This paper introduces an efficient algorithm for magnetic resonance (MR) image reconstruction. The proposed method minimizes a linear combination of nonlocal total variation and least-square data-fitting term to reconstruct the MR images from undersampled k-space data. The nonlocal total variation is taken as the L1-regularization functional and solved using Split Bregman iteration. The proposed algorithm is compared with previous methods in terms of the reconstruction accuracy and computational complexity. The comparison results demonstrate the superiority of the proposed algorithm for compressed MR image reconstruction.