampled data. It can greatly accelerate MRI speed and be extended to other imaging reconstruction fields.